Nike, Inc. has announced ambitious long-term strategies to drive global growth and market leadership of its brands, aiming to lift revenue to $23 billion by fiscal 2011 from the $15 billion reported in fiscal 2006.

The company plans to achieve this significant increase through focusing on product innovation and brand leadership, and elevating its retail presence through targeting further geographic expansion and deepening market penetration in its existing regions.

Leading up to 2011, Nike brand will create new footwear, apparel and equipment products in six core categories: running, basketball, football (soccer), women’s fitness, men’s training and sport culture. These categories are expected to drive over 75% of the forecast growth.

The company will also work towards growth in the US, UK, Japan and China—four key markets that account for 61% of Nike brand revenues—as well as investing in countries such as Russia, India and Brazil, each of which has the potential to become a billion-dollar market.