From a small shoe business in Boston, with just six employees and a daily production of about 30 pairs of shoes, to one of the most important sporting goods groups in the world. New Balance ‘s business journey is a prime example of how insight, persistence in quality and long-term planning can transform a small-scale family business into an international business force.
At the center of this story is Greek-American businessman Jim Davis , the man who acquired New Balance in 1972 and linked his name to its impressive growth in the following decades. More than half a century later, the company remains under the effective control of his family, maintaining its independence in a market dominated by large multinational groups.
According to Forbes data, cited by the Greek Reporter , the Davis family controls approximately 95% of New Balance , while the company’s sales for 2025 are reported at $9.2 billion . These numbers reflect the enormous distance that separates today’s business from the one that a young entrepreneur bought 54 years ago.
The history of New Balance, however, begins long before Jim Davis. The company was founded in 1906 in Boston as the New Balance Arch Support Company , and initially manufactured arch supports and specialized products aimed at improving comfort and balance while walking.
At a time when athletic footwear was not yet a huge global market, the company had focused on a very specific area. Proper fit, anatomical support and functionality of the shoe were at the core of its philosophy.
This very tradition was to become one of the company’s most important advantages when Jim Davis took control.
The future owner of New Balance had initially followed a different career path. He studied Biology and Chemistry at Middlebury College , while during his student years he was actively involved in American football . His relationship with sports allowed him to gain personal experience of the needs of athletes in equipment and footwear.
After completing his studies, he worked as a sales engineer , gaining experience in the commercial sector and communicating with customers. However, nothing yet foreshadowed the entrepreneurial path he would follow.
The turning point came in 1972 , when, at the age of just 28 , he decided to buy New Balance. The acquisition took place on the day of the Boston Marathon , a timing that took on symbolic significance, as running would be the company’s main growth driver.
At that time, New Balance did not have the recognition it has today or an extensive sales network. It employed just six people, produced about 30 pairs of shoes a day, and made most of its sales through mail order and a few specialty stores.
To many, such a small business might be considered a limited investment opportunity, but Davis saw the potential created by the gradual shift in sports habits in American society.
During the 1970s, running began to evolve from an activity primarily for athletes to a popular form of daily exercise . More and more Americans were looking for ways to improve their fitness, incorporate exercise into their daily lives, and acquire equipment that would allow them to exercise more comfortably.
Boston, with its long tradition of historic marathons, was in a particularly favorable position to develop this new market.
Jim Davis realized that the growing demand would not be limited to a passing consumer interest. Exercise was gradually becoming a lifestyle , creating the conditions for the continuous growth of the athletic footwear industry.
His most important business choice was that he did not attempt to turn New Balance into a mere copycat of its larger competitors. Instead, he invested in the features that already differentiated it.
Comfort, anatomical fit, durability and the ability to choose between different shoe widths were key elements of its commercial strategy.
In a market where many companies focused primarily on length and conventional shoe size, New Balance placed greater emphasis on the different anatomical needs of consumers.
The ability to choose shoes in more widths allowed the company to address people who had difficulty finding the right fit in products from other manufacturers.
This differentiation was not based solely on appearance or advertising, but on a practical feature that directly affected the consumer experience.
The strategy proved to be particularly important for the company’s growth, as it contributed to the creation of a distinct brand identity.
Jim Davis’ wife, Anne Davis , played a decisive role in the continuation of the business, as she actively participated in the development of the business.
Their collaboration was linked to the gradual expansion of New Balance’s activities, the strengthening of its commercial network and the development of new products.
The family chose to follow a business development model with an emphasis on long-term investment , rather than exclusively pursuing rapid expansion at all costs.
The company strengthened its presence in the specialized athletic footwear market, leveraging collaboration with stores that had knowledge of runners’ needs and could offer more personal service.
This network helped New Balance build relationships of trust with consumers, especially at a time when the athletic shoe market was more about functionality and less about fashion.
Over the years, the company has significantly expanded its product range, entering new categories of sports shoes, apparel and equipment.
From a limited production business, New Balance has evolved into an international brand that combines athletic performance with everyday wear and modern consumer culture.
Its presence gradually expanded to markets outside the United States, while its products gained appeal among different age groups.
Of particular interest is the fact that New Balance managed to maintain its identity even when competition in the global sportswear market became extremely intense.
Faced with companies with huge advertising budgets and a strong presence in professional sports, New Balance continued to promote proper fit, quality, and functionality as central elements of its commercial philosophy.
At the same time, it capitalized on the growing connection of athletic shoes with fashion and everyday life, expanding its audience beyond athletes and regular runners.
An important feature of the company also remains the maintenance of production activities in the United States and the United Kingdom , despite the internationalization of the footwear industry and the transfer of much of the sector’s production to lower-cost countries.
This choice does not mean that all New Balance products are manufactured in these two countries. However, it reflects an effort to maintain specific production capabilities and know-how, which are part of its business identity.
More than half a century after the 1972 acquisition, the company’s financial performance reflects the magnitude of its transformation.
According to data cited by the Greek Reporter, citing Forbes , New Balance’s sales in 2025 reached approximately $9.2 billion .
This amount highlights the transition from a small business with few employees to an organization with global commercial activity.
It should be clarified, however, that sales are not the same as net profits or the stock market value of a company . They are, however, a key indicator of the size of its activities and its commercial presence.
Equally significant is the Davis family’s choice to keep New Balance a private, unlisted company .
Unlike many large companies that seek to go public to raise capital, New Balance still operates under private ownership.
The Davis family is estimated to own approximately 95% of the company , thus maintaining decisive influence over the most important strategic decisions.
This particular ownership model provides the ability to plan with a longer time horizon, without the same immediate pressure for quarterly financial results that listed companies often face.
This does not mean that a private company does not face financial pressures or competitive constraints. It does mean, however, that ownership has a varying degree of freedom in setting its priorities.
Maintaining family control is one of the most distinctive features of New Balance’s business history.
Jim Davis remains associated with the company as chairman of the board , without exercising day-to-day executive management.
Responsibility for operations and business development lies with Joe Preston , who assumed the position of president and CEO in 2018 .
The distinction between family ownership and professional management is characteristic of the way in which New Balance attempts to combine the continuity of its business tradition with the needs of a large international organization.
The family’s presence, however, is not limited to Jim Davis’ founding business role.
His son, Chris Davis , has taken on significant responsibilities in the marketing sector, contributing to the company’s effort to broaden its appeal to younger generations.
This particular activity is of particular importance in an era in which sneakers are not only exercise equipment, but also a staple of everyday wear and modern fashion.
New Balance has attempted to capitalize on this development without completely abandoning its image as a footwear manufacturer with an emphasis on performance and comfort.
The new generation of the Davis family thus participates in the company’s transition to a different era , where commercial success depends both on the quality of the products and on the ability to communicate with an ever-changing consumer audience.
Beyond economic indicators, Jim Davis’s career is of particular interest to the Greek-American community .
His story is another example of the entrepreneurial presence of people of Greek origin in the United States, who operated in competitive industries and created businesses with an international reach.
Davis’ Greek origin is an element of his personal identity, but his business success is mainly linked to specific decisions, administrative continuity and the company’s ability to respond to market changes.
Recognizing the opportunities created by the development of running, product diversification, investment in proper implementation, and the preservation of private property were key milestones on this journey.
The story of New Balance also highlights an important aspect of entrepreneurship. Growth doesn’t always require the creation of an entirely new company. It can also come from the transformation of an existing business, when new management recognizes untapped potential.
That’s exactly what happened in 1972, when Jim Davis acquired a company with a 66-year history but limited commercial size.
He didn’t build New Balance from scratch. He recognized its value, preserved its differentiating elements, and invested in its ability to respond to a rapidly changing market.
More than five decades later, the result of this choice is visible throughout the world.
The small Boston business has grown into an international sporting goods conglomerate, with the Davis family still retaining control of the company acquired by a 28-year-old businessman on the day of the Boston Marathon.
From six employees and 30 pairs of shoes a day to billion-dollar sales, New Balance’s journey is a remarkable story of business evolution, insight, and family continuity.
And at its center is Greek-American Jim Davis , who linked his name to the transformation of a small American business into one of the most recognizable sportswear brands internationally.
