Sales Soar Amid 'Newbal Fever'... Recorded 600 Billion Won Last Year
[Asia Economy Reporter Moon Hyewon] E-Land World’s ‘New Balance’ recorded approximately 600 billion KRW in annual sales last year, achieving the highest sales ever. This marks over 20% growth from 500 billion KRW in 2020.
New Balance is a brand founded in 1906 in Boston, USA by William Riley, based on the philosophy of “creating new balance for unbalanced feet.” It began by making shoes for people who stand all day and put strain on their feet, such as police officers, firefighters, and postal workers.
In 2008, E-Land World signed a license agreement and introduced New Balance to the domestic market.
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At that time, annual sales were around 25 billion KRW, and the shoes were known only to enthusiasts. However, leveraging E-Land World’s solid sales capabilities and brand planning, the company expanded beyond shoes to apparel, sparking a ‘New Bal craze’ among customers and causing sales to soar vertically.
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