CALVIN KLEIN - FAILURE AS A STEPPING STONE!

Calvin Klein was born in Bronx,New York on 19 November 1942. He studied fasshion in New York city and apprenticed for a suit manufacturer. in 1968 . He founded Calvin Klein limited , a coat shop in York Hotel with $10000. His first collection consisted of coats and dresses that were understated ,they featured at a New York city  cloth store Bonwit Teller. In the late 1970's the company made attempts to start its own fragrances and cosmetics but later withdrew due to financial losses. When the designer jean frenzy reached its whole time high in the 1980's, Klein introduced  an insanely successful line of boxers for both men and women  underwear collection that made over $70 million dollars in a year. the stunning growth  went on through the years. $24000 was brought in with the licensing program when it was initiated in 1974, it had royalty income of $ 7.3 million dollars ten years later . His clotes were sold in over 12000 cloth stores  in the U.S and were available in six other countries. Klein had an increase in financial problems  and pressure from all sides , license disagreements of the Men's wear line  and its dissappointing sales as well as emnormous employyee turnover  both with in and with license partners . the company faced bankruptcy in 1992,
Klein managed to regain and increaswe his profitability throughout the 1990's  throught the success of his under wear collections  and fragrance lines . In1999 kl;ein wa s back on his feet again  and planning to expand his business  . He was approached by two luxury companies  to join him but nothing resulted , A fter seven months of no potential buyers , Calvin announced that his empire was no longer on sale anymore .
Calvin Klein now makes underwear, jeans, clothes and his stores are all over the world . he has a net worth of $700 million and is one of the richest individuals in the fashion industry.


Here are two lessons from Calvin Klein :

Don't be afraid to innovate : Calvin 's name is so synonymous with innovation . He has made out of a career out of venturing into the unknown . Innovation breeds originality  and creativity  there's nop need to fear what you don't know .
 When you fail at something , that doesn't mean you can't do it you just need to be more cautious next time so its always good to endure so as to succeed.