In 1964, Phil Knight, a former distance runner for the University of Oregon, teamed up with his ex-track coach Bill Bowerman to form Blue Ribbon Sports, the precursor to Nike, Inc., which was later formed in 1972. In 1979, the first "air-cushioned" sports shoe was created in collaboration with a former NASA employee, Frank Rudy. After losing market share to Reebok in the early 1980s, Nike rebounded by securing famous sports pro Michael Jordan in 1985 and recouped with their massive ad campaign Just Do It in 1988. An integral part of Nike's success has been the Nike Sports Research Lab at the Nike World campus in Beaverton, Oregon. This is a facility comprised of designers, trainers, athletes, and podiatrists who study the science of shoes for each sport to create more useful, innovative, new products. By 1991, Nike was back on top, not only with a broad range of sport shoes, but also with a line of fitness and sports apparel for men and women. In 2005, Nike employed 24,300 people and acquired companies such as Converse, Cole Haan, freedom of choice, Hurley, Exeter Brands, and Bauer. Nike is the largest sports shoe manufacturer and, in 2005, posted annual revenues of $13.7 billion.
Historical Dictionary of the Fashion Industry. Francesca Sterlacci and Joanne Arbuckle.