Nike Ltd. is an American Sportswear company with head office in Beaverton, Oregon. Bill Bowerman founded it in 1964. It was in 1966 when they opened their first retail store, and in 1972 launched the Nike brand shoe. In 1978, the company later changed its name to was Nike, Inc., and two years later, it went public.
In the early 21st century, Nike had retail stores and distributors in more than 170 countries, and its logo, the circular “swoosh” checkmark, was known worldwide.
Nike’s success story is worth a listen to all those involved in sporting goods or related companies. We have therefore chalked out an overview that will help us get this capable company’s gist of how it all started:
The introduction
The company which has become Nike was founded in 1964. It was in 1966 when they opened their first retail store. The business initially acted as the U.S. distributor for running shoes manufactured by Onitsuka Tiger (aka Asics), a Japanese firm.
Knight and Bowerman have agreed, after a few productive years, to create and manufacture their own shoes. In 1971 the now-famous Nike brand shoe hit the shelves for that reason.
The company formally changed its name to Nike in 1978 and became public later in 1980. At the turn of the Millennium, Nike had developed into one of the most popular brands in the world.
Why is Nike named Nike?
The name of the company, Nike, comes from the Greek Goddess of Victory. If you’re more familiar with the Roman Pantheon, the source of Victoria (where we derive the word victory in English) is the same.
Few challenges faced by Nike
The company faced some ups and downs in the 1980s. Aerobics became a vast phenomenon (just check out Jazzercize – Move Your Boogie Body), and specific shoes for that kind of movement were required. Nike might have had an excellent opportunity to manufacture and market aerobics shoes here, but by a long shot, the company missed that chance.
Acquiring companies
In addition to selecting celebrities for bringing in consumers, Nike has also succeeded in recruiting many small businesses to further its growth. However, for now, Converse, Jordan, and Hurley International are among the giant Nike’s most significant subsidiaries. For tennis, basketball, and football players, there’s also a separate and exclusive line of athletic shoes. This lot involves Olympic athletes too!
Nike has over 44,000 employees, and the brand alone is estimated at almost $10 billion. Nike’s success was the result of continuous creativity and timely investments that eventually resulted in Nike, making hundreds of millions of profits per year.
Winding up
Today, Nike continues to explore new and creative ways of creating outstanding sports goods, and imaginative means of directly engaging with our customers. The company continued to develop in new modes, including strong growth in China. It also became an official sponsor of the National Football League (NFL) in 2012.
