No matter if you have a pair of Nike sneakers or not, it is one of the most coveted brands in the world. This is the story of Nike. In 1964, Bill Bowerman and Phil Knight co-founded the brand.
In 1964, Bill Bowerman and Phil Knight co-founded NIKE.
Phil Knight is now a billionaire businessman. At the beginning of his career, Phil Knight was a sports reporter and an accountant.
He was awarded at university for his performances as a middle distance runner in late 1950s. Bill Bowerman was his track-and-field coach.
Phil earned a master’s in business administration at Stanford two years before Nike was launched.
The Early Years
Phil founded Blue Ribbon Sports, a shoe company that combines his passion for running with his business skills. The goal is to import running shoes from Japan and bring a high-quality product to the American market.
The company grew to fifty employees seven years later in 1971. Phil had to leave the Japanese shoe supplier and chose to manufacture his shoes in Mexico at a shoe factory that Adidas had endorsed.
He needed a new name to sell his first order of leather football shoes. He ran a poll among his employees to find the best name. The result was Dimension Six, which was rejected by all because it was “unspeakably terrible”.
Other suggestions were also not very good. He didn’t have time to think of new names because he had a deadline to meet from the factory, advertising department, and the U.S. Patent Office, where he needed paperwork to make his new shoe.
He received a last-minute suggestion from Jeff Johnson. Johnson was the first employee of the company. He told me that he dreamt this name the night before. It was Nike. It was named after the Greek winged goddess victory. The name was short and strong due to the K letter. It had all the characteristics of a great brand name that stays in customers’ minds. Phil made his decision in just a few seconds and the rest is history.
In 1978, the company changed its name to Nike from Blue Ribbon Sport.
Amazing story behind NIKE’s famous tagline, Just do it
Nike was about to launch its first major TV campaign in 1987. It featured commercials for running and walking, cross-training, basketball, and women’s health.
The campaign was created and managed by Wieden+Kennedy, a creative agency. Each spot was created by a different creative team. Dan Wieden, the founder of the agency, felt that the tagline would connect everything.
Dan admitted in a documentary about advertising he had taken inspiration from the last words of a convicted killer to the firing squad just before his execution. “Let’s make it!” Nike did not feel the campaign needed the tagline, but it allowed it.
It is one of the most popular taglines around the globe, “Just do it”. This simple tagline empowers athletes all over the world to stop worrying and take the first step. It’s that simple. Why? Because you can be an athlete if your body is strong.
Behind Nike 3
Michael Jordan and NIKE – The collaboration that gave NIKE a boost in global success and brand awareness
Adidas, a multi-national company that was leading the athletic footwear market, was a billion dollar business in 1983. Nike was already a formidable competitor and was trying to catch up.
Michael Jordan was undisputed basketball’s star in 1984. Nike offered him $500,000 per year for five years, and a chance to create his own shoes.
Michael Jordan listened to his parents and accepted Nike’s offer. Nike released the first Air Jordans on the market in the following year.
The shoe’s launch was a huge success. In the first year, the company sold $126million worth of Air Jordans. Every year Jordan plays, a new version of the shoe is released.
Many consider Michael Jordan to be the greatest player in NBA history. He earned $1.3 billion through his 36-year partnership with Nike.
Nike has been a long-standing partner of the brand, helping it to become the most recognized athletic shoe manufacturer in the globe.
As part of its business strategy, the company kept its celebrity collaborations. The brand has worked with Kanye West, a rapper and record producer, and Drake, a singer and songwriter.
NIKE is a key contributor to the growth of sneakerhead culture
Although the sneakerhead movement began in 1970s, Nike’s partnership with Michael Jordan helped to make it a global phenomenon.
Financial Powerhouse
Financial Times last year estimated that the market for sneaker resale was close to US$2billion. Nike’s Jordan brand, which is a subsidiary, continues to drive sneaker sales. It generated $US3.14 trillion in revenue between May 2018 & May 2019. The Air Jordan 1 is often credited with launching sneaker culture.
The brand is also one of the most valued brands worldwide. The Nike Air Jordan 1S 1985 sneakers, which Michael Jordon signed in game, sold at a Sotheby’s auction for $560,000. They were the most expensive sneakers ever sold.
The Nike MAG is the most sought-after sneaker, and it’s the one Marty McFly wore in 2015 in Back to the Future II 1989. The sneakers were disintegrated, but they sold for $92,100 in 2018. The sneakers were disintegrated, but the money was donated to Michael Fox’s foundation in Parkinson’s research.
Who is the most ardent sneakerhead? Miles Nadal, an entrepreneur who spent more US$1.2 million to acquire a rare collection of sneakers at a Sotheby’s sale in 2019, is the biggest sneakerhead. A pair of 1972 Nike Waffle Racing Flat “Moon Shoes” was part of the collection. This is one of the most important artifacts in Nike’s long history.
