Nike seeks acquisitions and 41% sales growth

According to Bloomberg, Nike is targeting the growing middle class in developing markets such as China and Eastern Europe. Growth will be facilitated by store openings and the expansion of existing product lines including Converse and Umbro.

The company plans to invest $500 million to $600 million each year to build its retail network.

“Nike has unlimited opportunities and limited resources,” Parker told analysts and investors in New York yesterday. “Our job is to be surgical and aggressive with these resources.”

China, whose economy grew 8.7 per cent last year compared with a 2.4 per cent contraction in the US, accounted for 9.7 per cent of Nike’s revenue in the quarter ending February-2010.