The founder of Nike, Phil Knight, gave a great interview this am from the floor of the NYSE. He admitted he hasn't been there in 20 years. The occasion: the release of his memoir, Shoe Dog. He talked about the founding, the development, obstacles, going public, the future, and his own plans for his financial estate(he'll make his children and grandchildren comfortable). Said to be worth $25 billion dollars, he's one of the world's wealthiest men. He'll give the balance to worthwhile charities.
Of course, if one lives in America, it's hard to avoid Nike and its imprint, which is everywhere, not just on shoes. His story is a great story of over coming challenges, persevering in the face of obstacles, high and low, and determination to meet the competition head-on, without compromise.
Mr. Knight will long be associated with the State of Oregon and the University of Oregon where he ran track well over 50 years ago. His coach, Bill Bowerman, was always trying new shoe configurations, believing that good shoes were important for success in all events, from sprints to distance. Initially, Mr. Knight sold shoes made in Japan, competing with European companies like Adidas. Soon, he would break away and launch his own product line. His success was not instant, but in time, his shoes could compete with the best. After much deliberation, he took the company public in 1980(when APPLE went public), a move he claims was the best move he ever made. One dollar invested in 1980 would now be worth $255. Not a bad return.
He also mentioned during the interview of his relationships with star athletes, most notable Michael Jordan of NBA fame. The shoe line, Air Jordans, became a blockbuster in the line of athletic shoes. Many of those sold were never worn, cherished as collectibles, and kept pristine from day one.
Mr. Knight also is a strong advocate of international trade and believes the current crop of politicians, bashing free trade are wrong headed and will change their views in the future. He believes that America is still the best place to do business and to start a business. He is an admirer of Apple and its constant innovations that lead to strong growth and remarkable profits.
The Book: Shoe Dog, by Phil Knight
No comments:
Post a Comment