Over the years, sportswear market has shown explicit growth. The demand for sports apparel is on the increase due to the general population and the rise of using sportswear in everyday life. Not only athletes buy sports apparel for practicing their sports, but also daily consumers are contributing to the sales by purchasing sportswear and wearing it on a daily basis. With this in mind, sports brands are catering and competing against each other towards the consumer by trying to produce or come up with the best sports gear. In 2022, the size of the global sportswear market was approximately $319.4bn, forecasting to rise by 2028 to $450bn. (Size of the activewear market worldwide from 2021 to 2028 (in billion U.S. dollars), 2023) Sportswear is growing in popularity because everyone now prefers to be comfortable while doing every day activities. Many people now are now active and playing one or more type of sports and doing fitness activities, whether it’s at home or at a gym or professionally, which is leading to the increase in demand of activewear apparels and making competition fiercer.
In the sportswear market, we have seen many great brands that have contributed a lot to the growth and expansion of the industry. The competition is fierce, always pushing brands to come up with new innovative ideas to attract and retain more customers and increase revenue. The major players in the market are Nike and Adidas. Every year, they achieve the highest sales number between all sports apparel brands and companies. There are also many other competitors in market, such as Puma, Under Armour, The North Face and so many more, fighting to stay at the top of charts and minds of consumers. However, Nike was always the top achiever. In 2022, Nike was the most valuable brand between apparel brands, being valued at $33.176M, trespassing Louis Vuitton, Adidas, Chanel, and other big brands. Nike has maintained the first place since 2015. (Apparel 50 2023: Brand Value Ranking League Table, n.d.) Nike is one of the most prestigious brands with a large customer base, always coming up with new ideas to attract new people and to stay loyal to their fans.
Let's deep dive into Nike's history and discover more about the brand!
Nike: The Brand Overview
Nike, formerly known as “Blue Ribbon Sports,” was founded in 1964 by Bill Bowerman and Phil Knight. The company’s name officially changed to Nike, Inc in 1971. The name comes from the Greek Goddess of victory. (Levinson, 2016) The company does not only own Nike but also Converse and Jordan. Their now-famous slogan “Just Do It” was first used in 1988 in an advertisement. As for the logo, the famous 'swoosh', it was created in 1971 by Carolyn Davisdon for only $35.
Nike Logo Evolution: https://thelogocreative.medium.com/nike-logo-evolution-the-35-swoosh-54bea24fee43
Nike has grown a lot throughout the years, achieving high sales numbers, growth, and retaining a large consumer base. The brand has also collaborated and sponsored many huge athletes and sports team, such as Michael Jordan and creating the Air Jordan in 1985. However, Michael Jordan was not the first athlete Nike collaborated with. Steve Prefontaine (picture below), a well known runner, was the first athlete to be pictured with Nike logo and slogan.
Nike’s advertising and marketing has always been a key player in the brand’s growth journey. Rather than focusing on the products, Nike has come up with campaigns to promote empowerment and making people feel good about themselves. Their mission is to “Bring Inspiration and Innovation to every athlete in the world” and by athlete they mean “if you have a body, you are an athlete”. Now it’s evident why the brand chose Nike as a name and “Just Do It” as a slogan.
Nike’s Key Characteristics
Nike has a wide range of products, serving all age groups, genders, and athletic pursuit. The brand offers all kind of sports shoes, clothes, and equipment. Some of their most famous shoes are Jordan, Air Max/Force, Dunk and so much more. Whether your favorite sports is running, football, or basketball, Nike has you covered from head to toe. Nike also gives you the opportunity to personalize your own shoes, making the experience more special.
As mentioned before, over the years, Nike has collaborated with many well-known artists, athletes, designers etc., one of them the most known collaborations being Michael Jordan creating the Jordan brand making it a collectible,
and most recently in 2022 with Jaquesmus. Nike's collaborations with artists have been a significant factor in shaping the brand's image and generating positive effects. These collaborations helped the brand connect with a broader and more diverse audience. Additionally, they have helped the brand to be seen as innovative and relevant to culture. These collaborations have added creativity and artistic expression to Nike's identity, beyond the focus on athletic performance. As a result, Nike is now seen as more than just a sportswear company, but as a cultural icon. Limited-edition releases from these collaborations generate massive excitement and create a sense of exclusivity, driving up demand.
Nike’s image is not only built around these collaborations, but also their inspiring campaigns. Nike's ads are not just about selling products. They are about inspiring people to be the best version of themselves. The brand does this by telling stories that resonate with people on a personal level. They show people overcoming challenges and achieving their goals. They also collaborate with athletes to tell their stories or send a certain message. For example, one of the best-known ads was with the tennis player Serena Williams called Dream Crazier, endorsing women empowerment, and encouraging female athletes to practice all kinds of sports.
These campaigns do not only inspire people but also give them a push to just do everything with Nike.
Other than the collaborations and variety of products, Nike is on journey towards zero carbon and zero waste, calling it “Move to Zero”. They are refurbishing or recycling Nike shoes that have been previously worn by athletes to reduce waste.
Nike’s Future
Nike has always been the number one sportswear brand with their innovative ideas and people-oriented values and mission. The brand strives to give the best sports apparel to its consumers. You can find in every household a pair of Nike shoes, probably worn out but always doing the deed. The brand’s future holds many surprises and great achievements, always keeping their consumers on edge and pushing them to Just do it!
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