David
Schottenstein is no stranger to the business world
since almost all his family members doing business from retail to estate, the
famous Ohio Schottenstein Talmud family. However he has earned his own fame as
a brilliant dynamic businessman.
He founded Astor &
Black, Astor & Black is an online business which sells bespoke, original
and very high quality evening, and business wear in 2005 when he was 21 and now
the brand has become synonymous with style and quality when it comes to bespoke
suits for men. Custom clothing for women also started being selling. David has
his team of “Clothiers” who for a fair price and they will come to your home
and help you to get unique style as will make you look great for the real
world.
Early Life
David
Schottenstein notices that cigars were very popular among the businessmen when
his father’s friend visited him, Thomas Schottenstein, a principal of Arshot
Investment Corp. He started his first business at age 12, selling cigar to his
dad’s friends. His business last for two years befoew his father out and shut
it down. He then moved on to trading Internet and pharmaceutical stocks, also
without his father’s permission; that career was also cut short when his father
found out. But while attending a Jewish boarding school in Venice,
Schottenstein discovered his love of fashion and created a business of which
even his father would approve since he is a big fan of the British tailoring
tradition.
Schottenstein started Astor & Black,
a company that sold custom bespoke clothing, at the tender age of 21. With his
money that he saved from his previous business ventures, he start the business
and bring custom tailoring to the general public at affordable prices. The
suits start at $499 and the prices are increase depending on the fabric until
in the $895 range. The suits are all made in China, Hong Kong, Italy, and
Brooklyn. Most offline sales occur in a client’s home or office since
Schottenstein’s fixed costs are low because Astor & Black does not stock
inventory and sales representatives need only minimal office space. Most
offline sales occur in a client’s home or office.
The
company initially grew through word of mouth and networking around Columbus,
Ohio. Over time, Astor & Black signed up a sales force of independent reps;
there are now 80 of them across the United States, Israel, and Australia. The company has grown from revenues of a
little more than $1 million in 2005 to more than $11 million in 2009. Astor & Black is on pace to reach $22
million in sales this year.
Astor
& Black’s client base includes corporate executives, celebrities, and
professional athletes in the NBA, NFL, and NHL. Shawne Marrimen, Anthony
Gonzalez, Greg Oden and the Jonas Brothers all have Astor & Black suits in
their closets, according to Schottenstein.
Online,
the company will launch a virtual custom tailoring experience this summer,
which will allow customers to store their measurements, create a simulated
version online of the outfit they want, and then place an order. Schottenstein
also plans to open retail space on Madison Avenue in New York City and in Las
Vegas He describes these showrooms as inspired by old English clubs; each will
be decorated with leather chairs and couches, a cigar bar for customers, and an
ample supply of scotch. Schottenstein wants Astor & Black to develop over
time into a full-fledged lifestyle brand including jeans, sport coats, slacks,
ties, belts, shoes, and more.
Schottenstein
says the biggest obstacle faced by young entrepreneurs is themselves. He said
that, “People have great ideas all the time but find all the reasons not to do
it,” “You have to be fearless and do not
internalize rejection.” He shared the
story of how a potential customer told him to leave him alone, in not so nice
terms. “I ran into him at an event and
pitched him again and he said ‘You really are a piece of work’ and he finally
agreed to meet with me.” Today that same man is his biggest customer. “Be brazen or you will be done on the day
you start,” says Schottenstein. No doubt his father would be proud of him.
He
also was listed as one of “America’s Coolest Young Entrepreneurs” on the 30
Under 30 list of Inc. Magazine
