Nike's world-famous logo cost US$35
On his impending retirement, Nike co-founder and chairman Phil Knight says 'it's a lot better to step down two years early than two years late'
Nike co-founder Phil Knight said he's astounded by the athleisure trend.
"It absolutely blew me away," says Knight, who is also chairman of Nike. He explained that today's athletic leggings have a purely functional origin in long underwear.
"Forty to 50 years ago, we wore long underwear to run in races because we didn't want to run in sweats and we didn't want to wear shorts because it was too cold," Knight explained.
"Then we dyed the long underwear, and then we made it out of different material and it became muscle tights, and it's now the uniform of the woman walking around New York City," the Nike co-founder said.
Despite Nike's reputation as an athletic brand powerhouse, its origins are more humble. Knight co-founded the athletic apparel giant in 1964 with his track-and-field coach Bill Bowerman at the University of Oregon.
The company came up with its name after less successful attempts at picking a name out of a hat. That iconic swoosh? Knight says that the company paid a graphic arts student at Portland State University US$35 for the design.
Now, competitors keep cropping up, looking to cash in on the athleisure market and oust Nike from its position in the industry. But instead of being distracted by its competitors, Knight says that Nike is focused on maintaining its standing by staying at the front of athletic apparel technology.