New Balance to set up Korean branch, renew contract with E-Land World - Korean media

New Balance, the US company that operates the sports brand New Balance, has extended its licensing agreement with South Korean apparel company E-Land World until 2030, and will begin trading in 2027.
E-Land World has been distributing New Balance products in Korea since 2008. The company aims to increase brand awareness and expand its retail network nationwide.
The two companies will cooperate to build a network that will achieve sales of 1 trillion won (approximately 105.161 billion yen) in Korea by 2024.
The company will continue its licensing business for clothing. Meanwhile, New Balance's Korean branch will begin operations on January 1, 2027. After the branch is established, E-Land World
will continue to cooperate as a partner company of New Balance. Through the new operational structure, E-Land World will provide new products and experiences to consumers, and will be the first Korean company for New Balance.
Joe Preston, CEO of New Balance, said, "We will work to strengthen our relationship with global consumers and promote the sale of innovative products.
"This represents our intention to expand the market through these efforts."