New Balance Extends Contract with E-Land World... Establishes Korean Branch Office
License Agreement with E-Land Extended Until 2030
New Balance Plans to Establish Korean Branch in 2027
Global sports brand New Balance announced on the 17th that it will extend its license agreement with E-Land World, with whom it has maintained a long-standing partnership in Korea.
E-Land World has been distributing and operating the New Balance brand in Korea since 2008. New Balance and E-Land have increased brand and product awareness in the Korean market and built a strong nationwide network, surpassing annual sales of 1 trillion KRW in Korea last year. This contract extension not only continues E-Land's role as a key partner of New Balance but also includes collaboration in the children's footwear and apparel sectors under the license until 2030.
An E-Land representative said, "New Balance, together with E-Land, has achieved significant growth over the past 16 years in Korea, creating a successful collaboration model that is unprecedented globally," adding, "We expect New Balance to achieve even steeper growth in the Korean market through this contract extension."
New Balance plans to establish a Korean branch office starting January 1, 2027, to communicate more closely with Korean consumers. Korean consumers are recognized as early adopters who quickly embrace new styles and innovations, leading global fashion and lifestyle trends.
Joe Preston, President and CEO of New Balance, stated, "This decision reflects New Balance's unwavering commitment to closely engage with global consumers and aggressively expand the market through innovative products and brand experiences. E-Land World has played a key role in Korea, and the shared vision of strategic growth in the market between the two companies will continue to be the key to success."
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E-Land World plans to remain a core business partner even after the Korean branch office begins operations. Jo Dong-joo, CEO of E-Land World, said, "We are pleased to extend our long-standing partnership with New Balance," adding, "This contract reaffirms the importance of the Korean market and will serve as an opportunity to strengthen the relationship between New Balance and E-Land World."
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