By  on July 21, 2013

Detroit may have filed for the largest municipal bankruptcy in U.S. history on Thursday, but Shinola remains hopeful for a renaissance in the beleaguered city. Late last month, the Motor City-based watchmaker — backed by Fossil Inc. founder Tom Kartsotis — opened its first store a few blocks away from its 30,000 square-foot headquarters and watch production facility. On Friday, it opened the doors of a second store in New York’s TriBeCa neighborhood.

Despite Detroit’s precarious finances, Shinola executives said initial sales at its new hometown store at 441 West Canfield Street, opened June 27, have been robust. “We had a conservative plan, given that retail is untested waters for us, and it’s exceeded our wildest expectations,” said Heath Carr, chief executive officer of Bedrock Manufacturing Co., the investment and brand management firm controlled by Kartsotis. Apart from Shinola, Bedrock owns Filson, majority stakes in Original Jams and Mollusk, and minority stakes in Steven Alan, Clare Vivier and Marissa Webb.

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