Friedrich Knapp – Billionaire

Friedrich Knapp presides over one of Europe’s largest fashion companies, New Yorker GmbH, which has more than 1,000 stores in 40 countries across Europe, Asia and the Arabian Peninsula. The low-profile billionaire started the retailer with Tilmar Hansen and Michael Simson in 1971 with one store in Flensburg, a northern German town. New Yorker does not sell its clothes online as the number of returns is too high and the return on the investment required to manage and fulfill online orders is far too low, according to Knapp. Today, the chain employs more than 16,000 people and has revenues of around $1.6 billion. Like Forever 21, it targets younger customers. Knapp promotes cultural education among underprivileged children and teens through the New Yorker Foundation.

Friedrich Knapp was bornon 13 April 1824 in Brunswick, Germany, Germany. Friedrich Knapp is #1265 in List Billionaires People In The World. Friedrich Knapp presides over one of Europe’s largest fashion companies, New Yorker GmbH, which has more than 1,000 stores in 40 countries across Europe, Asia and the Arabian Peninsula. The low-profile billionaire started the retailer with Tilmar Hansen and Michael Simson in 1971 with one store in Flensburg, a northern German town. New Yorker does not sell its clothes online as the number of returns is too high and the return on the investment required to manage and fulfill online orders is far too low, according to Knapp. Today, the chain employs more than 16,000 people and has revenues of around $1.6 billion. Like Forever 21, it targets younger customers. Knapp promotes cultural education among underprivileged children and teens through the New Yorker Foundation.

Source:

1. forbes

2. networthstat