Nike unveils its first self-lacing sneaker

Nike Inc has unveiled its first power-lacing sneaker - it allows users to make the fit looser or snugger on the fly by pressing buttons on the side of the shoe.

The innovations come as Nike is digging deeper into personalized products and services, while focusing on reaching a goal of posting $50 billion (roughly Rs 3,34,246 crores) in annual revenue by the end of its fiscal 2020 year.

It reported $30.6 billion (roughly Rs. 2,04,558 crores) in revenue for its latest fiscal year that ended in May. Other innovations Nike highlighted include "anti-clog traction," which uses technologythat prevents mud from sticking to the soles of soccer cleats.

Nike also unveiled a new Nike Plus app, an all-access pass for athletes. The app, available in June, connects to its suite of apps that include running and training aids and provides access to Nike experts.

"We've entered a new era of personalized performance," said Mark Parker, Nike's president and CEO. "Today, athletes want more than just a dash board. They want a relationship."