Nike, Inc.

Verified Timeline

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. In 1966, BRS opened its first retail store at 3107 Pico Boulevard in Santa Monica, California. In 1967, due to increasing sales, BRS expanded retail and distribution operations on the East Coast, in Wellesley, Massachusetts. In 1971, Bowerman used his wife's waffle iron to experiment on rubber to create a new sole for track shoes that would grip but be lightweight and increase the runner's speed. Bowerman's design led to the introduction of the "Moon Shoe" in 1972, so named because the waffle tread was said to resemble the footprints left by astronauts on the Moon. Further refinement resulted in the "Waffle Trainer" in 1974, which helped fuel the explosive growth of Blue Ribbon Sports/Nike. Tension between BRS and Onitsuka Tiger increased in 1971 as the latter attempted a takeover of BRS by extending an ultimatum proposal that would give the Japanese company 51 percent of BRS. In 1972, the relationship between BRS and Onitsuka Tiger came to an end. BRS prepared to launch its own line of footwear. Runner Jeff Johnson was brought in to help market the new brand and was credited for coining the name "Nike". It would bear the Swoosh newly designed by Carolyn Davidson. The Swoosh was first used by Nike on June 18, 1971, and was registered with the US Patent and Trademark Office on January 22, 1974.

Reader's Guide

Nike's significance lies in its transformation from a small distributor of Japanese running shoes into the dominant global force in athletic footwear and apparel. The company's innovative product designs, such as the waffle sole, and its powerful marketing campaigns, including the "Just Do It" slogan coined by Dan Wieden for a 1988 ad campaign, have made it a cultural icon. Walt Stack was featured in Nike's first "Just Do It" advertisement, which debuted on July 1, 1988. Wieden credits the inspiration for the slogan to "Let's do it", the last words spoken by Gary Gilmore before he was executed. Nike's sponsorship of high-profile athletes and teams worldwide, along with its ownership of brands like Air Jordan and Converse, has solidified its market leadership. The company's financial strength is reflected in its inclusion in the Dow Jones Industrial Average in 2013 and its brand valuation of over $32 billion in 2020, making it the most valuable brand among sports businesses. In 2017, the Nike brand was valued at $29.6 billion. Nike ranked 89th in the 2018 Fortune 500 list of the largest United States corporations by revenue. The company ranked 239th in the Forbes Global 2000 companies in 2024. In October 2025, Nike renamed its world headquarters in Beaverton, Oregon, the Philip H. Knight Campus in honor of co-founder Phil Knight. In December 2025, Nike reorganized its senior leadership team, creating a COO and appointing Venkatesh Alagirisamy to the role. The company also eliminated its CTO and CCO positions as part of the restructuring. In April 2026, Nike announced it would cut approximately 1,400 workers, or about 2% of its workforce. Most of the affected employees work in the technology department. The layoffs were part of a turnaround plan led by CEO Elliott Hill and followed approximately 800 job cuts in January 2026. In June 2026, Nike announced that David Denton would become its CFO, succeeding Matthew Friend effective August 17.

Did You Know?

• According to Otis Davis, a University of Oregon student-athlete coached by Bill Bowerman, his coach made the first pair of Nike shoes for him using a waffle iron, not for Phil Knight.
• The Swoosh logo was designed by Carolyn Davidson and first used by Nike on June 18, 1971.
• The 'Just Do It' slogan was inspired by the last words of Gary Gilmore, 'Let's do it', as spoken before his execution.
• Nike's first 'Just Do It' advertisement, which debuted on July 1, 1988, featured Walt Stack.
• In October 2025, Nike renamed its world headquarters in Beaverton, Oregon, the Philip H. Knight Campus.

From a Waffle Iron to a Revolution

When Phil Knight and his track coach Bill Bowerman launched Blue Ribbon Sports on January 25, 1964, the operation was humble to the point of almost absurd. Knight sold Japanese running shoes out of his car at track meets in Eugene, Oregon, and the company's first full year yielded just 1,300 pairs and $8,000 in gross revenue. The duo initially distributed Onitsuka Tiger footwear, but a growing rift with the Japanese manufacturer—culminating in a failed 1971 takeover attempt—forced BRS to forge its own path. The creative spark came from an unlikely kitchen appliance. In 1971, Bowerman pressed rubber into his wife's waffle iron, seeking a sole that could grip artificial track surfaces without spikes. The result, debuting as the "Moon Shoe" in 1972 and refined into the "Waffle Trainer" by 1974, became the engineering foundation for a company that would reshape athletic footwear. Olympic gold medalist Otis Davis later claimed Bowerman made the very first pair for him, a detail that adds a personal, almost mythic layer to the origin story.

The Swoosh, the Name, and the Words That Stuck

The identity of Nike was assembled piece by piece in the early 1970s. Runner Jeff Johnson is credited with suggesting the company's name, drawn from the Greek goddess of victory, while a young graphic designer named Carolyn Davidson sketched the now-iconic Swoosh. That mark first appeared on a product on June 18, 1971, and received formal trademark registration on January 22, 1974. The company's advertising philosophy evolved alongside its brand. In 1977, the agency John Brown and Partners produced what Nike called its first "brand ad," titled "There is no finish line," notably featuring no product at all. The partnership that would define Nike's cultural voice came with Wieden+Kennedy, whose co-founder Dan Wieden crafted the 1988 campaign slogan "Just Do It." Wieden has traced the phrase's energy to the final words of Gary Gilmore before his execution. The first "Just Do It" spot, starring Walt Stack, aired on July 1, 1988. Advertising Age later ranked the slogan among the top five of the twentieth century, and it now resides in the Smithsonian Institution's collection.

From a Car Trunk to a $46 Billion Empire

The trajectory from selling 1,300 pairs of shoes in a single year to generating over $46 billion in revenue during fiscal year 2022 is one of the most dramatic growth stories in corporate history. By 1980, Nike had captured roughly half of the American athletic shoe market and went public that December. The company's product expansion accelerated through the 1980s, stretching across multiple sports and continents. In 1979, Nike stitched its first professional team uniforms for the Portland Timbers of the North American Soccer League. By 1990, the firm had relocated to an eight-building headquarters campus in Beaverton, Oregon, and opened its flagship Niketown retail store in downtown Portland. Today Nike operates under a constellation of sub-brands—Air Jordan, Converse, Air Max, Nike Pro, Nike Golf, and many more—and has previously held stakes in Cole Haan, Umbro, Hurley International, and Bauer Hockey. As of 2024 the company employs 83,700 people worldwide, and its brand alone was valued above $32 billion in 2020, the highest among all sports businesses.

Leadership in Transition and Strategic Reckoning

Nike's governance has seen significant turnover in recent years, reflecting both the natural aging of its founding generation and the pressures of a rapidly shifting retail landscape. Phil Knight, the co-founder who had guided the company since its Blue Ribbon Sports days, announced in mid-2015 that he would relinquish the chairman's role, and he formally stepped down from all company duties on June 30, 2016. The following years brought further executive changes: in March 2018, CEO Mark Parker announced that Trevor Edwards, widely viewed as a future chief executive, would retire as brand president that August. In October 2019, John Donahoe was named his successor, taking the helm on January 13, 2020. A pivotal strategic decision came in November 2019, when Nike ceased selling directly through Amazon, signaling a sharper focus on its own retail and digital channels. These moves, layered atop a portfolio that spans everything from the Air Force 1 to Nike Skateboarding, underscore a company perpetually renegotiating its relationship with the market it helped create.

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