There’s no hiding the fact that Nike is one of the most popular sportswear companies on the face of this planet. Founded by Phil Knight and Bill Bowerman back in 1964, the brand began its journey selling running shoes from the back of a car. Now, almost six decades on, it has 80,000 employees globally.
As the world leader in the industry, Nike has long reigned over the competition. However, with such an iconic status, you might be wondering just how successful they actually are, and most importantly, who their most significant competitors are.
Luckily, you’ve come to the right place, because today we’re going to find out about which company is the Swoosh’s biggest rival, alongside some other big names that have helped to make the trainer industry as exciting as it is. So let’s get to it.
Believe it or not, Nike is the most valuable apparel company in the world. As of July 2023, the brand is worth $167 billion. In fact, this year alone, they have brought in a whopping $47 billion thanks to their vast trainer and sportswear empire.
Nike’s biggest competitor is, without a doubt, adidas. This rivalry has been around for decades, and it’s a topic of much discussion among sneakerheads. Valued at around $28 billion, while this is nowhere near Nike, it still keeps them firmly ahead of other brands in the industry.
For example, the next most-valuable competitor is New Balance, which currently has a market value of around $4 billion. Other leading companies in the world of sneakers include Converse, Reebok, and Puma, which all have market values over the $1 billion mark.
Nike’s current market value, just under $170 billion, is actually the highest market value the company has ever had. However, because their value is determined by the market it exists within, this means that it’s subject to rise or fall at a moment’s notice, influenced by a number of potential factors.
The value of any company on the market is directly affected by a number of things that can cause the value to fluctuate massively. One of the most important of these is the industry in which the company operates. Of course, Nike operates in the sportswear industry, so if that industry is doing well, then they will do well too.
However, this also means that Nike’s market value can be directly influenced by the other companies operating in the same industry. In recent years, a number of labels in the industry have seen a steady rise, making them great potential competition for Nike. For example, Under Armour has less than 25 years in the industry, but it has already managed to climb up the ranks in a relatively short space of time.
One of the ways that Nike has managed to stay well ahead of the competition is due to their coveted sneakers. Since the ’60s, the Swoosh has released a countless collections and silhouettes, and some of these have helped the company massively increase its worth.
Some of these include the classic Nike Air Force 1 from 1984, as well as the legendary Air Jordan line from 1985, made famous by basketball icon Michael Jordan.
And there you have it! While Nike definitely has the biggest market value within the sneaker game, they definitely have some very strong competition too. The Beaverton brand has long held a corner in the industry thanks to their amazing products and strategic marketing. Though they currently have the highest market value, this is liable to change depending on numerous factors, such as the health of the industry or even the public perception of the company.
