Jim Davis’ net worth is around $6.6 billion. The New Balance owner is credited for the brand’s turnaround.
Davis took over New Balance in 1972 with only six employees, per Celebrity Net Worth. His sales and marketing background proved useful in propelling the company to new heights. Now, the company has around 4,000 employees worldwide. New Balance has headquarters in Boston and Massachusetts as well as a manufacturing plant in the U.K. The athletic shoe and apparel company has made about $69 billion in profits since 1992.
According to Forbes, Davis’ family owns 95 percent of the company. His net worth ranks him in the 361st spot in the billionaires list worldwide. The 78-year-old serves as New Balance’s chairman while his wife, Anna Davis, is vice chairman.
New Balance shoes in the past have focused more on bringing comfort to its wearer rather than bringing the cool factor. However, that narrative has changed in recent years. Despite entering the highly competitive basketball shoes industry once again, New Balance is doing it its own way — by choosing sponsored athletes in a way that separates it from other athletic sneaker brands — and so far the strategy is paying off.
Getting basketball superstar Kawhi Leonard to become the brand’s endorser was a wise decision, considering he is not your typical NBA superstar. Leonard attracts the limelight, but does not command it in a way that, say, Lebron James does. Some would even say he is a reluctant star who does not fancy a great deal of attention, especially on social media, where the former NBA Finals champion does not even have his own Instagram account. Other New Balance endorsers include Darius Bazley, an NBA rookie who did not play in college or G-League; Liverpool striker Sadio Mane; and tennis young sensation Coco Gauff. One thing that’s common among them: They signed with a company that has taken risks with athletes who have eventually become champions in their sport.
As Boston Globe reported, Leonard compensated his being inactive on social media with being hands-on in making and designing his signature shoe line. With new collaborations along the way and continued success of their endorsers, expect New Balance to take a bigger share of the athleisure, fashion and basketball shoe industry. What was once labeled as “Endorsed by No One” is now an emerging force in the market, thanks to years of strategic planning, taking risks and having faith in its endorsers.
Jim Davis Net Worth: New Balance Owner Only Had 6 Employees In 1972 The British Journal Editors and Wire Services/ International Business Times.