Ralph Lauren
Famous Entrepreneur
Background
Born on: October 14, 1939 in New York, New York
Family: Third of four siblings, Mother and Father were Jewish immigrants
Lifestyle: At 16, Ralph and his brother, Jerry, were teased about their last name, later changed it to Lauren
Education: Attended DeWitt Clinton High and later Baruch College, where he studied business for two years
Company Background
What: Designed own men's necktie and branded them under the name "Polo", converted rags into neckties
How: With the help of a $30,000 loan, expanded to a full line of clothing
Why: Wanted to create his own neckties, but the company thought it was a joke
What the company sells: At first only neckties, in 1972 released t-shirts and the first collection for women, recently sells home furnishings, and children's wear
Stores: nearly 13,000 worldwide
Sales: In 2015 sales rose to $7.62 billion
Promotions: The company spends nearly $270 million dollars on advertisement and promotions
Skills and Traits
Creative: created neckties out of rags
Independent: created the entire company without any help
Risk-taking: he didn't know his neckties would sell, but someone had bought 100