Below, Footwear News recaps the day’s key takeaways.
* Nike expects to deliver $50 billion in revenues by 2020, CEO Mark Parker said. The firm expects to add nearly $20 billion in incremental revenue between now and the end of fiscal year 2020. In its most recent fiscal year, Nike hit $30.6 in revenues.
* Nike’s women’s business today is valued at $5.7 billion. In the next five years, the company forecasts that the business will grow to over $11 billion.
* E-commerce currently grosses just over $1 billion in revenues, the new five-year growth prediction is $7 billion. “Mobile has taken over and the global e-commerce business will have doubled to $3 trillion from 2014 to 2020. These are the kind of seismic shifts that create tremendous opportunity and play right into our strengths. These are the kind of opportunities that will propel us to $50 billion, $50 billion that’s an ambitious goal we know that.”
* Running is forecast to hit $7.5 billion by 2020.
* Management said it will “accelerate” Brand Jordan’s growth and treat it separately from Nike Basketball. Jordan, Nike said, should double to $4.5 billion in revenues by 2020.
* Nike will add the Nike Advanced Product Creation Center, a “new hub for innovation” at its Beavorton, Ore. campus. “This is a 125,000 square foot facility that will house some of our most advanced manufacturing and design technologies. Technologies like new knitting machines, 3D printing, and automation across the board. Next to the machines will be the work spaces for engineers and material scientists and designers all working together to develop the next breakthrough like Flyknit,” Parker said.