New Balance has recently announced a significant multiyear deal with the Women’s National Basketball Association (WNBA), adding to the list of supporters of women’s sports. Through this agreement, New Balance is set to become an official partner of the WNBA, showcasing broadcast, digital, and retail content that will feature promising Los Angeles Sparks rookie forward, Cameron Brink.
The partnership with the WNBA comes at a crucial time for New Balance as the company aims to increase its presence in the realm of basketball and emerge as a prominent figure in women’s sports. This move signifies a step towards achieving parity in women’s sports, as expressed by Jessica Vassall, the global head of partnerships for New Balance.
Rising Women’s Basketball Market
While major brands like Nike, Adidas, and Under Armour dominate the women’s basketball market, it represents only a small fraction of the overall professional sports market. However, there has been a noticeable surge in women’s basketball sales, contrasting the declining trend in men’s basketball footwear sales.
New Balance’s foray into women’s sports extends beyond basketball, encompassing partnerships with top athletes in various disciplines such as tennis and baseball. The company’s collaboration with tennis sensation Coco Gauff and baseball star Shohei Ohtani demonstrates its diversification strategy across multiple sports categories.
Despite being a 118-year-old company, New Balance has exhibited impressive financial growth, with $6.5 billion in sales in the previous year and a global double-digit growth pattern across footwear and apparel for the last three years. The brand’s evolution from its traditional focus on running and training shoes to a broader sports portfolio has contributed to its market resilience.
Foot Locker CEO, Mary Dillon, attests to the consumer appeal and positive trend in New Balance’s brand recognition, noting the brand’s resonance across diverse consumer segments. Additionally, the brand’s expansion plans, including the launch of 90 new stores in 2024, exemplify its commitment to scaling its presence in the market.
As New Balance strategically aligns with the burgeoning women’s sports category, characterized by its increasing popularity and economic viability, the brand is poised to capitalize on the momentum in this segment. The rise of emerging stars in women’s sports, such as WNBA rookie Caitlin Clark, further enhances the market appeal and viewership of women’s sports.
New Balance’s strategic partnership with the WNBA and its broader expansion into women’s sports underscore its commitment to championing diversity and inclusivity in the sports industry. With a focus on growth, innovation, and consumer engagement, New Balance is set to carve a significant presence in the evolving landscape of women’s sports.