Nike is showing off to its rivals that it is going to be the top apparel brand in the next five years after the Beaverton, Oregon-based company announced its target revenue of $50 billion by 2020.
In a move that even CEO Mark Parker described as "ambitious," the sports apparel brand informed its investors that its revenue is going to hit $50 billion, securing that it will not be dethroned by its rivals, USA Today reported.
Nike is obviously bold enough to set the bar high because in May, the company revealed that it reached a $30.6 billion revenue, which is a 10 percent increment than its previous fiscal year.
"The energy surrounding Nike and all our brands is really at an all-time high," Parker was quoted as saying at the brand's headquarters in Beaverton.
In its announcement, Nike singled out that it is seeing doubled sales in its women's business, noted Yahoo UK.
The company's president, Trevor Edwards, said "Our women's business today is outpacing our men's business on dotcom. So it gives us a great indication that more women want access to our brand."
Additionally, Nike is also forecasting a boost on its e-commerce business from its $1 billion revenue each year to a $7 billion growth by 2020.
Parker maintained that the brand is built for growth. He was also quoted as saying by MarketWatch: "We see tremendous growth potential in our key categories and geographies, as we connect with athletes through personal service, inspirational experiences and innovative product. When we look across our entire business, there has never been more opportunity."
Parker also pointed out that Nike has the third largest portfolio of design patents in the United States. The company has also been a leading innovator. In fact, it is setting up a 125,000 square-foot facility in Portland which is reportedly going to manufacture products using advanced design and production technologies such as 3D printing.
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