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Josehh J. SittAmerican businessman, President and CEO of Thor Equities
Country:
 USA |
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Biography of Joseph Sitt
Joseph Sitt is an American businessman, president, and CEO of Thor Equities. He was born near Coney Island, Brooklyn. In 1986, he earned a bachelor's degree from the Stern School of Business at New York University. It was around the same time that he founded Thor Equities, as the idea came to him while working at flea markets in New York City. Sitt realized the poor supply of basic goods in the inner city, such as toys. He had faced this problem before, even at the age of 11, when he couldn't find an Atari computer in Brooklyn and had to go to Manhattan. He borrowed the name for his company from the popular comic book series about the Norse god Thor. Sitt was an avid comic book fan, and the image of a "city defender" aligned well with his business project.
Building Thor Equities
Sitt started by purchasing a small piece of land where he built a one-story store. He had to gather funds from around the world to make it happen. Later on, he convinced major local retailers, such as Rite Aid Pharmacy and Payless Shoes, to join the project, which significantly improved the business. In 1991, Sitt noticed the lack of women's clothing stores in central areas of American cities. To address this gap, he founded Ashley Stewart Ltd. In just ten years, this company became the largest brand in its field and gained popularity among African-American women. The network now has over 380 stores with a total turnover of $400 million. However, Joseph Sitt is not only known for his clothing business. Under his leadership, Thor Equities also has subsidiary projects such as Children's Place, Marianne (Petrie) Stores, and Kidspo.
Real Estate Ventures
In 1998, Sitt sold his controlling stake in Ashley Stewart. Two years later, he divested from the company entirely. His new passion became working with real estate in major urban markets. His high level of professionalism and incredible ability to understand the needs of buyers will undoubtedly contribute to his success in this field.
