Nike was founded in 1964, long before the first person walked on the moon. Sales of shoes and sportswear aren’t as easy as they seem to be. It is an exciting idea, but it’s not easy.
If Nike’s brand were worth $34.8 billion in 2020, it would be worth a lot of money; In terms of Nike’s competitors, like Adidas and Puma, there is no match. You can tell Nike from its Swoosh symbol and “Just Do It” slogan in no time at all.
It would help if you looked into a company that has been around for a long time and is still making billions. In the end, Nike has become a household name and a $35 billion company because of all of this.
Nike In fact, Nike wasn’t even started as a business at the start of its history. The year was 1962. Phil Knight, a Stanford grad, was ready to take on the world like a newly minted Stanford alum did. Before going to college, he ran long distances on the track. People who know about running shoes came from this.
How did it come over the other brands?
Adidas and Puma were the best places to buy high-quality shoes during this time. However, it was still Phil’s goal to bring something new to the US. This was because of this, so he went to Japan to look for good shoes there.
His eyes were drawn to a shoe store in Japan when he walked around without any glasses. A meeting with the owner was set up to talk about the sale.
“How in the world can a new college graduate just go to a new country and sign a deal without having any friends there?”
Phil said that he worked for Blue Ribbon Sports, an American company selling shoes. The name Phil came up with was not even a real name. Blue Ribbon Sports was Nike’s first name, so that’s why it was called that.
This led him to ask track and field coach William (Bill) Bowerman for help at his college. During the 1960s, Phil’s idea was accepted by Coach. In 1964, the two co-founded Blue Ribbon Sports. At $6.15 a pair, the company made almost $8000 that year.
The following year, their income went from $6,000 to $20,000, more than double what they made in 1964. A Blue Ribbon Sports shoe store picture made Bill and Phil want to open their own.
Bill Bowerman was a well-known teacher who was well-liked for the weight room instruction. His book, Jogging, sold millions of copies around the world. Even though he wrote the book to promote his own business, this strategy has been used by many marketers ever since, even though it was written for his own business.
In 1969, Blue Ribbon Sports made about $300,000 from sales. The company could not meet the demand because it was so high. Because their Japanese partner, Onitsuka Tiger, took too long to get the goods to them, not because they didn’t have the right tools.
Onitsuka Tiger’s contract with Blue Ribbon Sports was set to end in 1972, which was a good thing. On their own, they could make things move faster, so Bill and Phil could do this on their own. Bill came up with the design for the shoes that were selling so well, so there was no way for someone else to use his ideas.Bill started making plans for 1972 a year before the year. Phil named the company Nike in 1971 after a Greek goddess. In addition, he paid a 35-dollar student to make the Swoosh logo.