Nike, Inc. is a multinational corporation that is primarily engaged in the design, development, manufacturing, and marketing of athletic footwear, apparel, equipment, and accessories. The company is one of the world's largest suppliers of athletic shoes and apparel and has a strong global presence.
Nike was founded on January 25, 1964, as Blue Ribbon Sports, by Bill Bowerman and Phil Knight. The company initially operated as a distributor for the Japanese shoe brand Onitsuka Tiger (now known as ASICS). In 1971, Blue Ribbon Sports changed its name to Nike, inspired by the Greek goddess of victory.
Nike operates as a for-profit corporation and is listed on the New York Stock Exchange under the ticker symbol "NKE." The company's business model revolves around designing and marketing its products, which are manufactured by independent contractors and licensees worldwide. Nike's products are sold through various distribution channels, including company-owned stores, e-commerce platforms, and retail partners.
In addition to its commercial operations, Nike has been involved in various sustainability and social responsibility initiatives. The company has set goals to reduce its environmental footprint, improve supply chain labor practices, and promote diversity and inclusion. Nike has published sustainability reports outlining its progress and commitments towards these objectives.
It is important to note that while Nike is a for-profit company, it has faced criticism and scrutiny regarding labor practices in its supply chain and environmental impacts. The company has taken steps to address these concerns and has made efforts to enhance transparency and improve its sustainability performance.