Jim Davis and New Balance: How a Greek Immigrant’s Son Built a $6 Billion Sneaker Empire

On Patriot’s Day in 1972, while the rest of Boston was focused on the marathon, Jim Davis was buying a company. It wasn't a corporate giant. Far from it. New Balance was a six-person operation making about 30 pairs of shoes a day in a cramped space in Belmont, Massachusetts. Honestly, most people at the time would have bet against him. The running boom hadn't quite hit its stride yet, and the brand was known mostly for orthopedics and niche track shoes. But Davis saw something others missed. He didn't just buy a factory; he bought a philosophy of fit.

Jim Davis transformed New Balance from a local secret into a global powerhouse without ever selling his soul to the "cool" factor that defines Nike or Adidas. He’s famously private. You won't see him doing flashy TikTok collabs or chasing every fleeting trend. Instead, the New Balance Jim Davis story is one of stubbornness. It’s about sticking to domestic manufacturing when everyone else fled to Asia. It’s about refusing to pay athletes millions for endorsements for decades, relying instead on the "Endorsed by No One" campaign that became legendary in marketing circles.

The Day Everything Changed

When Davis took over, the company’s annual revenue was roughly $100,000. Think about that for a second. Today, the brand clears over $6 billion. That kind of growth doesn't happen by accident, but it also didn't happen overnight. Davis, the son of Greek immigrants, brought a relentless work ethic to the table. He was the salesman, the visionary, and sometimes the guy packing boxes.

The turning point was the New Balance 320. In 1976, Runner’s World magazine ranked it the number one running shoe in the world. Suddenly, the phones wouldn't stop ringing. Davis had a choice: scale up fast and sacrifice quality, or find a way to grow while keeping the soul of the brand intact. He chose the latter. He leaned into the technical specs—the multiple widths, the arch supports, the things that made serious runners loyalists. While other brands were selling a lifestyle, Jim Davis was selling a tool.

Why Domestic Manufacturing Still Matters to Davis

You’ve probably seen the "Made in USA" tags on the tongues of 990s. That’s Davis’s influence. While the industry moved its entire supply chain overseas to shave pennies off production costs, Davis kept five factories running in New England. It wasn’t just about patriotism. It was about "quick response." By making shoes in Maine and Massachusetts, New Balance could react to market shifts faster than a company waiting on a container ship from Vietnam.

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It's expensive. No doubt. But it created a halo effect. The "Made in USA" and "Made in UK" lines became the premium standard. Sneakerheads in Tokyo and London started paying $200+ for shoes because they knew the craftsmanship was different. Davis proved that you could be a global billionaire while still supporting a local workforce. It's a rare balance in modern capitalism.

The Private Powerhouse

Jim Davis isn't your typical CEO. He’s the Chairman, and his wife, Anna Davis, has been a driving force in the company’s culture for decades. They’ve kept the company private. This is crucial. Because they don't answer to Wall Street, they don't have to chase quarterly earnings. If Jim Davis wants to spend five years perfecting a new foam technology like Fresh Foam, he can. He doesn’t have to worry about stockholders screaming for dividends.

This private status allowed the brand to survive the lean years of the 90s when basketball shoes dominated everything. New Balance stayed in its lane. They focused on "the middle-aged guy who runs five miles every morning" and "the nurse who’s on her feet for 12 hours." Ironically, by being "uncool" for so long, they became the ultimate symbol of "dad shoe" chic when the fashion cycle inevitably turned back toward comfort and authenticity.

Politics, Controversy, and the "Dad Shoe" Label

It hasn't all been smooth sailing for Jim Davis. Being a private owner means your personal politics can sometimes bleed into the brand's public image. Back in 2016, a statement from a company executive regarding trade policy was misinterpreted by the public, leading to a PR nightmare where people were literally burning their sneakers. It was a messy time. Davis has also been a significant donor to various political causes, which has occasionally sparked debate among the brand's diverse fanbase.

Then there’s the "Dad Shoe" thing. For a long time, calling a New Balance shoe a "Dad Shoe" was an insult. It meant it was clunky, grey, and sold at Sears. But Davis leaned into it. Instead of running away from the 990 series, he doubled down on it. Eventually, the fashion world caught up. When Steve Jobs wore his 991s or 992s at every keynote, he wasn't trying to be a fashion icon—he wanted comfort. That's the Jim Davis ethos: function is the highest form of fashion.

The Shift to Cultural Relevance

Lately, the brand has shifted. While Davis is still at the helm, the company has mastered the art of the collaboration. Aime Leon Dore, Joe Freshgoods, Salehe Bembury—these names have brought a younger, hype-driven audience to New Balance. But look closely. The core of these collaborations is almost always a classic silhouette that Davis championed decades ago.

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• The 550 was a forgotten basketball shoe from 1989.
• The 990v6 is just the latest iteration of a shoe that debuted in 1982.
• The 2002R was originally a high-end performance runner that flopped before being reborn as a lifestyle staple.

Davis’s genius was keeping the archives intact. He never threw away the old designs just because they weren't selling that year. He waited for the world to come back to him.

Breaking Down the Numbers

New Balance is now a legitimate threat to the "Big Two." While Nike struggles with overstock and Adidas finds its footing after the Yeezy era, New Balance is surging.

1. Annual Sales: Topping $6 billion recently.
2. Market Share: Growing rapidly in the lifestyle and "terrace" segments.
3. Athletes: They’ve finally started signing big names, but carefully. Shohei Ohtani, Kawhi Leonard, and Coco Gauff aren't just faces; they represent the "workhorse" mentality Davis admires.
4. Philanthropy: Through the New Balance Foundation, Davis has poured millions into childhood obesity prevention and local Boston community projects.

What You Can Learn from Jim Davis

If you’re looking at the New Balance Jim Davis story as a business case study, the takeaway isn't "buy a shoe company." It’s "stick to your guns." Davis succeeded because he refused to compete on Nike's terms. He didn't try to out-hype them. He out-fitted them.

He also understood the power of a niche. By offering shoes in widths from 2A to 6E, he captured a segment of the market that felt ignored. Once you find a shoe that actually fits your foot, you don't switch brands. That creates a lifetime customer value that is the envy of the industry.

Actionable Insights for the Savvy Consumer

• Check the Label: If you want the highest quality New Balance, look for the "Made" collection. These are the shoes manufactured in the US or UK factories that Jim Davis fought to keep open. They cost more because the labor and materials are objectively better.
• Don't Chase Hype: The beauty of the Davis era is that the "core" models—the 574, the 990, the 993—never go out of style. You can buy a pair of grey 993s today and they will be just as relevant in ten years.
• Width Matters: Most people are wearing the wrong size shoe. New Balance is one of the few brands that still prioritizes width. Go to a physical store, get measured on a Brannock device, and try a wide (2E) or extra-wide (4E) if you have issues with toe box cramping.
• Invest in Longevity: Because many New Balance models can be resoled or are built with high-quality pigskin suede, they tend to outlast the "disposable" foam sneakers of competitors.

Jim Davis didn't just build a brand; he built a fortress. By focusing on the product and the person wearing it rather than the celebrity endorsing it, he created a company that feels more human than most global conglomerates. It's a reminder that sometimes, the slow and steady approach—the one that prioritizes the factory worker in Maine as much as the marathoner in London—actually wins the race.

If you're looking for your next pair, skip the loudest colorway. Look for the grey. It’s the color of the concrete in Boston where this all started, and it’s the color of the brand Jim Davis built to last.

Next Steps for Enthusiasts

1. Research the 990 Heritage: Understand the difference between the v1 and the v6 to see how the technology evolved under Davis’s tenure.
2. Visit a Factory Store: If you’re ever in Lawrence or Brighton, Massachusetts, the factory stores often have unique "Seconds" that show the inner workings of the domestic manufacturing process.
3. Audit Your Fit: Use the New Balance sizing guide to compare your current shoe fit against their width-based sizing charts. This is the single biggest "secret" to why people become New Balance lifers.