Nike, Inc.

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Lore & Background

Nike, originally known as Blue Ribbon Sports (BRS), was founded by University of Oregon track athlete Phil Knight and his coach, Bill Bowerman, on January 25, 1964. The company initially operated in Eugene, Oregon, as a distributor for Japanese shoemaker Onitsuka Tiger, making most sales at track meets out of Knight's automobile. According to Otis Davis, a University of Oregon student-athlete coached by Bowerman and Olympic gold medalist at the 1960 Summer Olympics, his coach made the first pair of Nike shoes for him, contradicting a claim that they were made for Phil Knight. Davis recalled, "I told Tom Brokaw that I was the first. I don't care what all the billionaires say. Bill Bowerman made the first pair of shoes for me. People don't believe me. In fact, I didn't like the way they felt on my feet. There was no support and they were too tight. But I saw Bowerman made them from the waffle iron, and they were mine." In its first year in business, BRS sold 1,300 pairs of Japanese running shoes, grossing $8,000. By 1965, sales had reached $20,000.

Reader's Guide

Nike's significance lies in its transformation from a small distributor of Japanese running shoes into the dominant global athletic brand. The company's innovative products, such as the "Moon Shoe" in 1972 and "Waffle Trainer" in 1974, developed from Bowerman's waffle iron experiment, revolutionized athletic footwear. Its marketing campaigns, including the "Just Do It" slogan coined by Dan Wieden in 1988, became cultural touchstones. Nike's sponsorship of high-profile athletes and teams, along with its iconic Swoosh logo, cemented its influence in sports and popular culture. The company's acquisitions—including Converse, Hurley International, and Umbro—expanded its portfolio, though it later divested several subsidiaries. By 2020, the Nike brand was valued at over $32 billion, making it the most valuable brand among sports businesses. Its inclusion in the Dow Jones Industrial Average in 2013 and its continued financial growth underscore its enduring economic impact.

Did You Know?

• Otis Davis, a University of Oregon student-athlete and 1960 Olympic gold medalist, claimed Bill Bowerman made the first pair of Nike shoes for him using a waffle iron, not for Phil Knight.
• The 'Just Do It' slogan was inspired by the last words of executed murderer Gary Gilmore, according to ad agency co-founder Dan Wieden.
• The company's first professional sports team uniforms were made for the Portland Timbers in 1979.
• In 2020, the Nike brand was valued at over $32 billion, making it the most valuable brand among sports businesses.

From a Waffle Iron to a Revolution

Nike's story begins not in a boardroom but on the track at the University of Oregon, where coach Bill Bowerman and his student-athlete Phil Knight formed Blue Ribbon Sports on January 25, 1964. Their humble operation out of Eugene, Oregon, involved distributing Japanese-made Onitsuka Tiger running shoes, with Knight making most sales directly from his car at local track meets. The first year yielded just 1,300 pairs and $8,000 in gross revenue, though by 1965 that figure had tripled to $20,000. The company's first brick-and-mortar store opened in Santa Monica, California, in 1966, followed by an East Coast presence in Wellesley, Massachusetts, the next year. The true innovation arrived in 1971, when Bowerman pressed his wife's waffle iron into melted rubber, seeking a sole that could grip grass and bark dust without spikes as Hayward Field transitioned to artificial surfaces. That experiment produced the 1972 Moon Shoe, whose tread pattern evoked astronaut footprints, and the 1974 Waffle Trainer, which became a catalyst for the company's explosive growth.

The Swoosh and the Slogan

Before Nike was Nike, it was still Blue Ribbon Sports, and the 1971 rebranding carried the weight of a new identity. Runner Jeff Johnson is credited with suggesting the name, drawn from the Greek goddess of victory, while graphic designer Carolyn Davidson crafted the now-iconic Swoosh, first deployed on June 18, 1971, and formally registered with the US Patent and Trademark Office in January 1974. The partnership with Wieden+Kennedy proved transformative. Agency co-founder Dan Wieden conceived the slogan "Just Do It" for a 1988 campaign, an idea he later traced to the final words of executed murderer Gary Gilmore. The first "Just Do It" ad, featuring Walt Stack, aired on July 1, 1988. Advertising Age ranked the slogan among the top five of the twentieth century, and it was subsequently enshrined in the Smithsonian Institution, cementing Nike's place in cultural history alongside its athletic dominance.

From Track Meets to Global Dominance

The path from selling shoes out of a car trunk to commanding over $46 billion in annual revenue represents one of corporate history's most dramatic ascents. In 1971, Onitsuka Tiger attempted to seize 51 percent of Blue Ribbon Sports through an ultimatum, but the relationship dissolved by 1972, freeing the company to launch its own footwear line. That same year, BRS placed its first independent order of 20,000 pairs from two Japanese manufacturers, 6,000 of which bore the new Nike logo. By 1980, the company had captured a 50 percent share of the US athletic shoe market and went public in December of that year. The 1980s saw expansion into numerous sports and international regions, and in 1979 Nike produced its first professional team uniforms for the Portland Timbers. In 1990, the company relocated to an eight-building headquarters campus in Beaverton, Oregon, and opened its first Niketown retail store in downtown Portland. As of 2024, Nike employs 83,700 people worldwide, and its brand alone was valued above $32 billion in 2020, making it the most valuable name in the sports business.

Leadership Transitions and a Growing Portfolio

Nike's corporate leadership has undergone several significant transitions since its founding era. Phil Knight, the co-founder who helped steer the company from a small distributor to a global giant, announced in mid-2015 that he would step down as chairman, and he officially relinquished all company duties on June 30, 2016. CEO Mark Parker led the company through a period of executive turnover, including the March 2018 announcement that Trevor Edwards, a potential succession candidate, would retire from his role as brand president. In October 2019, John Donahoe was named his successor, taking the helm on January 13, 2020. Under this evolving leadership, Nike has managed an expansive brand portfolio beyond its core line, including Nike Golf, Nike Pro, Air Jordan, and its Converse subsidiary. The company also held ownership of Bauer Hockey from 1995 to 2008 and previously controlled Cole Haan, Umbro, and Hurley International. In November 2019, Nike made the strategic decision to cease direct sales through Amazon, refocusing its distribution channels. The company ranks 89th on the Fortune 500 and 239th on the Forbes Global 2000 list.

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