Entrepreneur Chris Burch has been one of the most loyal customers of American Express. He has used the company’s credit cards for over three decades. However, he recently switched to J.P. Morgan Chase & Co’s Sapphire Reserve card. With Chris Burch switching to a new credit card company, American Express will need to find ways to get and retain more customers in the near future. This is one of the main challenges that the Chairman and Chief Executive Officer Stephen Squeri faces. He takes over for Kenneth Chenault and will look to help get the company through a recent rough stretch. Getting through this difficult stretch will likely be a challenge due to rising competition from banks and fintech firms that are providing more favorable products to consumers. More of his shared views on business on entrepreneur.com.
Right before Chenault ended his stint as the CEO of American Express, he said that the company was dealing with a situation that was of historical significance. It was on the verge of losing its competitive edge and was under attack from its competition. American Express issues credit cards and loans to both individuals and businesses. In recent years, the firm has had to fend off many rivals in the industry. This has made a number of investors uneasy as a result. With the departure of Chenault, many experts believe that the timing is ideal in terms of its impact on the stock market. According to an analyst for Wells Fargo, American Express still faces some considerable challenges in the near future in terms of regaining its status as s top credit card company.
Chris Burch is the founder and CEO of a company called Burch Creative Capital which is based in New York City. The company he owns manages venture investments as well as developing brands. Read and learn more about his creative output, visit the website, check burchcreativecapital.com. Chris is also the co founder of another company known as Tory Burch LLC. In the year 2012, Burch reached a milestone where he achieved billionaire status which allowed him to become recognized as one of the richest people in the world. As well as being the founder of Burch Creative Capital, Chris is also an investor with a company known as Guggenheim Partners. More to read on this related link.
Throughout his career, Chris has built a number of businesses in a variety of industries. His first business venture was in the fashion industry. When he founded his own fashion company he would sell a number of sweaters. Burch would build this company into an enterprise that would earn $140 million in sales and open 50 retail stores. His next venture would be in real estate where he would purchase properties all over the world as well as build a few. His company would also sell construction materials to real estate developers as well. Related article on architecturaldigest.com. Burch also invested in an internet company known Internet Capital Group along with several other telecommunications companies such as Aliph and Powermat.
Have a glimpse to one of his impressive hotel investment on http://www.businessinsider.com/chris-burch-nihi-best-hotel-in-the-world-2017-7