Friedrich Knapp died in 2024. His three daughters took equal ownership of his stake in FGK Vermögensverwaltungsgesellschaft mbH, the Vienna-based holding that owns New Yorker, on June 25. At a shareholder meeting on July 23, New Yorker approved a dividend that totaled about €1.4 billion for the summer.
Using those payouts and the family's position in the company, Bloomberg Billionaires Index puts each sister at a minimum of $3.5 billion. Knapp had previously distributed a further €683.6 million in dividends between 2016 and 2022.
The eldest, Sophie, now co-leads New Yorker as co-chief executive alongside Jonas Gnauck. Knapp had elevated Gnauck, who began at the company as a 19-year-old student and later served as his executive assistant, to the management board. Flora, the second daughter, has joined the supervisory board.
Because the youngest daughter is still a minor and has a different mother, her interests are handled by Bernd Erle, a onetime member of KPMG's board. Despite Knapp once telling Manager Magazin that "none of my children will succeed me," his heirs are now in key roles.
Markets move every day, and most of it never reaches you in time. Get the free Market Briefs daily newsletter and stay ahead of it.
Based in Braunschweig in northern Germany, New Yorker runs roughly 1,300 stores in many countries and now has locations in more than 50 of them. The business began in the 1970s as "Jeans Shop Number One," took on the New Yorker name in 1982 with a nod to the US, and started expanding abroad in 1994 with a store in Linz, Austria. The brand grew out of trends of the era, including the hot pants craze.
The company generated approximately €3.6 billion in revenue in 2025. New Yorker did not immediately respond to phone and email requests for comment.
The July dividend marks New Yorker's biggest declared payout since 2008, the earliest year for which Bloomberg obtained records. In 2013, branching beyond fashion, Knapp bought two Karstadt department-store locations in Braunschweig and Hanover; he was also the owner of Villa Rimpau, a historic Braunschweig landmark. On legal matters, in 2019 Knapp stated in a rare interview that he intended to sue Amazon.com Inc., contending the company was failing to comply with Germany's Textile Labeling Act. The year before, New Yorker won its lawsuit targeting the US online retail giant, a case centered on counterfeit items offered via its platform.
Why it matters for your money: big, owner-controlled companies can shift from succession to major cash distributions fast. Here, the stake transfer on June 25 was followed by a giant dividend on July 23. If you track family-run firms, the timing of filings and shareholder meetings can hint at when capital is likely to move.
