Joseph Nakash
| Joseph Nakash | |
|---|---|
| Born |
Joseph Nakash 1942 (age 74–75) Tel-Aviv, Israel |
| Residence | New York City - |
| Nationality | United States |
| Occupation | businessman; real estate investor |
| Known for | co-founder of Jordache Enterprises |
| Spouse(s) | Susan Nakash |
| Children | Sherene Nakash Mossery Amy Nakash Zaccai Daniella Nakash Levy Steve Nakash Miriam Nakash Senior |
| Family | Rapheal "Ralph" Nakash (brother) Abraham "Avi" Nakash (brother) |
Joseph Nakash (born 1942) is an American businessman, real estate investor, and co-founder of Jordache Enterprises.
Nakash was born to a Syrian Jewish family in Tel-Aviv, Israel. In 1962, he immigrated to New York City 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.
In 1974, pooling their $20,000 in savings, they purchased an appliance store called V.I.M. and opened a retail store in Bushwick, Brooklyn selling irregular jeans latching onto the newfound popularity of designer jeans. By 1978, they had four stores and after their largest store was burned 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. A successful advertising campaign funded with $300,000 of their own money and $250,000 from Israel's Bank Leumi made the brand a resounding success with teenage girls with Brooke Shields serving as the company’s in-house model. In 1979, Jordache had $72 million in sales. 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. In 1983, revenues grew to $400 million and they founded Yama Maritime Inc. which owned eight cargo ships.
In 1983, they acquired a 50% stake in Guess Jeans from the Marciano Brothers (Paul, Georges, Armand and Maurice) of Los Angeles. The joint venture soured and in 1989, a California superior court jury found that the Nakashes had fraudulently lured the Marcianos into the transaction. 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.” In the 1990s, the Jordache brand lost some of its luster due to new competition and in 1995, they took the brand down market and started selling Jordache jeans at the discount chain Wal-Mart while higher end retailers such as Macy's dropped the brand. Their efforts were successful and in the first year with Wal-Mart, they sold $100 million in jeans 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.
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