Joseph "Joe" Nakash (Hebrew: ג'ו נקש; born 1942) is an Israeli-American businessman, real estate investor, and co-founder of Jordache Enterprises. In 2020, Forbes Magazine estimated his family’s net worth at $1.93 billion.[1]
Joseph Nakash | |
|---|---|
| Born | 1943 (age 80–81) |
| Nationality |
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| Occupations |
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| Known for | Co-founder of Jordache Enterprises |
| Spouse | Susan Nakash |
| Children | 5 |
Early life
editNakash was born in Tel Aviv, Israel, to parents of Syrian Mizrahi Jewish descent.[2][3][4] In 1962, he immigrated to New York City[2] where he worked as a stock boy and saved enough money to bring his brothers Raphael (Ralph) and Abraham (Avi) to the United States in 1966.[5][6]
Career
editIn 1974, Nakash and his brothers pooled $20,000 in savings to purchase an appliance store called V.I.M. and open a retail store in Bushwick, Brooklyn. Latching onto the newfound popularity of designer jeans, they sold irregular jeans.[5][7] By 1978, they had four stores.[5] After their largest store was burned down during the New York City blackout of 1977, they took the $120,000 policy settlement and started to manufacture their own brand of upscale jeans under the Jordache label.[8]
Nakash hired advertising executive Howard Goldstein, who in turn hired composer and lyricist Leigh Crizoe known for producing many popular advertising campaigns and jingles in New York City. Crizoe created the "You've Got The Look I Want To Know Better, The Jordache Look" music jingle and campaign for the Nakash brothers. The Nakash Brothers funded the campaign with $300,000 of their own money and $250,000 from Israel's Bank Leumi.[5] The campaign made the brand a resounding success with all age and gender demographics. In future commercials, Brooke Shields was promoted in the Jordache ads serving as the company's in-house model.[8] The Crizoe jingle was utilized by Jordache Enterprises for almost 10 years in their advertising campaigns and is said to have spawned the designer jeans boom of the 1980s.
In 1979, Jordache had $72 million in sales.[9] In 1981 they started licensing the brand, which added $100 million to their $200 million a year in wholesale revenue for its jeans and expanded their line to include children's clothing, makeup, handbags and suitcases.[8] In 1983, revenues grew to $400 million and they founded Yama Maritime Inc. which owned eight cargo ships.[9]
In 1983, the Nakash brothers acquired a 50% stake in Guess Jeans from the Marciano Brothers (Paul, Georges, Armand and Maurice) of Los Angeles.[8] The joint venture eventually soured.[10] In 1989, a California superior court jury found that the Naskash brothers had fraudulently lured the Marcianos into the transaction.[7] In 1990, the Nakash brothers settled for $66 million of $106 million escrowed profits and the ownership of the brand name "Gasoline" while the Marciano brothers received the brand "Diesel."[8][11] In the 1990s the Jordache brand suffered in the face new competition.[8] In 1995, they took the brand down market, selling Jordache jeans at the discount chain Wal-Mart while higher end retailers such as Macy's dropped the brand. Their efforts were successful, selling $100 million worth of jeans in the first year with Wal-Mart, which made up 30% of Jordache Enterprises total sales. They then moved into contract manufacturing, making jeans and clothing for Tommy Hilfiger, the Gap, American Eagle, and Abercrombie & Fitch.[7]
Using profits from their apparel business, they diversified and started investing in banking and real estate primarily in New York, Miami, New Jersey and Israel. Nakash also purchased Arkia, a non-profitable discount airline flying between Israel and Europe which they returned to profitability.[8] In 2004, the brothers purchased AMPA Real Estate of Israel and expanded into the purchase of hotels and development of residential projects in Israel.[8][12] They own the Park Plaza Orchid Hotel in Tel Aviv and the Kineret Orchid Vacation Resort on the Sea of Galilee.[8]
In 2006, Nakash and his brothers began investing in Israeli agriculture, establishing an oil press for $2 million in partnership with Revivim, a kibbutz in southern Israel, which produces olive oil under the Halutza brand. The brothers have invested about $5.5 million in olive groves, olive oil production, and vineyards.[8] In 2013, via their investment company Nakash Holdings, they purchased a $100 million office building in Washington, D.C.[9] In 2013, they purchased (along with Eli Gindi) the Versace Mansion in Miami Beach[13] where the Nakashes own five other hotels.[14][15] In April 2013, they purchased—via their Papo Shipping Company—the exclusive right to operate the Port of Eilat in Israel[9] for 15 years for the price of $105 million. In April 2013, Nakash and his brothers purchased the Isrotel Tower in Tel Aviv for $150 million.[15]
Personal life
editNakash is a practicing Jew. He is considered the patriarch of the Nakash family.[9]
References
edit- ^ "Forbes Israel 100 Rich List: The Wealthiest People in Israel 2022". Forbes Israel. Retrieved 2023-12-10.
- ^ a b Pincus, Adam (February 1, 2011). "Clans with plans". The Real Deal. Archived from the original on March 4, 2016 – via The Wayback Machine.
- ^ Week, Jew of the (2014-12-30). "Jews of the Week: Joe, Ralph, and Avi Nakash | Jew of the Week". Retrieved 2023-12-27.
- ^ https://www.npr.org/2012/08/01/157699850/what-ever-happened-to-jordache-jeans [bare URL]
- ^ a b c d People: "Topless Ads Mean Bottomless Riches for the Three Israeli Brothers Behind Jordache Jeans" By Anna Stewart December 3, 1979
- ^ "מסע הקניות של האחים נקש". 6 November 2019.
- ^ a b c BusinessWeek: "Whatever Happened to Jordache?" By Matthew Boyle and Lauren Coleman-Lochner July 26, 2012
- ^ a b c d e f g h i j "The Nakash Bros. – small clothes shop transformed into $2 billion empire" By Yehudit Haspel Ben-Dak, Jewish Business News, February 20, 2013
- ^ a b c d e Jewish Voice: "Nakash Bros. Purchase of $100M D.C. Building Sheds Light on Vast Jordache Expansion" By Boruch Shubert Archived 2016-03-04 at the Wayback Machine April 4, 2013
- ^ New York Times: "WHEN THE HONEYMOON ENDED" by LISA BELKIN May 1, 1986
- ^ Funding Universe; "Jordache Enterprises, Inc. History" retrieved January 12, 2013
- ^ Hareetz: "Nakash brothers buy Leumi New York HQ - Jordache owners join U.S. investor in $100 million purchase" By Michael Rochvarger September 30, 2013
- ^ "Gianni Versace Mansion Sold to Nakash Brothers and Eli Gindi for $53.4 Million – Outbidding Donald Trump Jewish Business News, September 18, 2013
- ^ Yahoo News; "Firm with Jordache tie top bidder for Versace home" By JENNIFER KAY September 17, 2013
- ^ a b South Florida Business Journal: "How much are new Versace mansion owners worth? by Paul Brinkmann September 23, 2013