George Zimmer is a highly successful and rich American entrepreneur. He is better known as the founder of Men’s Wearhouse, which is a men’s clothing chain of stores. It operates more than 1,200 stores across US and Canada. The stores operate under the brand names Moores, Men’s Wearhouse and K&G Superstores. He founded the company in 1973 and was the CEO and Chairman till 2013, when he was fired from his own company that he set up.
Not a person who concedes defeat so easily, Zimmer went ahead with his entrepreneurial initiatives and founded the company Generation Tux which provides tuxedo and suits for rentals online. He also founded zTailors, which is an online company that provides a network of on-demand tailors for men and women clothing across the US. Read on to know more about this maverick entrepreneur, his life and career, the controversies around him and his total Net Worth in 2019.
Zimmer was born on November 21, 1948, in New York. He belonged to a Jewish family and his father was in the business of making suits. He had his schooling in Scarsdale in New York. Then he went on to attend the Washington University in St. Louis; where he became a member of the Phi Chapter of the prestigious Sigma Alpha Mu group or the college fraternity also known as the “Sammy”. In 1970, he graduated with a B.A. in Economics; and then worked for sometime as a teacher.
Then he joined his father’s family business of clothing. He was also a sales and purchasing executive in Dallas and Hong Kong.
Zimmer’s first marriage ended in a divorce. He then married Lorri Zimme, his wife of over 18 years. They have two children.
In 1973, Zimmer launched his company Men’s Wearhouse and opened the first store in Houston. Later, he also appeared in several company ads. The ads ended with the slogan; You are going to like the way you look, I guarantee it.
In the financial year ending February 2013, the year he was fired from his company, the company notched up sales figures of $2.48 billion. On June 19, the day he was fired, the shares sold at $38; which meant his shares were worth $68 million.
On June 19, 2013, the company Board of Directors dismissed Zimmer from the position of Executive Chairman, citing no specific reason. The company also refused to give any explanation to the Press. The company later explained that it took the extreme step as Zimmer wanted the full control of the company and nothing less.
Zimmer regretted the fact that the company he built and nurtured over 40 years is heading in a different direction and has refused to pay attention to his concerns. Zimmer now owns 3.5 per cent of the company’s shares, amounting to 1.8 million shares.
Zimmer then started on his next entrepreneurial journey. In June 2015, Zimmer launched the company zTailors. The Z stands for Zimmer. zTailors was meant to be like Uber, and aimed to provide on-demand tailoring service by tapping the smartphone. Zimmer became the Chairman and CEO of his company.
In September 2015, Zimmer launched another company called Generation Tux. It was a unique and innovative clothing rental company that rented out high quality, expensive clothing on hire. Both these companies are doing quite well in their niche.
Awards & Achievement
There are no references of Zimmer receiving any awards of significance; except that he received the Kupfer Award from Mays Business School. Yet Zimmer has earned great respect in industry. He was involved in philanthropic activities and was particularly interested in causes for cancer, as his mother has died due to cancer.
He supported various activities that were related to cancer research and alleviating the pain of cancer patients. In this connection, he supported the move to legalize cannabis and MDMA use; and also donated almost half a million dollars towards these causes.
Net worth of George Zimmer
Zimmer still owns quite a sizeable chunk of shares of Men’s Wearhouse, which amounts to more than $80 million. He has also sold shares worth $80 million already in 2013. In 2015, he is reported to have sold his ocean-facing estate in the big Island of Hawaii for more than $35 million.
His net worth is estimated to be anywhere up to $700 million. Speculations apart, what is certain, is that the Net Worth of George Zimmer is nothing less than $220 million.
George Zimmer is no less a maverick in his style of work. His management style is considered to be epic. He has an out-of-the-box style of management which many consider to give him a competitive edge over others. He was one of the first big entrepreneurs to understand the value of spiritual quotient in management. He was the one who brought the spiritual master Deepak Chopra on the Board his company. Zimmer remains an enigmatic icon in the world of business.