/ Monday_ 0 0 2 #Brandhistory
Well well well, welcome back !
For this Monday, we're going to learn a bit more about the history of Nike 🎈
I found out the creator of the Nike “swoosh” logo was originally only paid $35 for it. The woman is Carolyn Davidson, a student at Portland State University. Thus, in 1971, Phil Knight, the precursor to Nike, asked her to design a “stripe”, which was the slang term at the time for a logo for a shoe. He further instructed her that he wanted it to give the impression of motion. She presented 5 or 6 designs. The first design he looked at was the “swoosh”, he then passed it up and looked at the rest, than came back to it and “I don’t love it, but I think it will grow on me.” Somewhat disappointed at his reaction, she asked for time to perfect the design, but Knight said no. She then submitted her invoice of $35. One might think she was ripped off for the work, considering the logo she created went on to become one of the most well known in the world. But this wasn’t the big payoff. He also gave her, according to Davidson, 500 shares of the company !
So how much were 500 shares of Nike worth at the time? Around $ 8000 or about $ 18,000 today. Quite a sum given Knight was not obligated to give her anything, nor was there any pressure to do so. But this wasn’t the end of it. Davidson never cashed out those 500 shares of Nike stock. Since that time, there have been four instances where the stock has been split, meaning today those 500 shares are now 8000 shares. At the current stock price of a little over $ 60 per share, the $ 8,000 gift of stock in 1983 is now worth just shy of a half a million dollars. Not too bad for producing something in a couple weeks of part time work that is essentially just a curvy checkmark, no ?
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