Son of Greek immigrant leads New Balance to major expansion
posted on 2012-04-03
Boston-based Athletic shoe giant New Balance released detailed plans on March 28th for their new world headquarters in the Brighton neighborhood of the city that will include at least four new buildings with offices, restaurants, a hotel, and a sprawling sports complex where young people can play everything from ice hockey to tennis.
James Davis, the son of Greek immigrants, bought the company for $100,000 when it was turning out a few dozen pairs of athletic shoes a day. Back then; his traditional customers included working class people who were on their feet all day long like police officers and waitresses.
Under Davis, who owns the company with his wife Anne, New Balance grew rapidly, boosted by the jogging craze of the 1970s. Sales jumped from $100,000 in 1972 to over $350,000 by 1974 and $1.3 million by 1976. By 1985, they hit $80 million and by 2002 $1.3 billion. A company press release in October 2011 noted expectations of more than $2 billion in sales in 2012.
The company filed a detailed proposal with Boston city officials, kicking off a months long review process to review the 14-acre project that will include a new corporate headquarters for the company's employees, managers, and officers, a 175-room hotel, a sports facility and one or more office buildings for office use containing over 650,000 square feet of office space.
Driven by a passion for success in the boardroom and a desire to give back to the community that fostered him, Davis has a legendary track record of philanthropy. Gifts to his alma mater of Middlebury College exceed $60 million in honor of which the school's library's was named in 2010.
Kyriakides won the 1946 Boston Marathon and helped bring food, medicine and word-wide attention to his famine-wracked nation after Word War II. Louis was the winner of the 1896 Olympic Marathon in Athens. The status combines two important parts of history, united by the marathon. The statue was created by legendary sculptor Mico Kaufman of Tewksbury, Mass.