Nike intends to grow its business from $19.2 billion to $27 billion by 2015, and CEO Mark Parker outlined plans to get there Wednesday at the athletic firm’s first investor day meeting since 2007.
Fueled by what Parker called the “relentless passion for sports around the world,” Nike will target the emerging global middle class, leverage digital media (including e-commerce and NikeID customization programs) and create more retail experiences, both with partners and in its own stores.
The Beaverton, Ore.-based company also detailed plans to grow its Nike affiliate brands, such as Converse, Cole Haan and Umbro, by buying back its overseas licensees and expanding aggressively overseas. And apparel will be a big part of the company’s overall focus. “We are a great footwear company, and we’re a pretty good apparel company,” Parker said. “I think we can be a great apparel company.”
But footwear innovation isn’t taking a backseat, the company said, unveiling a new strategy for full-length Nike Air in multiple color and new upper technologies, including the Hyperfuse, that reduce weight and waste. The company also announced that it would expand its biomechanics-focused Nike Free line. It will now include a women’s product that VP of global footwear Jan Singer said would extend Free’s strengthening and core toning properties. The product will hit around holiday ’10 or spring ’11.