Nike has set its sights on adding 40% to its sales over the next five years to hit $27bn (£17.9bn), up from $19.2bn (£12.7bn) currently.
The US-based sports brand and retailer said at its first analysts’ meeting for three years in New York yesterday, that clothing will form a key part of its sales growth plans.
Nike president and chief executive Mark Parker said: “We’re a great footwear company, and I think we’re a pretty good apparel company. I’ve made it clear that we’re going to be a great apparel company, too, because apparel has the potential to fuel growth in every Nike brand category, in every business in the Nike Inc. portfolio.
“It certainly represents one of Nike Inc.’s top growth priorities,” he added, according to WWD.
He added that the “relentless passion for sports around the world,” will drive Nike to target the emerging global middle class, leverage digital media, including e-commerce and NikeID customisation programs, and create more retail experiences, with partners and in stores.
Parker added that international opportunities for growth from its boardsports range Hurley, footwear brand Converse, luxury accessories brand Cole Haan and sportswear brand Umbro will play a key role in Nike’s growth.
Sales at Converse, which was acquired by Nike in 2003, are expected to double over the next five years.
Converse sales were about US$300m (£199.5m) in 2003 and have risen to almost US$1bn (£665m) last year, excluding sales from licensed businesses.
To facilitate the growth plans Nike is set to buy back some of its overseas licenses and grow internationally.