Many companies are pursuing new customer demographics for growth. The North Face exemplified this strategy in the 2010s by targeting streetwear enthusiasts dubbed "urban explorers," alongside outdoor enthusiasts. This strategic pivot contributed to a striking revenue increase from $2.3 billion in 2015 to $3.6 billion by 2024. Such decisions illustrate the effectiveness of broadening market appeal by tapping into diverse customer segments, which can lead to substantial business growth and increased market share.
In the 2010s, The North Face shifted its focus towards streetwear to draw in "urban explorers" alongside its traditional outdoor enthusiasts, leading to significant revenue growth.
The addition of a new customer segment allowed The North Face's revenue to rise dramatically, from $2.3 billion in 2015 to $3.6 billion in 2024, illustrating the impact of market diversification.
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