In 1984, Nike was in trouble. Growth had stalled, profits were down and a misjudged move into clothing left it with piles of unsold inventory. Rivals had beaten it to new crazes for aerobics and leisure shoes. Sales fell. “Orwell was right,” Phil Knight, who was chairman and chief executive, began his annual letter to shareholders. “1984 was a tough year.”
But Air, a new film set in that same year, opens this week, and shows how Nike went on to become the world’s No 1 shoe and sports brand, a company whose revenue topped £37bn in 2022.
