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Calvin Klein Inc. is an American clothing company founded in 1968 by Calvin Klein. 1968, Klein and his childhood friend Barry Schwartz, who was to manage the business, then initially founded Calvin Klein Ltd., a coat shop in the York Hotel, in New York City with $10,000. Legend has it that a year later a buyer from Bonwit Teller got off the elevator on the wrong floor, and ended up placing a $50,000 order. It is more likely though, that Klein showed his work to Bonwit Teller staff, which led to the first Calvin Klein collection: a line of men’s and women’s coats featured at the New York City store. In 1969, Mr. Klein, who was later described as “the supreme master of minimalism,” appeared on the cover of Vogue magazine. By 1971, sportswear, classic blazers as well as lingerie were added to his women’s collection portfolio. In 1973 he was awarded the Coty Award for the first time, which he received for three consecutive years, for his 74-piece womenswear collection. By 1977, annual revenues had jumped to $30 million, and he had licenses for scarves, shoes, belts, furs, sunglasses, and sheets. Klein and Schwartz were making $4 million each. After the company signed licenses for cosmetics, jeans, and menswear, Klein’s annual retail volume was estimated at $100 million. In 1978, Klein claimed sales of 200,000 pairs of his famous jeans the first week they were on the market. By 1981, Fortune magazine figured Klein’s annual income at $8.5 million a year. In the mid-1970s, he had created a designer-jeans craze by putting his name on the back pocket. The jeans were famously advertised with a commercial featuring a 15-year-old Brooke Shields cooing in 1979/80 that “nothing comes between me and my Calvins” and “I’ve got seven Calvins in my closet, and if they could talk, I’d be ruined.” Controversial advertising, including a series of ads featuring adolescents in sexually evocative poses, has been a recurring theme for the company. Shields advertised for Klein underwear in 1984 as well.
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