The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
BEAVERTON, United States — Nike Inc.'s Phil Knight donated almost $1 billion of the apparel maker's stock to a charitable organisation this week.
Knight, 80, Nike’s founder and chairman emeritus, gave 12 million shares, according to a regulatory filing that didn’t identify the beneficiary beyond noting that he and his wife Penelope are directors of the entity.
The Knights previously contributed hundreds of millions of dollars to the University of Oregon and Stanford University.
The latest donation — worth $990 million when it was made Wednesday — represents about 0.7 percent of the company’s outstanding shares and 3.1 percent of his $32 billion fortune, according to the Bloomberg Billionaires Index, a ranking of the world’s 500 richest people.
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It’s the latest example of mega-philanthropy. Last year Bill Gates donated $5 billion of Microsoft Corp. shares to his foundation, while Warren Buffett gave $3.4 billion to charity in July. Last month, Jeff Bezos, the world’s richest person, pledged $2 billion toward preschool programs in low-income communities and providing food and shelter for homeless families.
Beaverton, Oregon-based Nike didn’t immediately reply to a message seeking comment.
By Tom Metcalf, with assistance from Amanda Gordon; editors: Pierre Paulden, Peter Eichenbaum and Steve Dickson.
From analysis of the global fashion and beauty industries to career and personal advice, BoF’s founder and CEO, Imran Amed, will be answering your questions on Sunday, February 18, 2024 during London Fashion Week.
The State of Fashion 2024 breaks down the 10 themes that will define the industry in the year ahead.
Imran Amed reviews the most important fashion stories of the year and shares his predictions on what this means for the industry in 2024.
After three days of inspiring talks, guests closed out BoF’s gathering for big thinkers with a black tie gala followed by an intimate performance from Rita Ora — guest starring Billy Porter.