New Balance’s $10 Billion Plan

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When thinking about challenger brands in the sneaker market, New Balance might not be the first name that comes to mind. The 117-year-old company predates upstarts like Swiss running brand On and Deckers-owned running label Hoka by more than a century.

But while the brand has historically kept relatively quiet compared to bigger names such as Nike, Adidas and Puma, even remaining privately owned, a radical transformation over the past decade has put it firmly in a cluster…