So Money - Episode 263

George Zimmer

Former Founder of Men's Wearhouse

Raise your hand if you’ve ever rented a tux? Or know someone who’s rented a tux? It’s kind of a pain, right? It’s multiple visits…you often need to get the tux tailored. It’s not cheap.

The industry is changing…Today’s guest is leading the movement.

George Zimmer is the founder, chairman CEO and honorary tailor of his former company Men’s Wearhouse for over 40 years. In 2013 George left Men’s Warehouse. News reports suggested at the time it was over disagreements with the board.

He’s now making a comeback with two new business ventures including zTailors where he is once again revolutionizing the apparel industry providing consumers with a remarkable and highly personalized experience to create high-quality, customizable and affordable tailoring through a national network of tailors. His second venture, Generation Tux, is what he’s calling a “reinvention of the tuxedo rental experience.” Over the years, George has helped tens of millions of young men find a tuxedo rental so he’s putting his past experience to good use offering a high-tech clothing rental experience.

Three takeaways from our interview:

  1. How he felt after getting “fired” from the company he founded, Men’s Wearhouse. And why he’s okay saying he got fired.
  2. Why has it taken so long for this concept of renting tuxedos to come to market? I’m no market expert but it seems this is a no-brainer and something that could have been introduced years ago.
  3. Being raised frugal…and how he still – even as a very wealthy man – practices frugality.

If you’d like to learn more about George Zimmer, visit his website and follow him on Twitter @GeorgeZimmer.

One of my favorite quotes from the interview: “I think that the secret to life is to figure out how to do both; make money & do your passion at the same time” – Click To Tweet

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