Nike sells a lot of sports- and fashion-related footwear, apparel equipment and accessories. Throughout fiscal 2015, the company sold $30.6 billion worth of products, an increase of 10 percent from the prior fiscal year.
On Wednesday, Nike announced in a press release ahead of its Investor Day conference that it expects to see sales reach $50 billion by the end of fiscal 2020.
Upcoming Initiatives
In order to do so, the company will introduce "investments and partnerships leveraging digital to accelerate innovation end-to-end across design, manufacturing and product creation."
Other initiatives will consist of expanding the Jordan brand "beyond basketball."
Nike also detailed a new facility at its headquarters, dubbed the Advanced Product Creation Center. This will house some of its most advanced manufacturing and design capabilities and bring together engineers, material scientists and designers to develop the "next breakthrough technology," following the success of Flyknit.
Growing Nike
"Today, we're showing how NIKE is built for growth – now and for years to come," said Parker. "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."
Shares of Nike were trading nearly flat by 2:45 p.m. ET as the Investor Day presentation remained ongoing.
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