New Balance said it’s considering expanding its lifestyle product line to include new lifestyle products in the future.
The company said in a filing with the Securities and Exchange Commission (SEC) on Monday it has received more than $500 million in new funding and intends to launch an online marketplace that will allow consumers to buy and sell premium quality footwear and accessories.
New Balance is also expected to open an online store in early 2018, the filing said.
The company said it will use the funds raised from the $500m to accelerate the development of its brand-new lifestyle line, which includes the New Balance Classic and New Balance Signature products.
New Balance will focus on a “global lifestyle, personal care, and athletic lifestyle segment,” it said.
The New Balance New Balance Sports Performance line of premium quality shoes and accessories will be available to select customers through New Balance.
The premium quality New Balance sports performance range includes New Balance’s signature New Balance Sport, New Balance Speed, New Balances New Balance, and New Balance Ultra line of sports performance footwear.
The company plans to open a new retail location in China to facilitate the launch of the product line, the SEC filing said, adding that the company expects to raise approximately $300 million in additional funding.
“It is important that we continue to leverage our brands to meet consumers’ needs while offering them value for their investment.””
New Balance has created a unique brand that delivers a unique product and a lifestyle experience,” the company wrote in the filing.
“It is important that we continue to leverage our brands to meet consumers’ needs while offering them value for their investment.”
New Balance shares were up nearly 2 percent to $30.10 in extended trading.