New Balance buys Gartner Sports
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Sportswear brand New Balance has acquired its Italian distributor, Gartner Sports, as it looks to strengthen its foothold in the European market.
Financial details of the deal were not disclosed, but, Gartner Sports had been an exclusive New Balance distributor since 1996.
New Balance’s Fran Allen, who was promoted to vice-president for the Europe, the Middle East and Africa region earlier this year, said that the transaction represents a “significant landmark for New Balance,” which is looking to extend the sportswear brand’s reach and influence in Europe.
Founded in 1906, New Balance is currently the world’s fourth sports shoe brand, and the second in the US after Nike. Annually the sportswear brand sells more than 40 million pairs of shoes. In 2014, its turnover was in the region of 1.64 billion dollars.