Yes.

In 2003, Converse was acquired by Nike, but Nike did not directly interfere with Converse’s operations, nor did it touch the company’s management personnel structure. Everything remained as it was. In that year, Converse’s annual sales were only 2.05 billion dollars.

At that time, the outside world speculated that Nike’s acquisition of Converse was a strategic mistake. However, what the public doesn’t know is that Nike’s big move is behind it.

In the second year, Nike obtained the players and channel resources that Converse had accumulated over the years. At the same time, it also signed some young players as spokespersons for Converse, and when they matured and became stars, they were transferred to Nike. Under the banner, Dwyane Wade and Chris Bosh were like this back then.

During the period when the retro trend was on the rise, Nike led Converse to reposition its products and put classic retro shoes such as Converse's AllStar and JackPurcell in the casual fashion market.

At the same time, we will strengthen the technological content of the brand and form a professional team. On the other hand, using Nike's powerful marketing team and global sales network, Converse finally ushered in a recovery.

According to the financial report released by Nike, Converse’s annual revenue reached a maximum of 2 billion, which is nearly ten times higher than the revenue of 205 million US dollars when it was first acquired by Nike.

Extended information:?

Converse was the first brand to dominate the NBA. Although Adidas became the world's number one sports brand after the 1950s, in the American NBA arena, Converse was But he is a well-deserved overlord. As can be seen from many photos and videos from that year, almost all NBA players in the early years wore Converse shoes in games.

The reason why Converse was able to dominate the NBA before the 1970s, in my opinion, is that basketball at that time was far from as influential as it is today. The boss Adidas does not pay attention to this market. These factors have created a relatively comfortable environment for Converse's development.

The comfortable environment means the lack of strong competition. The lack of competition has led to the slow progress of Converse's products. In the decades before Nike entered the NBA arena, Converse basketball shoes were constantly developing and improving, but there was almost no qualitative leap.

In 1982, Nike launched the Air Force 1 basketball shoe equipped with air cushion technology. At that time, Converse's products had almost no technological content compared with the Air Force 1.

Although Nike had launched epoch-making products in the 1980s, Converse did not immediately realize the crisis. Because throughout the 1980s, Converse had Bird and Magic Johnson, the best in the league, as their spokespersons. At that time, Joe was still just starting out, and he was still short of winning his first three consecutive championships. It will still take several years to reach the altar, and its strong market appeal has not yet emerged.

So even though Nike had great products like the Air Force and later the Air Jordan series, with the unparalleled market appeal of Bird and Johnson, Converse's products remained popular for a long time in the 1980s. Still popular. It is precisely for this reason that Converse's products still developed slowly in the 1990s, and technology development was not slow.

Reference material: CCTV_From an industry giant to being acquired by Nike, why did Converse decline?