Dov Charney Net Worth 2024

What is Dov Charney’s Net Worth?

Dov Charney is a Canadian businessman and entrepreneur who has a net worth of $500 thousand. Dov Charney is greatest identified for being the founding father of the American Apparel clothes line, which gained consideration for its provocative advert campaigns. The firm additionally promoted social causes like immigration and homosexual rights with its “Legalize LA” and “Legalize Gay” t-shirts.

Unfortunately, Dov was dismissed because the CEO of the corporate in 2014 as a result of quite a lot of authorized points and American Apparel filed for chapter the next yr. The firm was bought by Gildan Activewear in 2017. As we element within the subsequent part beneath, at his all-time peak Dov was value lots of of thousands and thousands of greenback primarily based on his shares within the firm, which was as soon as publicly traded. Dov by no means offered any shares, and the corporate ultimately plunged out of business. He eventually claimed to be worth less than $100,000, regardless of proudly owning a $4.1 million home in LA (which we element on the finish of this text).

Charney launched Los Angeles Apparel in 2016, and like American Apparel, the corporate’s merchandise are manufactured within the United States. In 2004, Dov was named Ernst & Young’s Entrepreneur of the Year and “Apparel Magazine’s” Man of the Year, and he has additionally been named one of many Top 100 highly effective individuals in Southern California by the “Los Angeles Times.”

Loss of Wealth

When American Apparel went public in 2007, Charney’s stake was value $480 million. Later that yr, when the corporate’s share value hit an all time peak of $15.50, Dov was worth $600 million and proclaiming to anybody who would pay attention that he was on his method to billionaire standing. Unfortunately (and possibly thanks largely to his personal controversies), over the subsequent seven years, American Apparel’s inventory value plummeted dramatically. In 2014, the inventory ceaselessly traded for lower than 50 cents per share. At that degree, his private stake sunk to an all time low of lower than $18 million.

As the inventory plummeted, Dov by no means offered a single share. In June 2014, he was suspended, and the next month, Dov handed his remaining 47.2 million shares (roughly 27% of the excellent inventory) to a hedge fund referred to as Standard General with the aim of mixing forces to reclaim management of the corporate. Using his 47.2 million shares as collateral, Charney obtained a mortgage from Standard General so he might purchase a fair bigger stake in American Apparel. In December 2014, Dov introduced that Standard General had double-crossed him on their deal. He additionally claimed on the time that he was value lower than $100,000 and was sleeping on a buddy’s sofa.

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Early Life

Dov Charney was born on January 31, 1969, in Montreal, Quebec. His mom, Sylvia, is an artist, and his father, Morris, is an architect, as is his maternal uncle, Moshe Safdie. Dov attended Choate Rosemary Hall in Connecticut and St. George’s School of Montreal. While finding out within the U.S., Charney imported Fruit of the Loom and Hanes t-shirts to his buddies in Canada. He advised “Vice Magazine” that he transported the clothes on Amtrak trains, stating, “I used to be shopping for 50 or 100 at a time, reselling them to my buddies. Smuggling them into Canada and attempting to make a greenback apiece. I additionally labored with my buddies to promote them, so I used to be an worker of two of my buddies. I used to be a road vendor. We’d get $50 every and we might promote the t-shirts.” After graduating from highschool, Dov enrolled at Tufts University, however he dropped out in 1990.

Career

After Charney dropped out of Tufts, his mother and father lent him $10,000, and he launched American Apparel in South Carolina. There, he realized about wholesale and manufacturing, and in 1997, he moved to Los Angeles. By 2001, the corporate had made round $12 million, and in 2003, Dov opened American Apparel’s first retail location within the Echo Park space of L.A. Within two years, there have been greater than 60 American Apparel shops within the U.S. and Europe, and there have been 140 areas by 2006. By 2007, American Apparel was the most important t-shirt producer within the U.S. By 2009, there have been 281 retail areas, and the corporate’s gross sales had been $634 million {dollars} in 2014. In June of that yr, Charney was suspended by the corporate and later terminated as a result of he “repeatedly put himself able to be sued by quite a few former staff for claims that embody harassment, discrimination and assault.”

In 2016, Dov based a brand new firm, Los Angeles Apparel, which employed 350 workers members throughout its second yr in enterprise. During the COVID-19 pandemic, Los Angeles Apparel started manufacturing medical robes and face masks, typically donating them to healthcare staff and members of legislation enforcement in L.A., New York City, Seattle, and Las Vegas. During the summer season of 2020, the Los Angeles County Department of Public Health quickly shut Los Angeles Apparel down after greater than 300 staff examined optimistic COVID-19, with 4 of them dying.

Personal Life

Dov has been sued for sexual harassment a number of occasions, and every lawsuit was dismissed, settled, or despatched to personal arbitration. His lawyer, Keith Fink, said, “In many situations, circumstances had been defeated or dismissed. In different situations, circumstances had been settled as a result of the insurance coverage firm whose solely aim is to avoid wasting complete {dollars} wished to cease the authorized bleeding on these circumstances.” In 2004, “Jane” journal’s Claudine Ko printed an essay revealing that Charney started pleasuring himself whereas she was interviewing him. In a later interview with Ko, Charney said, “The world sees my interplay with you as a lewd act…I’m a delicate particular person, and had I the impression you were not having fun with your self, it could’ve ended instantly. I took you very critically as a reporter. But I believe the strains between private {and professional} received blurry. And that is it.”

In 2011, Dov was sued by former American Apparel worker Irene Morales, who claimed that he saved her as a intercourse slave when she was a young person. The lawsuit alleged that Charney had posted nude photographs of Morales on the web, and Irene’s unique lawsuit, which had been filed a month earlier, accused Dov of “forcing her to carry out sexual acts in his Manhattan condo underneath the specter of shedding her job.” The lawsuit was despatched to arbitration in 2012 after the “New York Post” reported that Morales allegedly despatched Charney a number of nude photographs of herself accompanied by suggestive messages when she was not working for the corporate. Irene’s allegations are reportedly what led the board of American Apparel to oust Dov from the corporate.

Awards

Charney obtained the Marketing Excellence Award on the 2005 LA Fashion Awards, and in 2008, he was named Retailer of the Year on the Michael Awards for the Fashion Industry. Dov was additionally a finalist for “Time” journal’s 2009 “100 most influential individuals on the planet” listing.

Real Estate

In 2006, Charney paid $4.1 million for a house generally known as the Garbutt House within the Silver Lake space of Los Angeles. The residence was constructed by Frank A. Garbutt in 1923, and his concern of fires, floods, and earthquakes led him to construct the home out of concrete (even the roof). The residence consists of metal doorways and greater than 20 rooms, and it was listed on the National Register of Historic Places in 1987. Here is a video tour of the Garbutt House: