Victor Kiam

Victor K. Kiam (December 7, 1926 – May 27, 2001) was an American entrepreneur and the owner of the New England Patriots football team from 1988–1991.

Born: December 7, 1926, New Orleans, LA Died: May 27, 2001, Stamford, CT Spouse: Ellen Lipscher (m. 1956–2001) Education: Yale University Books: Going for It!: How to Succeed as an Entrepreneur, Keep Going for It!: Living the Life of an Entrepreneur, Live to Win Children: Lisa Durkin, Victor Kiam III, Robin Kiam Aviv

Biography

After attending Yale University, the Sorbonne and Harvard Business School, Kiam worked for Lever Brothers and Playtex as a salesperson. He first made his fortune as the President and CEO of Remington Products, which he famously purchased after his wife bought him his first electric shaver. Kiam became famous as the spokesperson for the Remington shaver. Kiam's famous catchphrase, "I liked the shaver so much, I bought the company", made him a household name.[1] He recorded each advertisement in the native language for the country in which it was broadcast. In the UK he became a celebrity appearing on TV chat shows including 'Wogan', 'The Tube' and David Frost's 'Through the Keyhole'.

In 1994, Victor Kiam sold a controlling interest in Remington Products to Isaac Perlmutter. Kiam also operated two other companies: Ronson and TravelSmart. Kiam also bought the Benrus Watch Company in 1968, selling his majority stake in 1977.[2]

In 1988, Kiam bought the NFL's New England Patriots for $84 million from founder Billy Sullivan.[3] The sale did not include Foxboro Stadium, which Sullivan lost in a bankruptcy sale to paper magnate Robert Kraft, and Kiam lost money on the deal. In 1990, Lisa Olson, a Boston Herald reporter sued Kiam and the Patriots when Zeke Mowatt allegedly exposed himself and made lewd comments to her in the team change room. The incident stirred debate over female reporters in the locker room. Kiam became the center of the controversy when he came to the defense of the players' actions. "I can't disagree with the players' actions," he said, and claimed that the Herald "asked for trouble" by assigning a female reporter to cover the Patriots.[4] He made headlines when he reportedly described Olson as a "classic bitch."[4] The case was reportedly settled for approximately $250,000, Kiam took out a full-page ad in the Herald to apologize, and three players were fined. Despite his apology, he drew audience groans six months later when he spoke at an athletics banquet and asked, "Do you know what Lisa Olson has in common with the Iraqis? They've both seen Patriot missiles up close."[5]

By 1992 Kiam was facing bankruptcy. He was in considerable debt to St. Louis businessman James Orthwein, and was forced to sell his 51 percent stake in the Patriots to him in part to service the debt. Orthwein would eventually sell that stake to Kraft only two years later after an aborted attempt to move the Patriots to St. Louis.

Kiam is also very well known for "Lady Remington" jewelry, a direct sales jewelry company specializing in in-home parties. Later, it was renamed Lia Sophia after his granddaughters, Lia and Sophia. Tory and his wife Elena took over the company and announced the closure of the direct sales portion of the company in December 2014 and the laying off of its 25,000 sales advisors in the United States and Canada. [6] Tory and Elena have announced their plans to continue selling jewelry via an online outlet and without direct sales people, in contradiction to their original closure plans. Hundreds of individuals, including customers, hostesses and advisors, await refunds for jewelry not received as of April 2015.

Bibliography

Kiam wrote the following books about business and entrepreneurship:

Death

Kiam resided in Stamford, Connecticut at the time of his death.[10] He was survived by his wife, Ellen, and three children, Lisa Durkin, Victor "Tory" Kiam III, and Robin Kiam Aviv, and seven grandchildren, Jenny, Alexander, Sophia, Lia, Caleigh, Nikki, and Blake.

Upon Kiam's death The Times quoted one of his closest business associates in later years, Jonathon Lyons, as saying that he was "a truly remarkable entrepreneur of the old kind – the kind they simply don't make any more."[10]

References

  1. ↑ "I liked the slogan so much...". BBC News. May 30, 2001. Retrieved July 11, 2012.
  2. ↑ Wohlfert-Wihlborg, Lee (September 13, 1982). "Remington Boss Victor Kiam Keeps His Chin Up; but Will He Be Nicked by Norelco?". People. Retrieved July 11, 2012.
  3. ↑ Billy Sullivan, 86 [sic], Founder Of Football Patriots, Dies The New York Times. Accessed October 20, 2007.
  4. ↑ 4.0 4.1 Kunen, James S. (October 15, 1990). "Sportswriter Lisa Olson Calls the New England Patriots Out of Bounds for Sexual Harassment". People. Retrieved July 11, 2012.
  5. ↑ "Kiam Apologizes for Joke". LA Times. February 7, 1991. Retrieved July 11, 2012.
  6. ↑ http://www.chicagotribune.com/business/ct-lia-sophia-closing-1203-biz-20141202-story.html
  7. ↑ Going for it!: how to succeed as an entrepreneur, ISBN 0-688-06060-9
  8. ↑ Keep going for it!: living the life of an entrepreneur, ISBN 978-0-00-215403-1
  9. ↑ Live to Win: Achieving Success in Life and Business, ISBN 978-0-06-109907-6
  10. ↑ 10.0 10.1 "Victor Kiam dies aged 74". BBC. May 29, 2001. Retrieved August 16, 2011.

External links