New Balance has assigned Wei Ke to be the president of New Balance (China).
Wei told First Financial Daily that in the coming five years, China will become New Balance's second biggest market in the world, second to the United States.
The development of New Balance in China is still far from good. It suffered an invasion of fake brands when it entered China and Chinese customers' knowledge about the brand is still confined to casual sports shoes. In regards to this problem, Wei Ke says, "The business of New Balance is still at the beginning stage in China. Although we have made a lot of advertisements, we get little notice. The reason is that we do not have a lasting communication with customers."
At present, New Balance has gained only 1% of market share in China's sports shoes market and 2% in running shoes. However, Wei Ke is very confident in China's market. New Balance has made a five year plan in China. According to the plan, the company will still focus on running shoes and it will develop its stores in China from 207 to 1,000 before 2012.