Does Nike Own Converse?

Does Nike Own Converse?

Converse, Inc. is a subsidiary of Nike, Inc., as of 2014. Nike, previously a competitor of Converse, purchased the company from Footwear Acquisitions for $309 million on July 9, 2003. Footwear Acquisitions had purchased and restructured Converse in April 2001 after Converse's January 2001 bankruptcy filing.

Converse began in 1908 as a rubber-soled shoe manufacturer and expanded into athletic shoes in 1915. In 1917, Converse introduced the All-Star basketball shoe and became the premier manufacturer of athletic shoes and the official shoe of the NBA, a status the company maintained until the 1970s. The Converse shoe line includes All-Stars, Chuck Taylors, Jack Purcell and Cons.