Calvin Klein Net Worth
Calvin Klein has an estimated net worth of $700 million. Fashion designer Calvin Klein is known for a range of clothing lines that includes ladies’ and men’s apparel, denim and underwear along with high-profile, provocative ads featuring models and celebrities. He earns most of his income from his fashion business.
Calvin Klein studied fashion in New York City and apprenticed with a suit manufacturer. In 1968, he opened his own company with Barry Schwartz, with Schwartz in charge of business matters and Klein in charge of design and artistic vision. The label was initially known for suits and coats, but Klein’s sportswear line also became popular.
He received three Coty Awards for womenswear, and the business eventually expanded to include menswear, jeans, cosmetics, fragrances and home collections. After selling the company in 2003, Klein was also the driving force behind the commercials for models and celebrities that have become pop culture icons while sparking much controversy and debate due to their provocative nature.
To calculate the net worth of Calvin Klein, subtract all his liabilities from his total assets. Investments, savings, cash deposits, and any equity he has in a house, car, or other similar asset are included in the total assets. All debts, such as personal loans and mortgages, are included in total liabilities.
Here’s the breakdown of his net worth:
|Net Worth:||$700 Million|
|Monthly Salary:||$2 Million|
|Annual Income:||$50 Million|
|Source of Wealth:||Entrepreneur, Fashion designer|
Calvin Richard Klein, the middle child of two siblings, was born on November 19, 1942, in the Bronx, New York. His father, who was born in Hungary, ran a family grocery store in Harlem, while his mother was a homemaker who delighted in visiting her divorced mother’s tailoring shop, which helped shape Klein’s love of clothes and design.
He began working on fashion sketches before the age of adolescence, and he eventually attended the High School of Industrial Arts and the Art Students League. In 1963, he graduated from the Fashion Institute of Technology.
Klein worked in a variety of industries before launching his own label. In 1968, he and his childhood friend Barry Schwartz formed a business partnership when Schwartz took over his family’s grocery store and gave Klein $10,000 to launch the label.
Klein was able to secure a deal with the department store Bonwit Teller after a chance meeting with one of its buyers while renting a small showroom.
Klein was able to secure millions in sales by the early 1970s thanks to Teller’s exposure and consumer demand.
Klein began by focusing on women’s coats and coordinates, but eventually expanded into additional lady’s apparel that could be mixed and matched, cultivating a minimalist, streamlined look that relied on sublime tailoring and fabric choices.
Later in the decade, he expanded into menswear and jeans, eventually becoming a major player in a denim market dominated by Gloria Vanderbilt, Jordache, and Sasson at the time. He enlisted the help of fashion luminaries to help shape his vision, with some crediting former Vogue editor Francis Stein with articulating the sensuality that Klein would become known for.
Klein’s brand was also known for underwear and luxurious perfumes and colognes, with corresponding ad campaigns by the 1980s. The label expanded into home apparel in the following decade.
In the 1990s, the company was in serious financial trouble and was saved by a financial bailout from friend David Geffen. Calvin Klein Inc. later sued its licensee Warnaco Group in 2000 for breach of contract and violation of trademark law. (The dispute was resolved out of court.)
Klein and Schwartz sold their company to Phillips-Van Heusen Corporation in 2003 for $430 million in cash and stock, plus a limited royalty deal, after establishing a number of licensing agreements over the course of their career. Raf Simons was appointed as the brand’s chief creative officer in 2016, serving as the unified head of its divisions.
Provocative, Controversial Ads
Klein has generated mountains of publicity for his brand’s ad campaigns due to their sexually provocative nature, particularly with campaigns clearly marketed to young people.
One of the most talked-about commercials of all time featured a teenage Brooke Shields saying, “Do you know what comes between me and my Calvins?” Nothing.” TV stations eventually banned that clip, as well as another ad. Klein faced even more criticism in 1995, when his CK Jeans label released images of young models that many saw as amateur pornography.
The ads were pulled, and both President Bill Clinton and First Lady Hillary Clinton spoke out against the images, prompting the US Justice Department to launch an investigation to determine the models’ ages. (In 2013, Klein admitted that, in retrospect, the campaign went too far.)
Along with the controversy and disdain, Klein has promoted advertisements that some agree evoke serene, classical sensuality with a love of the body.
Model Kate Moss became a mainstay muse in a series of ads for Klein, despite controversy surrounding her thinness at the time and the eroticism of the photos, while Christy Turlington was used for the Eternity fragrance campaign, which was meant to symbolize stability and family, among other ads that showcased a sense of grace.
Klein is also credited with popularizing male beefcake in the modern era, as evidenced by his underwear campaigns starring then-rapper/actor Mark Wahlberg.
Calvin Klein campaigns have featured a diverse range of models, actors, athletes, and performing artists, including Tom Hintnaus (the first Klein male underwear model), Lisa “Left Eye” Lopes, Antonio Sabato Jr., Zoe Saldana, Djimon Hounsou, Mehcad Brooks, Justin Bieber, Kendall Jenner, Travis Fimmel, Natalia Vodianova, Carolyn Murphy, Eva Mendes, and FKA Twigs. Richard Avedon, Irving Penn, Steven Klein, Herb Ritts, Mario Testino, and Bruce Weber are among the photographers with whom the designer has collaborated.
Personal Life & Wife
Klein has openly spoken about having intimate relationships with both men and women, despite his general privacy, and has declined to assign any specific labels to his sexual identity in interviews.
However, he admits that much of his ad campaigns are inspired by what is going on in his personal life. He was married to Jayne Centre for ten years, and the couple had a daughter, Marci. He later married Kelly Rector in 1986, and the couple divorced amicably in 2006 after years of living apart.
Klein, a former avid nightlifer and resident of the famed Studio 54, has also struggled with drug and alcohol abuse, checking himself into a Minnesota rehab center in 1988. Later, around the time of his company’s sale, he struggled with substance abuse again and was able to successfully complete rehab in Arizona.
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