Donald George Fisher (1928-2009) was born in San Francisco to a middle-class Jewish family. Soon after graduating with a business degree from UC Berkeley, he married Stanford graduate Doris Feigenbaum (b. 1932), one of the first women to be granted a degree in economics. In 1969, Donald had a hard time finding a good pair of jeans, and decided to open up his own clothing store where shopping would be both easy and cool. His idea was to sell jeans and music, and he wanted to call his store ‘Pants and Discs’. His wife suggested to call it ‘the Gap’ (short for “generation gap”). The couple raised $63,000 and opened their first store in San Francisco, selling Levi’s jeans and music records. An instant hit with young people, they made $2 million in their first year alone. By 1973, they had expanded their merchandise, opened up 25 stores, and went public. In the 80’s, the company bought out other brands like Banana Republic, and started a new value store, Old Navy. The Fishers are credited with inventing the “specialty retail” store concept, and Gap remains the largest specialty retailer in the US. It now has nearly 3700 stores in 90 countries, with over 150,000 employees. Donald and Doris maintained tight control of the company for four decades. In 2009, Donald sadly passed away after a battle with cancer. That same year, Doris stepped down as director of the company. She has since served as a director of Stanford University, is still the major shareholder in Gap, and has a net worth of over $3 billion. She has been ranked third in Forbes’ list of America’s Self-Made Women. More importantly, the Fishers are noted philanthropists, with their foundation donating over $20 million each year to educational organizations like Teach for America and KIPP (‘Knowledge is Power Program’), which directly benefits over 32,000 low-income children. The Fisher family are members of Congregation Emanu-El, one of California’s oldest synagogues.
Words of the Week
Age is an issue of mind over matter. If you don’t mind, it doesn’t matter.
– Mark Twain