Ferragamo and Vanity Fair fundraise for Acumen
Salvatore Ferragamo Men and Vanity Fair threw a party at the Salvatore Ferragamo flagship in New York City last Thursday to launch World Ferragamo, a new shoe collection whose proceeds will benefit the the Acumen Fund, a nonprofit that combines business and philanthropy to break the cycle of poverty in developing countries.
The night’s events, which took place at the store on Fifth Avenue and 52nd Street, were hosted by three men: the singer John Legend; the comedian and star of Saturday Night Live, Seth Meyers; and the financier Michael Novogratz.
The three hosts each came together to bring the strength of their individual celebrity statuses to the activities of the Acumen Fund, an organization that invests in businesses to end global poverty. The money is loaned instead of donated, with the goal of establishing independence in developing countries.
The nonprofit, based in New York, has grown into a thriving organization: They have raised $70 million to date.
The lesser-known of the three hosts of the evening, Michael Novogratz, has intimate knowledge of the Acumen Fund’s operations. His sister, Jacqueline, started it nine-and-a-half years ago. Novogratz now serves as a board member for the fund and lends his very rich knowledge of investing to its business: Two years ago he was ranked No. 962 on Forbes Billionaires List.
The Princeton grad founded Fortress Investment Group 12 years ago and knows a thing or two about global initiatives. He has served not only as a helicopter pilot in the Army, but also worked in Asia and Latin America with Goldman Sachs, before his last stint as a banker at Lehman Brothers.
“My sister Jacqueline started really when she was 12,” he joked. “After business school she started working in nonprofit and realized we needed a different model. So she started Acumen.”
The work of the Acumen Fund takes place primarily in South Asia and East Africa. Through her efforts there, Jacqueline Novogratz soon realized that people would rather have dignity more than anything. As she built Acumen Fund, Jacqueline also realized that traditional philanthropy on many levels didn’t work – and traditional aid often didn’t either.
“There are 3 billion people in this world who need help, and we’re not listening,” Jacqueline Novogratz said. “So we started listening. And listening gives them dignity.”
Michael Novogratz is proud of the slightly different stab Acumen Fund takes at solving poverty in some of the world’s poorest regions.
“I feel we have changed the way people think about giving,” Mr. Novogratz said.
Acumen has a creative approach: It doesn’t operate by giving grants. Instead, it gives reasonable loans at a 4 to 5 percent interest rate, creating amazing payback.
“Even though it’s not a for-profit, it’s not a money-losing venture,” he said. “We’ve tried to create a business model that really scales.”
Some of their projects include a business in Tanzania that makes bed nets to guard against mosquitoes and an effort to revolutionize ambulance service in India.
“The idea is to create models and spread those great examples around the world,” Michael Novogratz said.
A quick call from Salvatore Ferragamo, and Novogratz had a new partner.
“They had the idea to do this line of great shoes and wanted to contribute to a charity that was in line with their values,” Michael said. “We’re thrilled to be in the partnership.”
Nelson Clark, a freelance stylist for men’s fashion, enjoyed the complimentary bubbly and fashionable surroundings.
“Ferragamo never fails in anything that they do,” he said of the classic Italian clothier. “For generations, they have been making great clothing – especially for men – and accessories, and always recognize what is best. Now, they seem to be doing so on the charitable end as well, and the new World Ferragamo shoes are killer!”
It’s nights such as this one that make it all worthwhile. The packed store was indicative of all those who’d like to offer their attention and support to a charitable activity that is really making a big change.
“This is quite a party… quite a turnout,” Michael Novogratz said.
He was also pleased with their fashionable partner.
“We’re cheerleaders of Ferragamo now,” he said. “I’ve gotten to know Salvatore Ferragamo well. He has such a big personality and is so enthusiastic about what we are doing.”
Tagged in: lux exclusives, fashion, charity, ferragamo, non-profit, flagship store, shoe collection, men's fashion,
