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Ralph Lauren is a prominent name in the fashion world. He built the brand from scratch and struggled immensely to make it the billion-dollar company that it is today. Lauren is an American fashion designer, philanthropist, and billionaire businessman. He is best known for the multi-billion dollar enterprise named the Ralph Lauren Corporation. He is also famous for his rare collection of automobiles, some of which were displayed in museum exhibits. Ralph Lauren is a man who was not ready to quit after his initial success and wanted to expand his empire. His dedication has made him one of the top names in the fashion industry.
Ralph Lauren is a powerful man in the fashion industry with a multi-billion dollar fashion empire to his name. He started with nothing and rose to the top with his hard work and effort.
Early Life Of The Billionaire
Ralph Lauren was born Ralph Lipschitz in October 1939 to Jewish immigrant parents Frank and Frieda Lipschitz. He was the youngest of four siblings in a middle-class family. Ralph escaped into the fantasy world of cinema to escape his dull life and changed his name to Lauren in his late teens following extensive bullying because of his surname. Lauren joined the army at the age of 23 in 1962. He served till 1964, after which Ralph took a job as a clerk at Brooks Brothers, the oldest men's clothing brand in America. After which, Lauren worked at Beau Brummel, where he persuaded the company president to let him design his line of ties.
The Rise Of Ralph Lauren As A Brand
Watching his first polo match sparked Lauren's entrepreneurial spirit. The event inspired him to develop a high-class elegant brand, which eventually became Polo Ralph Lauren. Ralph took the first significant risk of his legendary career when he decided to start his own company with only a high school diploma and a few business classes under his belt. Next, he designed wide, colorful neckties at a time when narrow and plain ties were the trend. The radical approach won lots of customers. He sold $500,000 worth of apparel in just a year.
Although it was a quick success, Lauren relentlessly expanded his company. Ralph does not sit idle for a minute, and he believes that one can enjoy a moment but should keep things moving. Lauren kept new design ideas simple. He visualized clothing that he would want to wear. According to Ralph, the things he made couldn't be found anywhere. Unsure if he wanted to have shareholders and a board with him, Lauren took the company public in 1997. Still, he controlled 81.5 percent of the voting power.
Becoming A Prominent Fashion Figure
Ralph Lauren democratized fashion despite coming from a working-class background. Lauren understood that if he wanted these things, other people would too. While maintaining expensive labels, Lauren made things at different price points everyone was able to attain. Designers around the world associated American fashion with Ralph Lauren. The brand became known for capitalizing on an aspirational lifestyle. It evoked a sense of timeless elegance juxtaposed with a relaxed, effortlessly chic sophistication. After years of running the company, Lauren stepped down as CEO of the brand in 2015..
His Other Ventures
Over the years, Ralph Lauren diversified its business. What started in 1967 from designing neckties reached menswear, women's clothing, fragrances, restaurants, costuming for films, etc. The company went international in 1981. Flagships in 1986 and Polo sports line in 1992 were some of its other achievements. Over ten additional lines and acquired brands like Ralph Lauren Purple Label and Lauren Ralph Lauren, we're part of the company by 1996. It was followed by websites that promised more sales.
Lauren started several charitable foundations. He mainly focused on helping cancer survivors and cancer research. Ralph partnered with several others in philanthropic initiatives for the upliftment and recognition of cancer survivors. He is a true inspiration for young entrepreneurs, especially in the fashion industry. With an immense passion for fashion and great ideas and ways to implement them, the self-made icon is worth around $7 billion. Presently, the billionaire spends his fortune lavishly to live a relaxed retired life. Among many other things, Ralph spends generously on adding elegant automobiles to his garage.
Ralph Lauren came from a middle-class family and rose to the fashion industry's top with his efforts and hard work. In the early years, he worked several minimum-wage jobs to get by and was not happy with his life as a middle-class man. He immersed himself in the fantasy world of cinema to escape the dullness of his life. He started with neckties and rose as a prominent fashion figure. After battling cancer, he took part in many initiatives for the upliftment and welfare of cancer survivors.
Sources: Headspace Group, Business Insider, Fox Business, Elegancepedia
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