Hall of Fame Induction Year
1999
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Inductee Biography
Schaefer, Rowland, philanthropist, entrepreneur and pioneer in fashion accessory. Rowland Schaefer was a nimble entrepreneurial innovator, using various businesses he founded as stepping stones to the development of other businesses, culminating in developing Claire’s Stores, Inc. into a world-wide fashion accessory powerhouse. Born in Chicago, IL on June 18, 1916, Mr. Schaefer left school at an early age to support his family during the Great Depression of the 1930’s. His early business ventures included selling vacuum cleaners and vending machines as well as gold and oil exploration in the western United States. In the 1960’s, noting the rising popularity of wigs, Mr. Schaefer launched Fashion Tress Wigs, becoming the world’s largest importer/exporter of synthetic and human hair wigs. He was an early proponent of global sourcing and vertical integration, purchasing raw materials and contracting labor from abroad, overseeing manufacturing and importation to the United States. Eventually, Mr. Schaefer purchased his primary distributor, and as a result acquired 500 leased wig department counters located within leading department stores. Part of that acquisition contained a small chain of wig and millinery stores located in enclosed malls in the Midwest called Claire’s Boutiques. Fashion Tress went public in over-the-counter trading in 1961. In 1973, the company was renamed FT Industries to reflect its expanding businesses which included at that time the licensed manufacture of Pierre Cardin handbags and luggage. As wigs began to fall from fashion, Mr. Schaefer sold off the now vertically integrated wig business keeping the small retail chain, Claire’s Boutiques, which had transitioned from sales of wigs and hats to sales of jewelry and accessories. In the early 1980’s, Mr. Schaefer altered his business strategy, having divested the company of the handbag and luggage manufacturing business to focus on developing the retail stores. At that time, the company name was changed to Claire’s Stores, Inc. again, to reflect this new focus. He raised money in a secondary IPO and began to aggressively roll out stores in enclosed shopping malls across the United States. By November 1990, the number of stores had increased from 40 to approximately 1,000. In 1994, recognizing the untapped potential of the affluent teen market and teens’ insatiable love of shopping, Mr. Schaefer repositioned the stores to reflect this new vision. Today, there are over 3,000 stores located throughout North America, the UK, Europe, Japan, Russia, Poland, the Middle East and South Africa. Claire’s Stores had been a NYSE listed company traded under the symbol CLE, with sales that exceeded $1 billion a year and a market capitalization of $2.5 billion. In November, 2002 he had a stroke and stepped down from the day to day running of the business. His daughters, Marla and Bonnie Schaefer, took over as co-CEO’s eventually selling the business to a private equity firm in 2007. Rowland Schaefer was an active philanthropist, involved in numerous charitable and community organizations in the United States and Israel. In 1986, Mr. Schaefer provided funding for the Rowland and Sylvia Schaefer Solar Research Complex at the Weizmann Institute of Science in Rehovet, Israel, to further basic research into the accumulation, conversion and transportation of solar energy in order to reduce dependence on oil reserves. In 1995, funds donated by the Schaefers financed the Rowland and Sylvia Schaefer Building at the Diabetes Research Institute at the University of Miami. In 2003, he made a gift of $10 million to the Simon Wiesenthal Center of Human Dignity – Museum of Tolerance, which is to be built in Jerusalem. Other organizations in which Rowland Schaefer played a significant role include the Anti-Defamation League, the Miami Jewish Home and Hospital for the Aged, the Concert Association of Florida, and the Wien Center for Alzheimer’s Disease and Memory Disorders at the Mount Sinai Medical Center where he was a Founder.
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Huizenga College of Business and Entrepreneurship Hall of Fame
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Business
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