Sources: https://www.adweek.com/digital/alibaba-rings-up-30-8-billion-on-singles-day-2018/
https://sg.news.yahoo.com/alibaba-singles-day-sales-hit-160330235.html
A few weeks ago I made the statement that New Balance could be considered the third option when the sneaker industry talks about “The Big 3”. Once upon a time “The Big 3” meant adidas, Nike and Reebok. In the last ten years when people have mentioned “The Big 3” Under Armour had become #3. While UA has shown resilience after a 50% tumble in share price rebounded slightly, the brand continues to show issues in developing footwear.
They have made poor investments into digital with Connected Fitness and the company has just encountered issues with sexual harassment and misbehavior at the executive level.
This past week, 11-11-2018, China had it’s annual Single’s Day event on Alibaba. It’s one of the most important sales days. There were a number of articles confirming for me that New Balance has made the step forward into Big 3 territory. Several news outlets reported on sneaker companies:
“New Balance sold more than 60,000 pairs of shoes, and that’s before Singles Day even started.”
“30 brands including Nike, Adidas,…had crossed 100 million yuan in sales… in one second.”
For those of you trying to figure out how much Nike and adidas did in one second here is the conversion: $14,387,454.14
New Balance Discusses Growth As Joe Preston Succeeds Rob Demartini as New Balance President and CEO
Under Armour wasn’t even mentioned in any of the articles discussing Single’s Day. For a company that recently touted its international growth, when New Balance is heralded for selling 60,000 pair prior to the launch of Single’s Day and your brand isn’t mentioned, there is a problem there. New Balance has been clicking on all cylinders and is solidifying their position via endorsements that ring true to the brand. They are making alignments with organic partnerships like the NYC Marathon and just recently they also aligned with Betches to motivate people to go and vote. New Balance is making a lot of the right moves. Under Armour, not so much. Maybe the rhetoric needs to change around ‘The Big 3’.
