Perhaps the most famous American designer of all time, and known for a classic look that never goes out of style, Ralph Lauren has come a long ways since he first launched his brand in 1967, selling nothing but neckties. Lauren’s net worth is now $6.0 billion, although as of last year he is no longer the CEO of his fashion design company; he does remain, however, the Executive Chairman and Chief Creative Officer of the company.
Lauren was born in the Bronx under the name Ralph Lifshitz to immigrant parents from Belarus. He started selling neckties as early as high school to his classmates, and by age 26 was inspired to design a particular wide style of tie, but as the idea was rejected by the tie company he was working for; the style wasn’t “commercially viable”, they said. So he decided to create his own company, where he turned scraps of fabric into ties and then sold them to small shops locally. His big break came when his neckties caught the attention of Neiman Marcus.
In 1967, he finally got the capital to start his own store, where he also officially launched his brand of neckties under the name “Polo”. The business quickly exploded, and by 2007 the designer had at least 35 boutique stores in the US alone.
Many people aren’t aware that Lauren is a fierce supporter of breast cancer research, having been a co-founder of the Nina Hyde Center for Breast Cancer Research and playing a critical role in the Fashion Targets Breast Cancer campaign. His company created the Polo Ralph Lauren Foundation as a charitable organization, funding the Ralph Lauren Center for Cancer Care and Prevention in New York. The designer is also responsible for creating the Pink Pony Fund, and helped fund a new breast cancer research facility in 2014 in partnership with the Royal Marsden NHS Foundation Trust.
