If you are reading this article, there is a good chance that you have rocked a Nike brand before.
But what you probably aren’t familiar with is the story of how the man behind the popular brand started from the back of his green Plymouth Valiant; the boot of a car, to building Nike; the world’s biggest maker of athletic shoes and sports apparel with more than 1,000 stores worldwide.
Today, Phil Knight is ranked no 24th with an estimated net worth of $50.5 billion as today, 20th, April 2022 on the Bloomberg billionaire list as the Beaverton, Oregon-based company continues to thrive, recording a revenue of $44.5 billion as of May 2021.
Building the Nike brand
The American billionaire businessman was born in 1938 in Portland to William and Lola Knight. He got admitted to the University of Oregon in 1955, where he was a member of the college track team. Upon graduating with a Master’s of business administration from Stanford Business School in 1962, Knight took a one year tour around the world; a journey that changed his life ever since as he discovered Tiger brand running shoes and secured distribution rights for the western United States.
Upon his return, he started out with a job as an accountant in Portland whilst still expecting the first Tiger samples which took more than a year to be shipped. Knight shared his business idea with Bill Bowerman, his former college track coach and together they created athletic footwear distributor, Blue Ribbon Sports (as Nike was called then) in 1964.
The enterprenuer started by selling sneakers at weekend track meets from the back of his green Plymouth Valiant automobile and dedicated himself full time to his shoe business in 1968.
In 1972, the billionaire changed the company’s name to Nike and sold shares in a public offering eight years later as the brand continued to grow becoming the most popular sports apparel brand in the world.
The company signed star athletes; Michael Jordan, Derek Jeter, Tiger Woods and helped create brands around each of them to market its fashionable shoes and other sportswear.
84-year-old Knight stepped down as Nike’s chief executive officer in 2004 and as chairman in 2016.
What you should know
- According to Bloomberg, Philip Knight owns about 230 million shares through holding company Swoosh, while Knight owns a further 35 million shares in his own name and his son Travis Knight has about 41 million shares through a trust and its subsidiary.
- Shares held by Swoosh and family members are credited to Philip Knight to reflect his status as the founder and family patriarch.
- He got married to Penelope Parks in 1968 and lost his first son Mathew Knight in a scuba diving accident in El Salvador in 2004.
- Knight is said to have pledged over $500 million in donations to both the University of Oregon and Stanford’s Graduate School of Business, his alma maters.
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Profit-taking continues on the local bourse as market cap dips by N19 billion
The NGX closed on a negative note amidst sell-offs and buy-interests as the benchmark All-Share Index (ASI) depreciated by 7 basis points.
The NGX ASI closed at 52,721.34 points to reflect a decline of 0.07% from the previous trading day and a Year-to-Date (YTD) return of 23.42%. Meanwhile, the market capitalization declined by N19.02 billion.
At the close of the market on Wednesday, the 18th of May 2022, the stock exchange market value currently stands at N28.42 trillion at the end of the trading day.
The market breadth closed negative as MCNICHOLS led 21 gainers and 23 losers, topped by ACADEMY at the end of the day’s session.
The stock market has advanced 10,004.90 base points since the start of the year.
NGX Top ASI gainers
- MCNICHOLS up +9.94% to close at N1.77
- TRANSCORP up +9.84% to close at N5.36
- CHAMPIONS up +7.03% to close at N3.96
- CHIPLC up +6.56% to close at N0.65
- MULTIVERSE up +4.76% to close at N0.22
NGX Top ASI losers
- ACADEMY down – 9.93% to close at N1.36
- BERGER down – 8.86% to close at N7.20
- NEIMETH down – 8.57% to close at N1.60
- MAYBAKER down – 8.51% to close at N4.30
- WEMABANK down – 7.61% to close at N3.28
NGX ASI Top Traded by Volume
- FBNH – 153,336,385
- JAIZBANK – 116,641,894
- GTCO – 65,930,061
NGX ASI Top Traded by Value
- FBNH – N1,897,131,354.35
- GTCO – N1,577,428,696.70
- MTNN – N753,880,194.40
Market sentiment trends towards the bears with the market differential being in favour of the decliners as 21 gainers were surpassed by 23 losers.
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UK inflation hits 40-year high of 9% in April
Official numbers released today showed that inflation in the United Kingdom reached a 40-year high of 9% in April, as food and energy costs skyrocketed, worsening the country’s cost-of-living crisis.
This was disclosed by the U.K.’s Office for National Statistics in a release tilted “Consumer price inflation, UK: April 2022”
The 9% rise in the consumer price index is the highest since records began in their current form in 1989, outstripping the 8.4% annual rise posted in March 1992 and well ahead of the 7% seen in March of this year.
The Bank of England has hiked interest rates at four consecutive meetings, raising the cost of borrowing from its historic pandemic-era low of 0.1% to a 13-year high of 1%, as it looks to rein in runaway inflation without stomping out economic growth.
What you should know
- The Consumer Prices Index (CPI) rose by 9.0% in the 12 months to April 2022, up from 7.0% in March.
- On a monthly basis, CPI rose by 2.5% in April 2022, compared with a rise of 0.6% in April 2021.
- The Consumer Price Index including owner occupiers’ housing costs (CPIH) rose by 7.8% in the 12 months to April 2022, up from 6.2% in March.
- The largest upward contributions to the annual CPIH inflation rate in April 2022 came from housing and household services (2.76 percentage points, principally from electricity, gas and other fuels, and owner occupiers’ housing costs) and transport (1.47 percentage points, principally from motor fuels and second-hand cars).
- From April 1, the U.K. energy regulator increased the household energy price cap by 54% following a surge in wholesale energy prices, including a record rise in global gas prices. The regulator, Ofgem, has not ruled out further increases to the cap at its periodic reviews this year.
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