Financier quit job to launch Norwegian Wool—billionaires wear his luxury coats

2025-10-18 13:05:02

It was 95 degrees when the prototype Norwegian wool jacket arrived at Michael Berkowitz’s apartment in the Bronx, New York, in August 2014.

Needing to test out the knee-length waterproof wool coat without risking heatstroke, the founder and CEO of the then-nascent clothing brand took it to a supermarket in West Harlem. “[I] He walks back and forth for 30 minutes in the freezer room “to assess the lining for warmth,” recalls Berkowitz, 38. “It’s New York, so no one’s stopping you, no one’s asking you. My face was cold by the end, but my body was completely warm. I remember thinking: “Okay, we’re on to something.”

At the time, Berkowitz was a commodities trader and hoping to launch his own business. Today, Norwegian wool coats adorn the shoulders of billionaires, actors, politicians and financiers – at campaign events, during… Annual World Economic Forum in Davos, SwitzerlandAnd in A The third episode of the series Succession on HBO. The apparel brand was profitable in 2024, and has remained so for seven of the past eight years, Berkowitz says.

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Berkowitz declined to share other financial data, citing competitive pressures — but he says his company’s products are now sold in more than 100 stores worldwide, including Saks Fifth Avenue, Bloomingdale’s, Nordstrom, and an appointment-only New York showroom.

The appeal of Norwegian wool coats is part form and function. Money men are expected to dress a certain way, but the classic Italian wool coats that most of them wear aren’t designed for sub-40-degree weather, Berkowitz says.

“If you show up wearing… [puffer coat] “It looks like you’re going to the North Pole, but it’s only 40 degrees, and you don’t look like someone who’s going to be able to break through the walls and make a deal.”

Our best-selling Norwegian Wool Mid-Length Euro Coats currently range between $1,545 and $2,945 each, depending on the type of wool used. The brand sells other lengths and styles, including jackets, sport coats, rain and ski jackets, and a variety of winter coat options and accessories for men and women. Nearly 40 billionaires have bought Norwegian wool coats, according to Berkowitz’s estimates.

A luxury startup with humble roots

Berkowitz says the idea for Norwegian Wool came to him while shivering on a subway platform with a friend in 2013. “I told him, ‘I need a coat that looks good, that I can wear to work, and that will actually keep me warm,’” Berkowitz says. “He put his arm around my shoulder, saying, ‘Dude, when you find it, get me one, too.’

After doing some research, Berkowitz pinpointed a simple reason: Many of the trendiest coats were designed in parts of Italy where the air rarely freezes. Average temperature in January In FlorenceFor example, the temperature is approximately 40 degrees Fahrenheit – compared to 30 degrees In New York And 25 degrees In chicago.

Companies in Canada and Scandinavia make warmer coats for harsh winters, but as one designer told him, the two industries “don’t talk to each other,” he says.

Norwegian Wool showroom, located in the downtown neighborhood of New York City

Norwegian wool

Berkowitz spent months traveling to Italy and back to meet and woo factory owners, who would ship prototypes to his apartment. Ultimately, he spent $250,000 — $50,000 of his own money and a $200,000 investment from his company’s former CFO, who heard about Berkowitz’s efforts from a colleague — to sample prototypes and order an initial batch of 200 coats, he says.

On nights, weekends, and holidays, Berkowitz would carry those coats — one on his body and two in a small bag — to family-owned luxury stores across the United States, he says. He says he often went straight to sales associates, who knew their customers’ common dilemma of wanting to feel warm while looking pretty in a luxury coat.

He says he sold all 200 coats in three months and quit his day job in early 2015.

“I didn’t sleep much that year,” Berkowitz says, adding that he tried to hide his daytime efforts to avoid jeopardizing his job. According to his former boss Alan Kestenbaum, now CEO of New York-based holding company Bedrock Industries, he came across as a “street smart” and enthusiastic employee who was “the first in and the last to leave.”

Like “dip your hand in warm butter.”

In 2017, Berkowitz landed his first partnership selling coats in a department store. The following year, Norwegian Wool participated in two fundraising rounds, both of which were seven-figure deals with private investors, Berkowitz says. He notes that he is still the majority owner of the company.

Norwegian wool coats are generally more expensive than Canada Goose coats, and less expensive than cashmere coats from luxury Italian brands like Loro Piana. But the quality of their materials is high, says “Succession” costume director John Schwartz: Cashmere made from Norwegian wool feels like “dipping your hand in warm butter.”

Berkowitz says the dream for Norwegian Wool is to have a reputation similar to Range Rovers – known globally for their combination of style and function. He adds that he plans to add more product lines, invest in marketing and host retail events to improve brand visibility. He’s already heard Norwegian Wool come into organic conversations, even when no one realizes the brand’s founder is in sight, he says.

If you appear dressed [puffer coat] It looks like you’re going to the North Pole, but it’s only 40 degrees, and you don’t look like someone who’s going to be able to break through the walls and close a deal.

Michael Berkowitz

Founder and CEO of Norwegian Wool

As someone within the Norwegian wool company’s target demographic — businessmen who want to make a good impression during cold winters, he says — he’s still testing many of the company’s prototypes himself.

Berkowitz outfitted himself and his friends in as-yet-unreleased jackets for a February ski trip in the Alps. He says he brought a sample of a recently released bamboo jacket to Paris in September, placing it on top of his carry-on bag and in the overhead bin of the plane to test it to make sure it wasn’t wrinkled and bunched.

“I test things out when I go to my office downtown or on vacation in the Alps,” Berkowitz says. “It doesn’t matter where it is, as much as how I wear it. It should represent the way our customers dress.”