It's virtually impossible for a fashion company to stay on the top of its game for more than a few years. What's even more unfathomable is a company catering to youth and being a sought-after brand for more than three decades. 

But that's exactly what Nike (NYSE:NKE) has done by signing high-profile athletes and constantly challenging its own product lines. When you can outbid rivals for the biggest names in sports, like Michael Jordan, Tiger Woods, and Rory McIlroy, you have a distinct competitive advantage. 

Erin Miller sat down with Fool contributor Travis Hoium to see how the company built its advantage and how it can stay on top long-term.