Adam Pritzker

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Adam Nicholas Pritzker
Adam Pritzker.jpg
Born (1984-07-17) July 17, 1984 (age 34)
San Francisco, California, U.S.
Residence Los Angeles, California, U.S.
Alma mater Columbia University
Occupation Entrepreneur
Known for Co-Founder, General Assembly and Assembled Brands

Adam Pritzker (born 17 July 1984) is an American entrepreneur. He is the chairman and CEO of Assembled Brands, a collection of fashion brands,[1] and co-founder chairman of General Assembly, a private school for professional development.[2] He is a member of the Pritzker family, a very wealthy family that has owned the Hyatt hotel chain, the Marmon Group, and several other large businesses.[3][4]

Early Life and Family[edit]

Pritzker attended Columbia University and graduated in 2007 with a B.A. in anthropology.[5] He is the grandson of Jay Pritzker, who created the Hyatt hotel chain.[6][7] His father is John Pritzker, an American billionaire and investor in hotels.[8] His relatives include 11 billionaires.[9]

Career[edit]

Pritzker co-founded General Assembly in January 2011 with Jake Schwartz, Brad Hargreaves, and Matt Brimer.[10] Pritzker and his partners started the company as a New York coworking space that offered practical classes on technology, design and entrepreneurship.[2] The 20,000 square foot space was modeled after a college campus, according to Pritzker.[2] He served as the chief creative officer, and helped its expansion to eight other locations globally.[11] He was named to the Inc. (magazine) 30 under 30 list,[12] and the Forbes magazine 30 under 30 list[11] for his work at General Assembly. He left his day-to-day job at the business in 2013 but remained its chairman.[5][7]

Prtizker started Assembled Brands in 2012, intending to create a consumer goods and hospitality conglomerate.[3] As a holding company, Assembled Brands has $200 million under management, with investors including Pritzker himself and other Pritzker family members.[3] Brands Pritzker has invested in include the Line, with products sold in stores staged as private homes in New York and Los Angeles, as well as an e-commerce website; Protaganist, a luxury fashion collection also sold by the Line; Tenfold, a homewares and T-shirt company; Khaite, a contemporary fashion collection.[1]

Pritzker wrote a pamphlet describing a "100-year philosophy" for Assembled Brands.[3] Pritzker says the company provides a network of services, such as finance, logistics, and e-commerce, to emerging brands making around $1 million to $2 million a year in revenue, and that no one brand has to become a breakout success for his holding company to succeed .[1] He also provides start up capital.[7]

In an op-ed, Pritzker argued that small fashion labels faced three major obstacles: not enough actionable data, no bargaining power, and not enough capital.[13] As a solution, he proposed small fashion brands centralize data, share resources such as infrastructure, a sales forces of independent stylists, and be provided with growth capital structured more like a loan than equity investment.[13]

Political action[edit]

In October 2017, Pritzker partnered with Jeffrey Sachs, a development economist at Columbia University, and Daniel Squadron, a former New York state senator, to found Future Now.[14][15] The new group's mission is to promote a set of national policy priorities it terms "America's Goals 2030", and to do so by funding state-level political candidates who are committed to working toward those goals.[15] Based on the U.N.'s Sustainable Development Goals  – a global list of priorities approved in 2015 by the 193 U.N. members[15] – the organization's policy agenda encompasses seven priorities: good jobs; affordable health care; investing in children; empowering people over special interests; equal opportunity; sustainable infrastructure; and clean air, water, and energy.[14][16]

With Pritzker initially the primary financial backer, Future Now gave about $160,000 to 10 Democratic candidates who ran in 2017 for the Virginia House of Delegates, the lower house of the Virginia state legislature.[14][17] The group also hopes to fund Republican candidates who are willing to commit to its stated policy goals.[14]

Personal[edit]

Pritzker married Sophie McNally in 2016.[18] He lives in Beverly Hills, as of 2014[19] and placed his New York City house up for sale in 2015.[20]

References[edit]

  1. ^ a b c Friedman, Vanessa (8 June 2016). "Can America Build Its Own LVMH?". The New York Times. ISSN 0362-4331. Retrieved 2016-12-07. 
  2. ^ a b c Wortham, Jenna (24 January 2011). "General Assembly Aims to Gather New York Techies". Bits Blog. Retrieved 2016-12-07. 
  3. ^ a b c d Gelles, David (5 November 2014). "A Pritzker Sets Out With Ideas of Empire". DealBook. Retrieved 2016-12-08. 
  4. ^ Dolan, Kerry A. (29 June 2016). "Billion-Dollar Clans: America's 25 Richest Families 2016". Forbes. Retrieved 2016-12-09. 
  5. ^ a b Shontell, Alyson (25 April 2013). "General Assembly Co-Founder Is Leaving To Start A New Company". Business Insider. Retrieved 2016-12-08. 
  6. ^ Kapa, Shia (6 November 2014). "Another Pritzker joins entrepreneurial scene". Crain's Chicago Business. Retrieved 2016-12-08. 
  7. ^ a b c Hempel, Jessi (10 October 2013). "The prince of sales". Fortune. Retrieved 2016-12-08. 
  8. ^ "John Pritzker". Forbes. Retrieved 2016-12-08. 
  9. ^ Baverman, Laura (26 November 2013). "Family feud over, Pritzkers invest Hyatt fortune in startups". Upstart. BuizJournals. Retrieved 9 December 2016. 
  10. ^ Lloyd, Tim (12 January 2013). "General Assembly aims to match education to market demands". VentureBeat. Retrieved 2016-12-08. 
  11. ^ a b Casserly, Meghan. "Adam Pritzker, 28, Cofounder and Chief Creative Officer, General Assembly - pg.23". Forbes. Retrieved 2016-12-08. 
  12. ^ Fenn, Donna (2 July 2012). "Where Entrepreneurs Teach & Students Learn Skills". Inc.com. Retrieved 2016-12-09. 
  13. ^ a b Pritzker, Adam (30 June 2016). "Op-Ed | How Small Brands Can Face Heavyweights". The Business of Fashion. Retrieved 2016-12-09. 
  14. ^ a b c d Cramer, Ruby (8 October 2017). "New Group Promises Real Money for Local Candidates Who Commit to Sweeping National Progressive Goals". BuzzFeed. buzzfeed.com. Retrieved 2017-11-22. 
  15. ^ a b c Wulfhorst, Ellen (9 October 2017). "New group launched in US to set nation's own long-term goals to fix ills". Thomas Reuters Foundation. reuters.com. Retrieved 2017-11-22.
  16. ^ Squadron, Daniel; Pritzker, Adam; Sachs, Jeffrey D. (9 October 2017). "An Academic, an Entrepreneur, and a Former Politician's New Plan to Fix Our Broken Politics" (opinion). The Daily Beast. thedailybeast.com. Retrieved 2017-11-22. 
  17. ^ Silverman, Gary (8 October 2017). "Sachs looks to turn conservative tide in US state governments". Financial Times. ft.com. (subscription required). Retrieved 2017-11-22. "Mr Pritzker described himself as 'the primary backer' for Future Now, which will also solicit contributions from other sources."
  18. ^ McNally, Anne (October 2016). "Anne McNally's Social-Circuit Diary: October 2016 and More". Vanity Fair. Retrieved 2016-12-08. 
  19. ^ "Adam Pritzker's House in Beverly Hills, CA (Google Maps)". Virtual Globetrotting. 22 February 2016. Retrieved 2016-12-09. 
  20. ^ Clarke, Katherine (27 May 2015). "Wealthy Pritzker scion wants $16M for tiny Jane St. house". NY Daily News. Retrieved 2016-12-09.