![]() There's a young Gorman in the e-commerce part of the business. One works in the warehouse and another in a store. There's a fifth-generation Bean in the marketing office. Members of their extended family hold down jobs all across the 5,300-employee company. The current chairman, 49-year-old Shawn Gorman, is L.L.'s great-grandson he succeeded his uncle Leon two years ago. FORBES estimates the Bean clan's combined net worth at $1.8 billion, earning them a spot on 2014's inaugural list of America's Richest Families. The company remains wholly owned by the family. The Bean Boot-among some 150,000 products, from flannel shirts to fleece dog beds to lawn furniture, that the company sells-has made L.L.'s descendants very wealthy indeed. Four years later he patented his Maine Hunting Shoe. took out a $400 loan, intent on perfecting his boots. Of the initial order of 100 pairs, 92 were returned Bean's rubber soles had developed cracks. ![]() Bean catalog was a three-page flyer he sent to fellow hunters in 1912. He hired a local cobbler to develop a pair of waterproof boots. native and avid outdoorsman Leon Leonwood Bean had returned home from a hunting trip with soggy feet one too many times. At the turn of the 20th century Greenwood, Me. Photo: Shawn Henry for Forbes.īEAN BOOTS WERE ORIGINALLY intended for hunters, not city dwellers aping lumberjacks to be hip or southern college students, both of whom have contributed to the current mania. "Because they are so good and so dedicated, I think much more so than other retailers." "They're really our secret weapon, our competitive advantage," he says. McCormick's team? It's decidedly less chic, and he's just fine with that. head of luxury label Dolce & Gabbana, as CEO. In February Lands' End made a surprise announcement: It had hired Federica Marchionni, formerly U.S. Lands' End shares tanked in late January when the cold-weather clothier announced lackluster holiday sales, 7% lower than expected. Bean's closest competitor, Lands' End, 12 years after buying it for $1.9 billion. Last spring troubled retailer Sears spun off L.L. ![]() This steady growth bucks a downward trend that's seen others in the midpriced-apparel sector struggle. FORBES estimates that the private company's profit margin hovers around 10%. Meanwhile, the company recorded revenues of $1.61 billion in 2014, and it expects another uptick this year, its sixth straight, which will take it past even its 2007 prerecession high.
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