nike sets aggressive revenue target for $50 billion by 2020

by:INGOR SPORTWEAR     2019-09-29
Already the King of fitness clothing, the company is not going to give up the throne soon.
The world\'s largest sportswear brand set an ambitious new goal at the investor\'s conference on Wednesday, with revenue reaching $50 billion by 2020.
CEO Mark Parker called it \"ambitious \".
\"In the most recent fiscal year ended May 31, Nike\'s revenue was $30.
Revenue grew 6 billion, up 10% from the previous year.
\"The energy around Nike and all of our brands is actually --
Parker told more than 100 analysts gathered at Beaverton headquarters: \"Time is too high . \" They learned about the company\'s strategic plan for the next five years.
Nike shares rose slightly 0.
02%, at $125. 84.
The company plans to achieve its goals by actively focusing on product innovation and technology, by experiencing deeper relationships with consumers and investing heavily in its main growth category, women\'s business.
It also expects significant growth in e-commerce
Business sales rose to $1 billion by 2020 from around $7 billion now, and plans to boost its app and Nike shopping capabilities. com.
\"We are at the fingertips of consumers every day,\" said Trevor Edwards, president of the Nike brand . \".
Nike is building a 125,000 square.
It\'s on campus outside Portland, Oregon.
Focus on \"advanced manufacturing and design technology\" including 3-
D. printing ability, which has been used to produce some shoes.
Nike has been at the forefront of innovative design.
Parker says there\'s a third company.
The largest design patent portfolio in the United StatesS.
The company also sees women\'s fitness as a major opportunity, and expects revenue from the category to nearly double from $5 over the next five years.
Between $7 billion and $11 billion.
It faces increasingly fierce competition from companies such as lulululemon andAthleta, which have become destination brands in the women\'s \"sports\" market --
The trend of wearing sports clothing outside sports.
\"Women in particular have driven a new way of life in sports, driving the growth of sportswear and footwear,\" Parker said . \".
Nike has begun to reconfigure the store to focus more on women\'s wear
Only shops in selected cities.
The store has tailored sports bra accessories and other experiences for female athletes.
The company also plans to expand the appeal of its Jordanian brand to women consumers.
Offering a sports experience and more tailor-made product advice is also part of the women\'s strategy, including expanding the fitness community through the Nike Training Club, personal training app, and group fitness, jayme Martin said, using data analytics based on the Nike running app, reach customers on a more personal level, vice president of global categories.
\"We care about athletes making us a real part of their lives,\" he said . \".
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