The One Word Nike Used That Ended Up Costing Them $14 Billion
When looking to sign one of the NBA's most promising talents, Nike believed it had put together a convincing presentation and would surely woo the athlete into a sponsorship deal. Unfortunately for Nike, executives used one wrong word in their offer that ultimately cost them far more than a pair of sneakers.
From 8K To 30 Billion
Since its founding in 1964 as a distributor of Japanese-made shoes, Nike – known then as Blue Ribbon Sports – has come a long way since selling its first pair of sneakers out of the back of founder Phil Knight's car. Grossing just $8,000 in its first year of business, the company is now worth over 30 billion.
Iconic Shoes
Since those early years, the brand has grown to include everything from everyday apparel to high-intensity sports equipment, though even after more than fives decades, the company is still known for one thing — its shoes. And what can be found on each pair? Why, the signature Swoosh, of course.
The Swoosh
It might not seem like much, but since its creation in 1971, the Swoosh has become one of the most recognizable logos in the world. As such, it's also become a major selling point for attracting top-tier talent to the brand.
Sponsorship Deals
In fact, sponsorship deals are now one of Nike's primary means of advertising, as repping the Swoosh has become a mark of greatness among big-name stars. With celebrity athletes, professional teams, and even comedians sporting Nike, it's no surprise that the brand has become the world's premier sportswear company.
