In 1971, Blue Ribbon Sports changed its name to Nike, inspired by the Greek goddess of victory. It also adopted its famous "swoosh" logo, which was designed by Portland State University student Carolyn Davidson.

Davidson was originally paid $35, the equivalent of around $270 (£213) today, though she confirmed in 2016 that she was later given a diamond ring "in the shape of a swoosh" and some shares in the company.

The following year, Nike launched the Cortez running shoe, its first to feature the swoosh. The design's popularity among US athletes at the 1972 Olympics in Munich soon translated to bumper sales. Unlike earlier sneaker designs, the Cortez was embraced as a street-style staple in Los Angeles and beyond, marking a shift from sneakers being worn purely for sport.

That year, Nike pulled in revenues of just under $2 million, less than $15 million (£12m) in today's money. By 1981, its annual sales had hit $458 million, equivalent to $1.5 billion (£1.1bn) in 2024.

From humble plimsoll to billion dollar industry: how sneakers conquered the world