Jim Davis Net WorthReal Name: Jim Davis
Date of Birth: 1943
Place of Birth: Massachusetts
2017 Net Worth: $3.6 Billion
Profession: Chairman New Balance Shoes
Jim Davis Biography
James S. “Jim” Davis was born in 1943 in the state of Massachusetts. He attended Worcester Academy, where he earned a Bachelor of Science in biology. He later attended Middlebury College in 1966. Davis began his career as a sales engineer for the LFE Corporation. Later he worked as a marketing manager for Applied Geodata Systems of Techven Associates of Cambridge.
Davis bought New Balance shoes in 1972 for $100,000. The company was tiny at the time, putting out a mere 30 pairs of shoes a day with a total of 6 employees. Soon after Davis bought New Balance, a jogging and running craze gripped America, causing sales to surge. To keep up, Davis had to conduct massive expansion of the company. Despite this growth, New Balance has remained privately held and followed its own path. The company is known for offering numerous widths, valuing function over fashion, and keeping marketing costs low by relying on word-of-mouth and return customers over celebrity endorsements. New Balance is still made in the United States while most other rival shoes are made overseas.
Davis has turned New Balance into a global company with annual revenues averaging $2.5 billion and has expanded to include clothing as well equipment for lacrosse and soccer. He recently announced that, after 35 years, he was stepping down as CEO but this doesn’t mean he has decided to retire completely. He is overseeing the construction of the New Balance’s Boston Landing, a $500 million development that will include a commuter rail station, office space, including new headquarters for New Balance, a sports facility, and a luxurious hotel. He also owns commercial properties in Gloucester, Massachusetts, and is involved in the demolition of the Birds Eye frozen food factory, where Davis and a business partner have plans to build a hotel on the site.
Davis has a current net worth of $3.6 billion but with more money-making endeavors in the works, that is sure to increase substantially for this savvy businessman.