On the 17th, global sports brand New Balance announced that it will extend its licensing agreement with E-Land World, with which it has maintained a long-term cooperative relationship in South Korea.
E-Land World has been distributing and operating the New Balance brand in South Korea since 2008 and surpassed annual sales of 1 trillion won last year.
The extension of this agreement includes the continuation of E-Land's role as a core partner of New Balance and aims to collaborate in the children's footwear and apparel sector until 2030, including licensing.
E-Land World CEO Joo Dong-joo noted, "I am glad to extend the cooperative relationship we have had with New Balance for a long time," adding, "This agreement will emphasize the importance of the South Korean market once again and serve to strengthen the relationship between New Balance and E-Land World."
New Balance is also set to establish its Korean branch on Jan. 1, 2027, to communicate more closely with Korean consumers.
E-Land World plans to continue as a core business partner even after the new Korean branch of New Balance begins operations.
Joo Preston, President and Chief Executive Officer (CEO) of New Balance, stated, "This decision reflects New Balance's unwavering commitment to closely engage with global consumers and aims for aggressive market expansion through innovative products and brand experiences," adding, "E-Land World has played a vital role in South Korea, and our shared vision for strategic growth in the market will remain key to our success moving forward."