#Nike November 7
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Throughout November 2024, several of us are taking part in the 30-Day Dow Jones Coach4aday Challenge. Each day, we explore the history or learn about a company within the DJIA—a key economic and stock market indicator. Today’s post is on NIKE.
Nike began in 1964 as Blue Ribbon Sports, a partnership between University of Oregon track coach Bill Bowerman and his former student Phil Knight. The company initially operated as a distributor for the Japanese brand Onitsuka Tiger, selling shoes out of Knight’s car at track meets. By 1971, the company had developed its own line of shoes, adopting the name Nike after the Greek goddess of victory.
Nike joined the Dow Jones Industrial Average on September 23, 2013, in a significant reshuffling of the index. Alongside Goldman Sachs and Visa, Nike replaced older companies, including Hewlett-Packard, to add diversity and reflect changing industry trends within the index.
Dow Jones 30-Day Challenge Guidelines
Like previous challenges there are no hard and fast rules to participate. There are a few suggested guidelines
- Each day in November 2024 write about the history or a company that makes up the Dow Jones.
- Share at least one fact about that company.
- If so inclined use the hash tag #Coach4adayChallenge on social media platforms
November 7th-Nike
Nike started as a company in 1964 as described above but in 1971 they rebranded themselves using the iconic swoosh. Here are some important milestones in the 60-year history of the company.
Public Offering (1980): Nike went public in 1980, offering shares at $10. This move provided capital for expansion and fueled Nike’s growth into one of the largest sportswear brands globally.
Endorsements and “Air Jordan” (1984-1985): Nike signed basketball star Michael Jordan, leading to the launch of Air Jordan sneakers in 1985, a landmark in branding and product innovation. The Air Jordan line became a cultural phenomenon and remains one of the most successful athlete endorsements ever.
Global Expansion (1990s): Nike expanded internationally throughout the 1990s, becoming a major player in Europe, Asia, and Latin America. The 1996 endorsement of Brazilian soccer star Ronaldo helped solidify Nike’s global appeal, especially in the soccer market.
Sustainability and Innovation (2000s): By the early 2000s, Nike began focusing on sustainability, launching initiatives like the “Reuse-A-Shoe” program and producing products with environmentally friendly materials. This marked a shift toward responsible manufacturing practices that continue today.
Addition to the Dow Jones Industrial Average (2013): In September 2013, Nike was added to the Dow Jones Industrial Average, a milestone reflecting its influence in the global economy and prominence in the U.S. market.
Nike stock price on November 1, 2024, was $78.06 that is quite a gain from the initial price of $10.00 in 1980.
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