Category Archives: Business & Finance

Jews in the World of Business and Finance

Jew of the Week: Sammy Ofer

Israel’s Richest Man

Sammy Ofer (Courtesy: www.sammy-ofer.com)

Shmuel Hershkovitz (1922-2011) was born in Romania and raised in Haifa. He grew up by the seashore as his father ran a ship supply shop near the port of Haifa. Hershkovitz himself worked for the Dizengoff shipping company in his youth. When World War II broke out, he enlisted in the British Navy and served on a minesweeper in the Mediterranean. He later fought in Israel’s Independence War serving in what would become the Israeli Navy. Hershkovitz was among Israel’s first naval officers. After the war, he worked for the family business before purchasing his own ship to import goods for the new State. As the business expanded and the fleet of ships grew, Hershkovitz changed the name of the company, and his own last name, to “Ofer”. In 1969, the company partly merged with Israel’s largest shipping company, ZIM. It continued to operate under the management of Ofer’s brother, while Ofer himself moved to Europe to start a new shipping business. By the late 80s, his company had a fleet of over 200 ships, and partly owned Royal Caribbean Cruise Lines. It later expanded into real estate, banking, and other industries. Ofer became Israel’s richest man, with a net worth of several billion dollars. He shared a lot of that wealth, too. In 2007, he donated $25 million to the Rambam Hospital in Haifa, most of which went to build a 2000-bed state-of-the-art underground, bomb-proof hospital. (The facility has now been converted into a coronavirus treatment centre.) The following year, Ofer donated £20 million to London’s National Maritime Museum—the largest private donation to a museum in British history. He gave sizeable gifts to Tel Aviv Medical Center and IDC Herzliya as well, and established the Medicines Foundation to subsidize the cost of cancer treatment for those in need. All in all, Ofer donated over $100 million to hospitals in Israel. He also gave $20 million to build the Sammy Ofer Stadium, the home of Maccabi Haifa and Hapoel Haifa soccer clubs and Israel’s second-largest sports facility with over 30,000 seats. In 2008, Ofer was knighted by Queen Elizabeth. His two sons remain among the richest Israelis in the world (though they live in Monaco). Last week, his son Eyal donated 10 million shekels to three Israeli hospitals to help fight coronavirus. His other son Idan gave the largest ever donation (£25 million) in honour of his father to the London Business School, whose townhall has since been renamed the Sammy Ofer Centre.

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Words of the Week

Every Jew is obligated to study Torah, whether he is poor or rich, healthy or ill, young or old. Even if one is destitute or if he has familial obligations, he must still establish fixed times for Torah study.
Rabbi Moshe ben Maimon, the Rambam, 1135-1204 (Mishneh Torah, Hilkhot Talmud Torah 1:8)

Jews of the Week: Levi Strauss and Jacob Davis

Inventors of Your Favourite Pants

Jacob Davis

Jakobs Jufess (1831-1908) was born in Riga, Latvia. He became a tailor before immigrating to the US at age 23. Upon arriving in New York, he changed his name to Jacob Davis and opened up a tailor shop. Over the next 15 years, he moved all across North America trying to make a living, spending time in Maine, California, Nevada, and British Columbia, working as a tobacco salesman, gold miner, and brewer. By 1869, Davis settled in Reno, Nevada and opened another tailor shop. His primary merchandise was originally tents, horse blankets, and wagon covers. To make his stuff stronger and more durable, he started using the toughest cotton denim he could find, which happened to come from a small dry goods store in San Francisco called Levi Strauss & Co.

Levi Strauss, the name behind Levi’s jeans.

Levi Strauss (1829-1902) was born in Buttenheim, Germany. When he was 18 years old, his family immigrated to the US, joining two older brothers that had settled in New York some years earlier. The brothers had set up a dry goods shop, and Levi went on to open a new store location in Louisville, Kentucky. During the California Gold Rush, the family saw opportunity in the West and opened another branch in San Francisco. Strauss headed that branch (together with his sister’s brother, David Stern), importing from his brothers in the East and selling high-quality merchandise at his Levi Strauss & Co. shop. He became very wealthy, and built San Francisco’s first synagogue, Temple Emanu-El. Strauss gave generously to many charities, too, and his Levi Strauss Foundation donated to multiple orphanages and universities (including UC Berkeley). In 1871, Strauss received an offer from Jacob Davis to go into business together. Davis had designed a new type of work pants using blue denim and copper rivets to make the material extra strong. The first set of such “jeans” was custom-tailored for a lumberjack. Before long, everyone wanted a pair, and Davis couldn’t keep up with demand. Strauss helped Davis get the proper patents, and the two partnered up. To make his jeans distinct, Davis soon started to sew the back pockets with the now-ubiquitous orange double-stitch. Meanwhile, Strauss built a large jeans factory in San Francisco and Davis moved there to run the plant. Davis worked at the plant for the rest of his life, outfitting every miner, railroad worker, and cowboy with “Levi’s jeans”, his special pants. The modern jeans that Davis and Strauss brought to the world grew rapidly in popularity, first in the workforce, then among teenagers and “greasers” in the 50s and 60s, and today being the most popular type of pants in the world.

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Words of the Week

Few are guilty; all are responsible.

Rabbi Abraham Joshua Heschel