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By
Reuters
Published
Oct 14, 2015
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Nike says expects revenue of $50 bln by 2020

By
Reuters
Published
Oct 14, 2015

Nike Inc said it expects annual revenue to grow 63 percent to $50 billion by 2020, with sales in its women's category set to double during the period.

The sportswear maker, which bucked a trend of slowing sales of consumer goods in China with 30 percent growth in the three months ended August, said there was no slowdown in demand from China.

Nike


"In fact our brand is accelerating... there's an appetite for premium authentic brands in China," Chief Executive Mark Parker said on CNBC.

Nike expects sales in its women's business to reach over $11 billion in the next five years from $5.7 billion in 2015, Nike Brand President Trevor Edwards said at the company's investor meeting on Wednesday.

The company's e-commerce business, which brings in just over $1 billion, is expected to grow to $7 billion by 2020, he said.

Parker also told CNBC he was ready to don the mantle of chairman, a position he has been recommended to by Nike co-founder Phil Knight, who will step down next year.

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