Word: schwartz
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Dates: during 1960-1969
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...When Schwartz started his own company in 1924 with $7,500, he decided to concentrate on the "junior" market. Juniors are worn by fewer than 20% of U.S. women, but those women buy 35% of all the clothes. Jonathan Logan's trademark is the "simple" dresses of basic style that can be worn more than one season. "Paris sets the trends, but we execute them," says Schwartz. While most Jonathan Logan clothes have junior-sized prices of $14.98 to $29.98, Schwartz also has lines (Butte Knit, Youth Guild, Junior Accent) that retail, after the stores' usual 60% markup...
...Schwartz has ridden the postwar trend to national style in fashions and materials. "Take a dress like this," says he, fingering a "double-knit" wool sheath. "You can wear this in Nova Scotia or you can wear it in Atlanta when the temperature is 107 degrees." Schwartz and his Cornell-educated son Richard, 24, Jonathan Logan's executive vice president, now show new lines in Dallas or Minneapolis before they show in New York, discard models that go over poorly outside Manhattan...
Pacemaking Jonathan Logan also is a leader in the technology of garment making. Its factory at Spartanburg, S.C., is in a mechanical sense the industry's first "integrated" plant. "Raw wool in one door and finished dresses out the other," beams Schwartz...
...Wall Street. To raise working capital in a business where inventories are high and accounts receivable often precariously higher, Schwartz has brought off some imaginative deals. Two years ago, Jonathan Logan merged with Montana's moribund Butte Copper & Zinc Co., took over its assets, earned $2,700,000 after taxes. Through Butte, Jonathan Logan got a listing on the New York Exchange (current trading symbol: JOL), became the first ladies' ready-to-wear maker to make the Big Board. The highly competitive garment business had been suspicious of "going public" because that requires a company to publish intimate...
Several years ago Schwartz considered retirement, but his subordinates, as he tells the story, twisted his arm to remain because "the company would make more money if I stayed on." Now he is determined to stay at least until Jonathan Logan cracks the trade's version of a sound barrier-the $100 million sales year...