The net worth of Gordon Segal, an American entrepreneur, is $500 million.
The first Crate and Barrel store was opened by Gordon and Carole Segal on December 7, 1962.
Using a loan of $17,000, the couple opened a vast store in Chicago’s Old Town, where they sold forged china, porcelain, and other items.
Crate and Barrel currently has over 165 retail outlets across the nation.
An old elevator factory in the bohemian Old Town of Chicago, Illinois, had a 1,700-square-foot (160 m2) space on Wells Street.
The inspiration for the Segals came from the couple’s honeymoon in Europe, where they aimed to offer practical and attractive products to young couples who were just starting out.
They were taken aback by the abundance of beautiful and tough products in Europe, which were also affordable, and were motivated to establish a store in the United States.
The Segals named their company after the materials they used to showcase items in their Chicago store.
According to legend, the Segals originally named their company Barrel and Crate, but a friend suggested changing the name and reversing it. They then turned over the merchandise, let the wood shine, and stacked up the china and glass.
This helped to emphasize their main selling point, which was the fact that their products were imported directly.
Segal and the designer Lon Habkirk visited the Design Research store in Cambridge, Massachusetts in 1966, which allegedly had a significant impact on their retailing strategy.
The Segals opened their second store in the Plaza del Lago shopping center in suburban Wilmette, Illinois, in 1968, and their third store in Oak Brook, Illinois, in 1971.
In 1977, the first store of its kind outside the Chicago area was opened in Boston.
The building, which had been designed for the recently-closed Design Research, was chosen by the company for its second store in Cambridge, Massachusetts in 1979.
After being hired in 1968, Barbara Turf took over as CEO of the company in May 2008, succeeding Gordon Segal.
In 2012, Turf retired and was succeeded by Sascha Bopp. Gordon Segal sold 66% of Crate and Barrel for $250 million in 1998, and another 33% in 2008 for $250 million.