Reginald Lewis facts for kids

Quick facts for kids Reginald Lewis
Born	Reginald F. Lewis December 7, 1942 Baltimore, Maryland, U.S
Died	January 19, 1993(1993-01-19) (aged 50) New York City, New York, U.S
Alma mater	Virginia State University Harvard Law School
Children	Leslie Lewis, Christina Lewis
Relatives	Loida Nicolas-Lewis (wife)

Reginald F. Lewis (December 7, 1942 – January 19, 1993) was an important American businessman. He became one of the wealthiest African American men in the 1980s. He was also the first African American to create a company worth over a billion dollars. This company was called TLC Beatrice International Holdings Inc.

In 1993, Forbes magazine listed Lewis among the 400 richest Americans. His wealth was estimated to be around $400 million.

Reginald Lewis's Life Story

Early Years and Education

Reginald Lewis was born in Baltimore, Maryland. He grew up in a regular neighborhood. From a young age, he showed a strong desire to start his own businesses. His grandmother taught him the importance of saving money.

When he was just ten years old, Lewis began selling newspapers. He started with ten customers and grew to a hundred in only two years. This helped him begin saving his own money.

Reginald went to Dunbar High School. He was known as a very hardworking student. He was also a talented athlete. Lewis played quarterback for the school football team. He also played baseball and basketball.

He earned a football scholarship to Virginia State University (VSU). While there, he joined the Kappa Alpha Psi fraternity. After graduating from VSU in 1965, he joined a special summer program at Harvard. This program helped African Americans learn about studying law. He made such a good impression that Harvard invited him to join their law school that fall. This was very unusual. He was the only person in Harvard Law School's history to be accepted without even applying first. He finished his law degree in 1968.

Building a Business Empire

After law school, Lewis was hired by a top law firm in New York. However, he left after two years to start his own law firm. For 15 years, he worked as a corporate lawyer. Then, in 1983, he decided to start his own investment company. He named it TLC Group L.P.

His first big business deal was buying the McCall Pattern Company. This company made patterns for home sewing. He bought it for $22.5 million. Lewis had learned that the company was for sale. It seemed to be losing popularity because fewer people were sewing at home. However, it was still making a profit.

He was able to negotiate a lower price for McCall. He raised $1 million from his family and friends. He borrowed the rest of the money from other investors.

Within a year, Lewis completely changed the company. He found ways to use the company's machines for other things, like making greeting cards. He also hired talented managers from other companies. He made McCall stronger by cutting costs and improving product quality. He even started exporting products to China. This led to the company's most profitable year ever. Lewis later sold McCall for a huge profit. He made 90 times his original investment. Lewis's share of this profit was $81.7 million.

In 1987, Lewis made an even bigger deal. He bought Beatrice International Foods for $985 million. He renamed it TLC Beatrice International Holdings Inc. This company sold snacks, drinks, and groceries. It became the largest business in the U.S. owned and managed by an African American. To help pay for this huge purchase, Lewis sold off some of the company's parts right away.

When TLC Beatrice reported sales of $1.8 billion in 1987, it was a historic moment. It became the first black-owned company to have over $1 billion in sales in one year. At its best in 1996, TLC Beatrice had sales of $2.2 billion. It was listed among the largest companies by Fortune magazine.

Giving Back: Philanthropy

In 1987, Reginald Lewis started the Reginald F. Lewis Foundation. This foundation gave about $10 million to various non-profit groups. His first big gift was $1 million to Howard University in 1988. The government matched this gift, making it $2 million. This money helped fund scholarships and support for teachers.

In 1992, Lewis donated $3 million to Harvard Law School. This was the largest gift the school had ever received at that time. In his honor, the school renamed its International Law Center. It became the Reginald F. Lewis International Law Center. This was the first major building at Harvard named after an African American.

Lewis also wanted to support a museum about African American culture. In 2005, the Reginald F. Lewis Museum of Maryland African American History & Culture opened in Baltimore. His foundation gave $5 million to help build it. It is the largest African American museum on the East Coast. The museum shows the history and achievements of African Americans. It especially focuses on the African American community in Maryland. The museum is also connected with the Smithsonian.

Lewis also worked as a lawyer for the Commission for Racial Injustice in New York.

His Passing

Reginald Lewis passed away at the age of 50. He died from brain cancer. His wife, Loida Nicolas Lewis, took over his company a year later.

Personal Life

Reginald Lewis was married to Loida Nicolas Lewis. She is a lawyer from the Philippines. They had two daughters named Leslie and Christina. Lewis was a Catholic.

A TV show about Lewis's life was shown on PBS in February 2018.