Family businessman dies
Fashion stores around the world: New Yorker founder is dead
Updated November 15, 2024 – 8:56 p.mReading time: 2 min.
New Yorker fashion chain stores can be found in many cities around the world. Now its founder and owner, Friedrich Knapp, has died.
The founder and owner of the New Yorker fashion chain, Friedrich Knapp, died on Sylt at the age of 73. The entrepreneur leaves behind three children and his partner, as the clothing chain based in Braunschweig in Lower Saxony announced.
According to its own information, the textile trading company founded by Knapp now employs around 23,000 people and has more than 1,200 branches in 47 countries worldwide. New York stores can also be found in many German city centers. The “Braunschweiger Zeitung”, the “Manager Magazin” and other media had previously reported. According to the business magazine Forbes, his fortune is around 4.36 billion euros.
“It is with great sadness that we say goodbye to our owner and managing partner, who, through his courageous and visionary actions, made New Yorker one of the world’s leading fashion companies,” wrote managing directors Helene Steiner and Jonas Gnauck in a statement. Friedrich Knapp was a family man and “thorough-bred entrepreneur” who achieved outstanding entrepreneurial and social achievements. “We will honor his memory and continue his life’s work,” the managing directors continued.
Braunschweig’s mayor Thorsten Kornblum (SPD) reacted with dismay to the news in a statement. Knapp was an “outstanding Braunschweig entrepreneur”. “He created a success story that many people dream of: built a label and turned it into a globally active and well-known fashion group. He ran it himself until the end,” said Kornblum. The mayor also acknowledged Knapp’s commitment to the city, for example in sports and culture. Supporting children was particularly important to Knapp.
As the fashion chain further announced, the family businessman had arranged the succession of assets and management after his death. The family is represented on the supervisory board by Friedrich Knapp’s daughter, Sophie Knapp. The company’s supervisory board said she works there as deputy chairwoman.
How can family-owned businesses in fashion adapt to modern challenges while honoring their heritage?
Interview between Time.news Editor and Fashion Retail Expert
Time.news Editor (TNE): Good evening, and thank you for joining us today. We have some significant news in the fashion retail world—the recent passing of Friedrich Knapp, the founder of the popular fashion chain New Yorker. I’m here with Dr. Lisa Hartmann, a fashion retail expert and historian. Dr. Hartmann, thank you for being here.
Dr. Hartmann (LH): Thank you for having me. It’s a somber occasion, but I’m glad to discuss Friedrich Knapp’s impact on the industry.
TNE: Friedrich Knapp passed away at the age of 73 on Sylt. With his death, how do you think the fashion landscape will change, especially for New Yorker?
LH: Knapp was a pivotal figure in the fashion retail sector, especially in Europe. Under his leadership, New Yorker grew to employ around 23,000 people across more than 1,200 stores in 47 countries. His vision and strategic direction created a chain that resonated with young consumers looking for trendy and affordable clothing. While the company will likely continue, his unique touch and leadership style will be profoundly missed.
TNE: Absolutely, it’s a considerable loss. New Yorker is known for its impact in German city centers and beyond. What does this say about the importance of family-owned businesses in the fashion industry?
LH: Family-owned businesses like New Yorker often bring a unique approach to their markets, blending personal passion with corporate strategy. Knapp’s entrepreneurial journey is a testament to how these businesses can evolve and succeed over time. They typically have strong brand identities and maintain closer ties to their customer base, which allows them to respond navigatively to trends and consumer needs.
TNE: Can you share your thoughts on how Knapp’s legacy might influence upcoming entrepreneurs in the fashion space?
LH: Friedrich Knapp’s legacy will likely inspire future entrepreneurs to embrace both innovation and tradition. He demonstrated that a keen understanding of market dynamics, coupled with a family-centric approach, can lead to expansive growth. Young entrepreneurs should take note of his ability to scale while retaining a connection with their community and consumer base.
TNE: With New Yorker employing so many people globally, what does this loss indicate about job security and stability within the retail sector?
LH: This transition may bring uncertainty in the short term. New Yorker, like many retail chains, faces increasing competition and changing consumer habits, particularly towards online shopping. However, if the company can continue to uphold its core values and adapt as needed, it can provide stability for its employees. Much will depend on how well the company management honors Knapp’s vision and leadership style.
TNE: That’s a crucial point. His passing undoubtedly leaves a void, but it also offers an opportunity for reflection within the industry. With that in mind, what do you think is the biggest challenge facing the fashion retail industry today?
LH: The biggest challenge continues to be sustainability. Consumers today are more conscious of environmental impacts, and fashion retail is often criticized for its role in fast fashion. Balancing profitability, rapid production cycles, and sustainable practices will be a critical issue for New Yorker and other retailers moving forward. It’s an urgent challenge that requires immediate attention.
TNE: Thank you for sharing your insights, Dr. Hartmann. It’s clear Friedrich Knapp was an influential entrepreneur whose legacy will resonate in the fashion industry for years to come.
LH: Thank you for having me. It’s essential to remember and celebrate the contributions of individuals like Knapp. His vision will continue to shape the landscape of fashion retail.
TNE: Absolutely. We appreciate your input and look forward to seeing how New Yorker navigates this transition. Thank you again, Dr. Hartmann.
LH: Thank you, and let’s hope for a future that honors not only Knapp’s legacy but also encourages innovation in the retail industry.