An American multinational corporation is Nike, which engages mainly in designs, manufactures, develops and markets and sale of apparel, footwear, etc. Their net worth is billion dollars with the recent record, which was released on October 26, 2017. This company was called Blue Ribbon Sports during its inception from 1964 to 1971 post, which it got the name Nike whose headquarters is in Beaverton, Oregon, in the Portland metropolitan area. This company was jointly opened by Bill Bowerman and Phil Knight.
Remarkably, its brand value is $34.6 billion as of 2023. The name ‘Nike’ was derived from the Greek Goddess of Victory. Not only they manufacture sportswear and other equipment, but the company operates retail stores under the name Niketown. Many high-profile athletes are sponsored by them, along with some sports teams.
It was told that a student-athlete who was coached by Bowerman at the University of Oregon, later went on to win two gold medals at the 1960 Summer Olympics. The first pair of Nike shoes were made for Bowerman, instead of Phil Knight who is claimed to be the first wearer of Nike shoes.
Products & Services of the company:
Nike, Inc. is well known for its sports equipment and fashion apparel. However, their first product was track running shoes; they currently make shoes, shorts, cleats, base layers, jerseys, etc. suiting a wide range of sports like tennis, hockey, basketball, football, cricket, and baseball. The recent adorning work of Nike, Inc. is their introduction of the cricket shoes called Air Zoom Yorker, designed to be 30% lighter than their competitors.
Apart from being highly by the cricketers, Nike also sells shoes for other sports like golf, football, volleyball, cycling, tennis, wrestling, and many more. Recently Nike team up with Apple Inc. to produce some shoes which have performance links to the iPod nano.
Nike sneakers are very famous among the youngsters and when a youngster found wearing a Nike branded shoe will be given importance in the society in various ways, and the applause that he gains among his/her friend’s gang will be memorable.
Net Worth of Nike, Inc.
Nike’s estimated net worth is $120 billion. It is remarkable that Up to September 2012, Nike Inc. has bought back $10 billion of stock. By 2013, Nike, Inc.’s profit rose to a 13% increase in global orders for merchandise since April of that particular year. In November 2015, Nike announced it would initiate a $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.
One of the extraordinary achievements of Nike, Inc. is that they own two key subsidiaries, namely Hurley International and Converse Inc. Nike Inc. intends to buy back $8 billion of Nike’s class B stock in the coming four years after currently running a $5 billion buyback program completes in the second quarter of fiscal 2013. Nike was appreciated for its Grind Program, which closes the product lifecycle. Nike was ranked as one of the top 3 companies being climate-friendly in 2007.