Managed by E-Land World in South Korea, New Balance is on track to surpass 1 trillion won ($713 million) in annual sales for 2024. Following impressive sales of 900 billion won in 2023, the brand aims to exceed this milestone despite economic challenges.
To achieve this, E-Land World recently added aespa’s Winter and actor Gong Yoo as brand ambassadors, joining the existing roster of singer IU and former figure skating champion Kim Yuna. This strategic move will help attract a broad audience, from younger consumers captivated by Winter’s influence to those in their 30s and 40s drawn to Gong Yoo’s appeal.
Another major milestone for New Balance was the opening of its 754-sq-m flagship store in Seongsu-dong, eastern Seoul in Oct’24.
Featuring the largest selection of premium MADE products and exclusive items, the store attracted over 2,000 visitors on its opening day and 30,000 within the first two weeks. It witnessed a high demand for rare products like the 993 sneakers.
To maintain momentum, New Balance aims to launch seasonal campaigns and promotions. The 2024 Members Winter campaign, which runs until November 17, offers discounts on popular down jackets. Concurrently, the brands has also organised the New Balance Mega Week in partnership with Musinsa to promote winter apparel and accessories. The brand plans to periodically release exclusive items to build anticipation among shoppers.
These efforts align with the leadership of Cho Dong-ju, who was appointed as the CEO of E-Land World on Sep 30, 2024. Credited with fueling New Balance’s growth, Cho previously led key roles such as head of the brand division in 2017 and COO in 2023. His initiatives include successful collaborations with local artists and brands. He is known to have implemented a unified, project-based structure integrating product planning, marketing, and sales—departing from traditional methods to meet the 1 trillion won target.
