Company’s success in its early years can be attributed in large part to Knight’s marketing ability and Bowerman’s product developments. Among Bowerman’s most notable innovations was his 1972 invention of a wafflelike lightweight, traction sole. Shoes made with these soles sold well as recreational running gained mass popularity in United States in 1970s. Nike’s revenues reached $14 million in 1976, doubled next year to $28 million, and grew to $270 million in 1980. Part of company’s success came from obtaining endorsements from professional athletes, including tennis players Jimmy Connors and John McEnroe. Company name was changed from Blue Ribbon Sports to nike, in 1978, and it established its Beaverton headquarters following year. In early 1980s, Nike moved its main manufacturing facilities from Japan to South Korea, Taiwan, and mainland China.
Sports14 Jul 2008 01:17 pm