Nike has been in operation since 1964 when they were initially known as Blue Ribbon Sports. It was rebranded in 1971 to Nike by founders Bill Bowerman and Phil Knight, who chose the name because it is the Greek goddess of victory’s name. They first started out making sports shoes, and soon their popularity had outgrown their wildest dreams. This was helped along thanks to their invention of the “waffle iron” soles on their early shoes.
The shoes proved to be a massive hit with customers. Sales were picking up, and it wouldn’t be long before their trademark swoosh would be one of the most recognizable sporting logos in the world. Through aggressive marketing and some big-name endorsements in the sporting world, Nike grew from strength to strength. They now boast a revenue of over $34 billion and have more than 74,000 workers all over the world – which is no doubt impressive.
Being one of the biggest sports companies in the world comes with many benefits, and it serves as a money-making machine. Consumers all want Nike products and top sports stars want to get signed by them, so they can wear their equipment and make millions of dollars on top of their huge wages from their teams. This gives Nike a lot of power when it comes to sitting at the negotiating table.
They know that the sports star wants to sign for them, so they only agree to deals that they are 100 percent happy to sign. That doesn’t stop them wanting top stars, and they have to respect the fact that if they don’t make a good enough offer their competitors can swoop in. Seemingly getting complacent, one Nike employee made a terrible and embarrassing blunder which ended up costing the company billions of dollars.
The biggest in the world?
Nike has established itself so well in the world that there are really not many people left who do not know about the brand in some way. The company rose to public knowledge after they created their famous “waffle iron” soles on their trainers, something that proved a hit on the running track. Before Nike’s waffle iron soles, track shoes were flat and offered little grip. However, now athletes could run faster than ever thanks to this innovation. Nike continued to innovate, and when Michael Jordan agreed to endorse them, their popularity took off like never before. Now they endorse many of the top athletes in the world, all who wear their Nike swoosh with pride.