Nike, Inc. was established in 1964, under the name Blue Ribbon Sports. The firm’s headquarters is situated at Beaverton, Oregon. Phil Knight, a middle-distance athlete, founded the company together with his trainer, Bill Bowerman a track and field coach at the University of Orengo. It was during the training that Bill Bowerman started searching for ways to improve his student’s shoes to enhance their performance.
Initially, the company operated as a distributor for Onitsuka Tiger, the Japanese shoemaker currently named ASICS. Bowman and his colleague, used to import cheap high tech athletic shoes from Japan, under the firm Blue Ribbon Sport. The company flourished and started having massive sales. By 1971, the venture became vast, there were 20 workers, and the sales rose to almost $300,000.
The ambition of Knight to expand the firm, made him borrow funds from the Nissho Iwai Corporation, a Japanese trading firm, to have enough capital to start their own retail outlet. In 1971, the firm was renamed, Nike, Inc., which means the Greek Goddess of Victory. They also created a swoosh trademark symbol that was marked on their first shoes under the Nike Brand.
The company continued with its innovations to design new athlete shoes, and in 1972, the Moon Shoe was introduced to the market. The show had a sole made using waffle. The international footwear company continued to promote their shoes worldwide.
Their first shoes performance was great, and achieved massive demand from athletics, despite the high prizes. In 1974, the company rose their gross income by $1.96 million, and increased their employee number to 45. In 1974, their ventures also progressed to Canada, and later expanded to Australia.
Nick Inc., sales rose drastically, and by the year 1979, the firm had sold almost half of their bales of athletic footwear. In addition to shoe manufacturing, the company started making sports clothing and a device called Nike Air hole cushioning.