Nike isn’t worried about Under Armour’s quest to rule the activewear market.
In fact, the Beaverton, Oregon-based apparel and footwear behemoth announced a bold plan to grow sales to $50 billion by the end of fiscal 2020 during an investor meeting at its headquarters on Wednesday.
“Today, we’re showing how Nike is built for growth—now and for years to come,” said Mark Parker, president and CEO of Nike Inc. “We lead because we serve the athlete and consumer completely—through breakthrough product and personal experiences, all around the world. As we look toward 2020, we are accelerating the pace of innovation across every area of our business to deliver the very best to athletes everywhere—when and where they want it.”
The last time Nike held an investor day was in 2013, when it said it would hit $36 billion in annual sales by 2017. And it’s on track to do just that: Total revenue for fiscal 2015 was more than $30 billion, a 10 percent increase over the previous year.
So, how does it plan to meet its new $50 billion target? According to a statement, by “announcing further investments and partnerships leveraging digital to accelerate innovation end-to-end, across design, manufacturing and product creation.”
The company also announced the Advanced Product Creation Center, a new facility at its headquarters that will bring together engineers, material scientists and designers under one roof, working together with advanced manufacturing methods in the hopes of making the next Flyknit.