Ralph Lifshitz Net WorthReal Name: Ralph Lifshitz
Date of Birth: 10/14/1939
Place of Birth: The Bronx, New York
2017 Net Worth: $7.8 Billion
Profession: CEO Ralph Lauren, Fashion designer, businessman, entrepreneur
Ralph Lauren Biography
Born Ralph Lifshitz in the Bronx area of New York, Lauren grew up admiring persons such as Jimmy Stewart and President John Kennedy. While he attended DeWitt Clinton High School, Lauren was known for selling classmates ties. Under his yearbook picture, Lauren stated that he wanted to be a millionaire. Ralph Lifshitz changed his last name to Lauren when he was 16.
Lauren attended Baruch College and studied business for two years before dropping out and serving in the United States Army. One of his first jobs was working for the men’s clothing company Brooks Brothers before he went to work for a tie company. In 1966, Lauren designed a wide-styled tie fashioned for one that the movie star Douglas Fairbank Jr. had worn. Although the company he was working for rejected the style, Lauren was not deterred. He established his own company where he turned discarded clothing and rags into ties. His work was noticed by Neiman Marcus, which bought 1,200 ties from the young Lauren.
This event was the turning point in Lauren’s life. He opened a necktie store where he sold his own handmade ties under the label ‘Polo”. In 1971, Lauren began his own clothing line and opened a store on Rodeo Drive in Beverly Hills, where many movie stars are known to shop.
Lauren is now one of the top selling brands in the United States. Although he took the company public in 1997, Lauren still controls 81.5 percent of the shares and therfore the voting power. Lauren is known for his love of expensive cars and owns one of the most valuable car collections in the world, which includes a very rare Bugatti Type 57SC Atlantic, a car worth more than $40 million. Seventeen of Lauren’s cars were displayed at the Louvre Museum in 2011. At that time they were valued at $200 million. Lauren has a net worth of $7.8 billion. His clothing line is still one of the most popular brands sold today, making Laurens childhood dreams of becoming a millionaire come true many times over.