German billionaire Friedrich Knapp, the founder and CEO of the renowned clothing store chain New Yorker, has died at the age of 73. Knapp, who rarely appeared in public, passed away on the island of Sylt, where he had arrived last week after a long treatment in Switzerland. It is noted that he had been seriously ill for about a year.
In their statement, the company's managing directors, Helen Steiner and Jonas Gnauck, wrote, "With great sadness, we bid farewell to our owner and managing partner, who made New Yorker one of the leading global fashion companies through his bold and visionary actions."
Knapp built a fashion empire with over 1,200 stores in 47 countries. Currently, around 23,000 people are employed by New Yorker.
