Nike was founded in 1964 as Blue Ribbon Sports by Phil Knight and Bill Bowerman and officially became Nike Inc. in 1971. It attained a 50% share of the U.S. athletic shoe market by 1980 and has grown to be the most valuable sports brand according to Forbes. Nike has faced issues with child labor in the 1990s and a large strike at a Chinese factory in 2014 but remains profitable with revenues of $32.4 billion in 2016 and a brand value of $29.6 billion in 2017.