Mark Parker is thinking even bigger at Nike Inc.
The president and chief executive officer of the activewear giant rolled out an ambitious plan to boost revenues to $50 billion by the end of 2020, up from a $30.6 billion top line last year.
“Today, we’re showing how Nike is built for growth — now and for years to come,” said Parker, who was laying out his plan for analysts at a meeting today. “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.”
Nike plans to better use its digital activities to speed up development across the company, from design and product creation to manufacturing.
The company also unveiled a new facility, the Advanced Product Creation Center, which will bring together its most advanced manufacturing and design capabilities in one place.
Despite the big revenue target, investors pushed the company’s stock up just 0.3 percent to $126.21 in midday trading, leaving it with a still-impressive market capitalization of $107.5 billion.