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American multinational corporation that is engaged in the design, development, manufacturing, and worldwide marketing and sales of footwear, apparel, equipment, accessories, and services. The company was founded on January 25, 1964, as Blue Ribbon Sports, by Bill Bowerman and Phil Knight, and officially became Nike, Inc. The company takes its name from Nike, the Greek goddess of victory. University of Oregon track athlete Phil Knight and his coach Bill Bowerman in January 1964. According to Otis Davis, a student athlete whom Bowerman coached at the University of Oregon, who later went on to win two gold medals at the 1960 Summer Olympics, Bowerman made the first pair of Nike shoes for him, contradicting a claim that they were made for Phil Knight.
Says Davis, “I told Tom Brokaw that I was the first. In 1966, BRS opened its first retail store, located at 3107 Pico Boulevard in Santa Monica, California next to a beauty salon, so its employees no longer needed to sell inventory from the back of their cars. By 1971, the relationship between BRS and Onitsuka Tiger was nearing an end. BRS prepared to launch its own line of footwear, which would bear the Swoosh newly designed by Carolyn Davidson. In 1976, the company hired John Brown and Partners, based in Seattle, as its first advertising agency. The following year, the agency created the first “brand ad” for Nike, called “There is no finish line”, in which no Nike product was shown. Kennedy remains Nike’s primary ad agency.
Throughout the 1980s, Nike expanded its product line to encompass many sports and regions throughout the world. In 1990, Nike moved into its eight-building World Headquarters campus in Beaverton, Oregon. Phil Knight announced in mid-2015 that he would to step down as chairman of Nike in 2016. He officially stepped down from all duties with the company on June 30, 2016. In a company public announcement on March 15, 2018, Parker said Trevor Edwards, a top Nike executive who was seen as a potential successor to the chief executive, was relinquishing his position as Nike’s brand president and would retire in August.
Nike has acquired several apparel and footwear companies over the course of its history, some of which have since been sold. Its first acquisition was the upscale footwear company Cole Haan in 1988, followed by the purchase of Bauer Hockey in 1994. In order to refocus on its core business lines, Nike began divesting of some of its subsidiaries in the 2000s. It sold Starter in 2007 and Bauer Hockey in 2008. 5 billion buyback program is completed in second quarter of fiscal 2013. Up to September 2012, Nike Inc. Nike was made a member of the Dow Jones Industrial Average in 2013, when it replaced Alcoa.
On December 19, 2013, Nike’s quarterly profit rose due to a 13 percent increase in global orders for merchandise since April of that year. 12 billion share buyback, as well as a two-for-one stock split, with shares to begin trading at the decreased price on December 24. The split will be the seventh in company history. Nike produces a wide range of sports equipment. Their first products were track running shoes. They currently also make shoes, jerseys, shorts, cleats, baselayers, etc. Some of Nike’s newest shoes contain Flywire and Lunarlite Foam to reduce weight.
This section relies too much on references to primary sources. Nike Elite no-show socks with cushioned sole. The Nike brand, with its distinct V-shaped logo, quickly became regarded as a status symbol in modern urban fashion and hip-hop fashion due to its association with success in sport. From the late 2000s into the 2010s, Nike Elite basketball socks began to be worn as everyday clothes by hip-hop fans and young children. In 2015, a new self-lacing shoe was introduced. Called the Nike Mag, which are replicas of the shoes featured in Back to the Future Part II, it had a preliminary limited release, only available by auction with all proceeds going to the Michael J.
In March 2017, Nike announced its launch of a plus-size clothing line, which will feature new sizes 1X through 3X on more than 200 products. Nike’s world headquarters are surrounded by the city of Beaverton but are within unincorporated Washington County. The city attempted to forcibly annex Nike’s headquarters, which led to a lawsuit by Nike, and lobbying by the company that ultimately ended in Oregon Senate Bill 887 of 2005. Nike has contracted with more than 700 shops around the world and has offices located in 45 countries outside the United States. Most of the factories are located in Asia, including Indonesia, China, Taiwan, India, Thailand, Vietnam, Pakistan, Philippines, and Malaysia. Campaigns have been taken up by many colleges and universities, especially anti-globalisation groups, as well as several anti-sweatshop groups such as the United Students Against Sweatshops. As of July 2011, Nike stated that two-thirds of its factories producing Converse products still do not meet the company’s standards for worker treatment.
A July 2011 Associated Press article stated that employees at the company’s plants in Indonesia reported constant abuse from supervisors. During the 1990s, Nike faced criticism for the use of child labor in Cambodia and Pakistan in factories it contracted to manufacture soccer balls. In 2001, a BBC documentary uncovered occurrences of child labor and poor working conditions in a Cambodian factory used by Nike. The documentary focused on six girls, who all worked seven days a week, often 16 hours a day. In April 2014, one of the biggest strikes in mainland China took place at the Yue Yuen Industrial Holdings Dongguan shoe factory, producing amongst others for Nike. The average salary at Yue Yuen is 3000 yuan per month. In March 2015, Nike drew criticism after announcing a new sponsorship deal with American sprinter Justin Gatlin who had served two bans for doping.