Vans, the shoe and clothing company marketed at the action sports crowd, has some really ambitious plans for growth.The brand recently announced in an investor meeting that it’s looking to add $1 billion in revenue by 2016. It currently rakes in about $1.2 billion annually.
Vans also wants to add 200 more retail locations, which would bring its total to more than 500.
Here are the key parts of its plan to take over the action sports world:
Domestically expanding outside of the West Coast
Vans is planning to expand out of the company’s core West Coast market. So far, the company has enjoyed success in a number of metropolitan areas, including New York and Mexico City, and these epicenters will be used to “drive brand awareness.”
Centering its global strategy on Asia
The company’s biggest plans for increased profits are centered on its Asian/Pacific market, where it is expecting an additional 170 million dollars in growth (nearly triple its current revenue) by the end of 2016.
Vans says it will continue to spur development in its European, Middle Eastern, and African markets, where it “expects to add $350 million in revenues by 2016.”
Coming out with a bunch of new technologies for its products
Vans wants to stay at the front of the pack in action sportswear tech. This was highlighted by the brand’s announcement of the LXVI line, set to be released the last week in June. The company is touting all of LXVI’s distinct characteristics, including:
- LuxLiner – a free-floating liner
- Waffleflex – a new tread design
- UltraCush Lite – a custom blend of foams
- ActionFit – a proprietary lifted heel fit
- PleasureCuff – advanced heel and collar cushioning
- RapidWeld – new stitch-less construction
Vans has done an impressive job positioning itself as a lifestyle brand, helping it fight against competitors. Plus, Vans’ movement toward athletic footwear with its new product innovations shows that it’s not afraid of taking on big boys like Nike.
NOW WATCH: Ideas videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.