Designed by Steven Smith and first introduced for basketball, the New Balance 550 was first released as a low-top alternative to the New Balance 650 in 1989. The shoe was built for performance on the court, featuring a leather upper for durability and an ENCAP cushioning system for support and comfort. Despite being discontinued for some time, the 550 saw a resurgence in popularity following a collaboration with Aimé Leon Dore in 2020. This revival created a new generation of fans for the 550 and led to a consistent stream of new releases, including collaborations with Japanese brand AURALEE and footwear retailer Concepts.