Nike has enjoyed huge success this year, and the apparel maker set its sights even higher Wednesday, boosting its sales target to $50 billion by fiscal 2020.
While the goal is ambitious — Nike racked up about $30 billion in revenue in its last full fiscal year — the company's momentum makes it "very achievable," CEO Mark Parker told CNBC.
"We feel very confident with our position in the marketplace," Parker said Wednesday from a company investor meeting. "The brand is resonating around the world."
Nike shares lead the Dow Jones industrial average this year with gains of more than 30 percent. The apparel maker posted quarterly earnings late last month that easily topped Wall Street's estimates, boosted by 22 percent futures orders growth in greater China.
Parker believes Nike will leverage international markets, as well as digital and e-commerce platforms, as it looks to expand. The company projects that its e-commerce business can grow to $7 billion by fiscal 2020, from $1.2 billion today.
Parker also downplayed concerns that a global slowdown could trip up Nike's momentum in China and other emerging markets. He noted that China's growing middle class uses mobile platforms heavily, which fits into Nike's strategy moving forward.
"I think that the foundation for our future growth in China is as strong as it's ever been," Parker said.
He added that Nike believes "things are stabilizing" in key markets such as Brazil.
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