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Converse accounted for 6.5 percent of Nike’s revenue and a hefty 12.2 percent of its operating profit, before interest and taxes, my calculations show.What’s more, Converse has been growing faster than the rest of Nike.On both, when I try to use Edge reading view, I get the progress circle, but the progress circle never goes away. has been bumped yet again, from February 2019 to June 7, 2019.Converse executives say the new Chucks aren’t high-performance basketball shoes; Nike makes plenty of those.Converse is just trying to make more comfortable sneakers.
With subtle tweaking, the sneakers look very much like the original Chuck Taylor high-tops, which took their current form in 1934, and the first All Stars, which were made in 1917.Despite Converse’s long history, the company was relatively insignificant in July 2003, when, according to corporate filings, Nike agreed to pay 5 million in cash to buy it.Before that purchase, Converse’s reported annual revenue was only 5 million, while Nike’s was .7 billion in its 2003 fiscal year, which ended May 31.Wilt Chamberlain ran in them in 1962 when he scored 100 points in a single N. Nike has been careful to preserve the Converse retro aesthetic because it’s good business: Chuck Taylors have become a very important source of Nike revenue and earnings growth. Like Levi’s and Coca-Cola, Converse sneakers are global symbols of American pop culture.
The new shoes, known as the Chuck Taylor All Star II, contain Lunarlon cushioning technology, which is common in Nike brand shoes.