Mark Parker, president and chief executive officer, said the company could add nearly $11 billion in sales by 2017, raising its revenues to $36 billion.
A big part of that will come from apparel, which is expected to expand to $10 billion in annual sales in three years, up from $7.5 billion for the fiscal year ended May 31.
This is on pace with the recent trend, which has seen Nike-branded apparel sales expand by nearly 40 percent over the past three years.
“We’ve been growing our women’s [apparel] business faster than we have our men’s business,” Parker said at a meeting with investors Wednesday. Nike’s overall women’s business is expected to hit $7 billion in 2017, up from $4 billion in 2013.
The ceo and other executives were pitching the athletic giant, which already has over $25 billion in sales, as a growth company. Shares of the firm rose 0.9 percent to $70.89 — giving it a market capitalization of $63.05 billion.
Parker said Nike’s sales this year would hit $30 billion, the upper end of its previous projection calling for sales of $28 billion to $30 billion.
“There is more opportunity for Nike today than at any point in our history,” Parker said. “Over the next decade, we will see the world’s middle class grow by over one billion consumers.” Much of this growth will come from countries such as Brazil, Russia, India and China.
Trevor Edwards, president of the Nike brand, said the brand’s strength flowed from its focus on sports, which provides both excitement and technical inspiration as the company seeks to meet the performance needs of top athletes.
The brand also has its sights on the digital world.
Edwards projected that sales on nike.com would nearly quadruple to $2 billion by 2017, up from sales of $540 million last year.
“The consumer landscape continues to see tectonic shifts created by the impact of digital,” Edwards said. “The young consumer lives in a digital world. Digital is like oxygen. It’s omnipresent and indispensable. It’s everywhere and it’s always on.”
Nike executives also hammered hard on the company’s efforts to innovate — from the Flyknit sneaker to the FuelBand digital tracker to Dri-fit apparel.
This itch to innovate extends to its manufacturing efforts as well, where Nike is using more sustainable techniques that are less labor intensive and produce less waste.
Eric Sprunk, chief operating officer, said Nike was working on a “manufacturing revolution.”
While not getting too specific, Sprunk asked investors to imagine if a broad base of customers could buy a highly customized pair of shoes — tailored individually to one’s right foot and one’s left foot — that was manufactured locally and delivered within hours.
“We don’t just imagine it,” he said. “We’re planning for it.”
@chanel and @pharrell dropped what’s being dubbed as the world’s most exclusive sneakers yesterday. The Adidas Originals NMD Hu, which Williams designed in collaboration with Chanel and @adidasoriginals, has a waiting list of over 120K people who pre-registered online at chanelatcolette.fr –– and only 500 pairs are on sale. The singer predicted the resale value of the shoes could reach $40K. Read the full interview on WWD.com. Link in bio. #wwdfashion (📷: Dominique Maître)
@imanshumpert is diving deeper into his creative endeavors and relaunching his clothing line, Post 90s, and is helping to raise money for the hurricane victims in St. Maarten with a jersey he’s designed with his brother. The Cleveland Cavaliers player talked to WWD about kneeling during the national anthem, working with fashion brands and how he wants to be more than an @nba player. Read the interview on WWD.com #wwdfashion (📷: George Chinese)
Not only does #TheProfit return to CNBC tonight, but @marcuslemonis has launched @shopmarcus, a new shopping and lifestyle retail experience in Aspen and Chicago, with more locations to come. The retail stores offer in-store stylists and a variety of contemporary womenswear selections.
“It’s life, I’m going to face it,” @mingxi11 sighed. “I fell, but you know, I think the most important thing is that I get back up. I had the love, the help from my sister — the girl next to me Gizele [Oliveira] — she’s so nice. When I went backstage everybody was trying to comfort me like ‘Oh Ming, it’s OK.’ I’m really, really touched. I think it’s them who gave me the courage to go back on stage for the finale,” Xi told WWD of her fall at the @victoriassecret fashion show. (📷: David Fisher) #wwdfashion #vsfashionshow #victoriassecret
@louisvuitton tapped @therealpeterlindbergh for its latest city-centric photo book, which is part of a series called Fashion Eye. The primarily black and white book captures the spirit of Berlin in 57 images shot between 1989 and 2019. “Berlin is an inspiration for me, more than a city. I mean @millajovovich is simply Berlin!” said Lindbergh. #wwdfashion
“You know, I think audiences expect a certain performance so I have to deliver to them what they’re expecting to a certain degree. But I’m also a different actor and a different person, I have my own spin on the character,” says @noahegalvin of his takeover of the leading role in “Dear Evan Hansen” following the departure of @bensplatt, who originated the role. Read WWD’s interview with the 23-year-old actor on WWD.com #wwdeye (📷: @jilliansollazzo)
For pre-fall 2018, @etro created richly-colored wonderland, using tapestries, textiles and wallpapers from the Eastern world at large. The line featured floral and graphic prints and jacquard motifs, like this two-piece look featured here. #wwdfashion (📷: Giovanna Pavesi)
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)