Name: Nike 不香了？街頭全是 New Balance！這場「品牌戰爭」是如何在一夜之間逆轉的？ (Why New Balance sales are soaring while Nike falls)
Uploaded: 2026-02-20T21:01:10.000Z
Duration: 3 min 40 s

程度副詞

New Balance just reported their 2025 financial results,

New Balance 剛剛發佈了 2025 年的財務報告，

基礎被動語態

and CBC got an exclusive look at how the company performed before those results were released to the public.

CBC 在這些結果向大眾公開之前，獲得了該公司表現的獨家觀察。

At a time when major sneaker brands like Nike are shrinking,

在 Nike 等各大球鞋品牌正在萎縮之際，

you have New Balance coming in, actually growing sales.

New Balance 卻異軍突起，銷量實際上正在增長。

And that's because they've taken 120-year-old sneaker brand and made it cool again with younger shoppers.

這是因為他們將一個擁有 120 年歷史的球鞋品牌重新包裝，使其在年輕消費者心中再次變得「酷」起來。

In 2025, New Balance grew sales by 19% to 9.2 billion.

2025 年，New Balance 的銷售額增長了 19%，達到 92 億美元。

And that is the fifth year in a row that they managed to grow sales by a double digit rate.

而這已經是他們連續第五年成功實現兩位數的銷售增長率。

And this is happening at a time when the overall sneaker market isn't really doing so well,

且這發生在整體球鞋市場表現並不理想的時期，

which is showing that New Balance isn't just performing really well.

這顯示出 New Balance 不僅僅是表現優異，

They're taking market share from their competitors.

他們更在掠奪競爭對手的市場份額。

Nike had a whole strategy change where they went D2C only.

Nike 曾進行了一次徹底的戰略變革，轉向全 D2C（直接面對消費者）模式。

They only wanted to sell to consumers in stores and online.

他們只想通過自有門市和官網銷售給消費者。

And what that did is it left open a lot of shelf space at critical wholesale retailers like Macy's, Foot Locker, Dick's Sporting Goods.

這導致像 Macy's、Foot Locker、Dick's Sporting Goods 這些關鍵的批發零售商空出了許多貨架空間。

And then you had brands like New Balance come in and take that shelf space.

於是像 New Balance 這樣的品牌便趁虛而入，佔領了那些貨架。

And that is a huge market share opportunity.

這是一個巨大的搶佔市場份額的機會。

At the same time, New Balance also invested heavily in innovation at a time when Nike really fell behind on innovation.

同時，在 Nike 研發創新嚴重落後的時候，New Balance 卻在創新方面投入了巨資。

Now, of course, every New Balance sale isn't a lost Nike customer.

當然，並非每一筆 New Balance 的交易都代表失去了一個 Nike 客戶。

But what this tells us about the consumer is that the consumer is not loyal if they have long been a Nike shopper.

但這告訴我們，即使消費者長期以來是 Nike 的擁護者，他們也並非絕對忠誠。

But the sneakers aren't really cutting it anymore.

如果球鞋產品本身不再具備吸引力，

They are going to move to a brand that is providing what they're wanting.

他們就會轉向能提供其所需產品的品牌。

And that is what New Balance is doing really well right now.

這正是 New Balance 目前做得非常出色的一點。

In some ways, New Balance got a little bit lucky,

從某些方面來說，New Balance 有點幸運，

but they were also smart because they capitalized on big trends that were happening.

但他們也很聰明，因為他們抓住了當時正在發生的大趨勢。

Over the last few years, trends from the 1990s really made a huge comeback.

過去幾年，1990 年代的趨勢強勢回歸。

And that was when New Balance kind of became in the mainstream.

那正是 New Balance 開始進入主流視野的時刻。

So they brought back those old chunky sneakers, maybe the ugly dad type sneakers,

於是他們帶回了那些笨重的厚底鞋，或許就是那種「醜醜的老爹鞋」，

at a time when TikTok really loved those styles and they really built on that.

當時 TikTok 正瘋迷這些風格，而他們便以此為基礎順勢而上。

We're an athletic brand, but we try to make sure that we are sitting in the intersection.

我們是一個運動品牌，但我們努力確保自己站在交界處。

They can create real energy in there if you're authentic to who you are.

如果你忠於自我，就能在那裡創造出真實的能量。

And they also partnered with major designers, streetwear brands.

他們還與各大設計師及街頭潮牌合作。

And that got the attention of younger shoppers.

Unlike many of its competitors, New Balance is actually a private company.

與許多競爭對手不同，New Balance 其實是一家私有公司。

So only once a year do we get a brief business update from them which shows us high level how the company's performing.

所以我們每年只能從他們那裡獲得一次簡短的業務更新，從宏觀層面了解公司的經營狀況。

And there's no reason to go public at this point.

而且目前該公司完全沒有上市的理由。

Typically, a company would go public because they need to raise capital.

通常公司會上市是因為需要籌集資金。

Or if you're owned by another hedge fund or private equity firm, looking to exit to be able to capitalize on their investment.

或者如果你是被對沖基金或私募股權公司持有，他們會尋求退出以實現投資變現。

Based on my conversations with sources, there's absolutely no rumblings that that's going to change anytime soon.

根據我與消息人士的交流，完全沒有傳聞顯示這種情況近期會改變。

one of the things that they actually want to build on is DTC,

他們想要加強的其中一件事就是 D2C（直營模式），

which is selling directly to consumers through their own website and stores.

也就是通過自有網站和門市直接向消費者銷售。

But didn't I just tell you Nike did that exact same thing, walked it back because it was really bad for their strategy?

但我剛才不是才說 Nike 做了同樣的事，卻因為策略慘敗而撤回嗎？

So here's what the CEO had to say about it.

Still, a very significant portion comes from our wholesale

即便如此，我們很大一部分的銷售仍來自批發渠道。

The reach that our partners provide, we really respect and we believe the fact that we have a DTC business is making us a better partner.

我們非常尊重合作夥伴提供的覆蓋廣度，我們相信擁有 D2C 業務能讓我們成為更好的合作夥伴。

Because we have that direct interaction with the consumer, we're able to spot things earlier.

因為我們與消費者有直接互動，所以我們能更早地洞察趨勢。

New Balance has a goal to reach $10 billion in annual sales.

New Balance 的目標是達到 100 億美元的年銷售額。

And if they continue with the growth rate they've been at for the last five years,

如果他們能繼續保持過去五年的增長率，

they could exceed that as soon as the end of this year.

最快在今年年底就能突破這一目標。