As if being the largest footwear manufacturer in the world (and number 1 action sports footwear brand) isn’t enough for the Portland, Oregon based company, Chief Executive Mark Parker now says that Nike plans on growing by more than 40 percent in the next five years to $27 billion in sales, according to a story on MarketWatch.
And guess which pond they plan to over-fish. . .
In addition to retail and apparel, Nike also sees the fast-growing action sports market, which it called underpenetrated, as a growth opportunity for both its namesake brand and Hurley, according to Parker. The company also said it will do a better job gaining the wallet share of its female customers. . . Converse, which Nike bought in 2003, will help fuel growth as well. Nike wants to double the size of the $1 billion brand in the next five years, with plans to open the first full-priced Converse store in Boston this summer.
And then one day the sales reps at action sports media companies will only have to make one call a year. We can hardly wait.