Inc. Magazine today released its 23rd annual Inc. 500 ranking of the fastest-growing private companies in the country. Fashion design company, Global Brand Marketing, Inc. (GBMI), ranks #84 on the list, with five-year sales growth of 1,708%. Also in the same issue listing America's fastest growing private companies, GBMI was ranked #20 based on size.
The companies that made this list have thrived through continued stagnation in the economy, posting an average five-year sales growth of 1,312%. With aggregate revenue of $14.4 billion, Inc. 500 companies are a formidable market force. And while the United States shed 1.5 million jobs in 2002, Inc. 500 companies — half of which were launched with less than $20,000 — provided employment for 67,973 people.
“The entrepreneurs you'll find on the Inc. 500 have the type of attitude we need to get this economy moving again,” said Inc. editor-in-chief John Koten. “For them, a tough market is not an excuse for poor performance, but an opportunity to innovate and rise above the competition.”
“We are proud of our ability to create and build leading global footwear brands in a short period of time, and we are truly honored to be ranked by Inc. 500 among some of the fastest growing profitable companies in the U.S.,” said Killick Datta, Chief Executive Officer of Global Brand Marketing, Inc. “Since GBMI was founded in late 1996, we have evolved into a company committed to providing high quality and well designed products supported by strong and distinct marketing strategies. We're continuing to pursue our successful growth initiatives to build upon our strong track record in the years ahead.”
The Inc. 500 ranks privately held companies according to sales growth over the past five years. With 75% of all new job creation in the U.S. coming from small businesses, the Inc. 500 is a prescient indicator of the companies and industries that are driving the economy forward. Over the years, the Inc. 500 has identified the next generation of world-class companies, with Microsoft, Stonyfield Farms, Timberland, Oracle, Princeton Review, Morningstar, E*Trade, Intuit and Domino's Pizza all appearing on the list before they became industry powerhouses.
California leads this year as the state with the most Inc. 500 companies (59), Texas is second with 36 firms on the list, followed by Florida (34) and Virginia (30). Maryland and New York are tied with 28 each.
To be eligible for this year's Inc. 500, companies had to be independent and privately held through their fiscal year 2002, have had at least $200,000 in sales in the base year of 1998, and their 2002 sales had to exceed 2001 sales. Inc. verifies all information using tax forms and financial statements from certified public accountants and by conducting interviews with company officials.
