In 1939 he founded Kay Windsor, Inc. in New Bedford, Massachusetts, and built it into one of the largest women's clothing companies in the country.
He was its president and chairman of the board and was director of VF Corporation, which acquired Kay Windsor in 1971; he retired five years later.
It supports community-based nonprofits focused on improving the lives of the disabled, disadvantaged, and disenfranchised.
[2] In January 2003 Shapiro received Brandeis' highest honor, an honorary degree, citing an "unshakable commitment to making the world a better place".
[citation needed] On May 20, 2009 the family foundation of Carl Shapiro amended its taxes to reflect more than $140 million in losses in 2005.
[11] Shapiro was among a group of investors who experienced potential losses between $100 million and $1 billion in the Bernard Madoff hedge fund scheme.
[12] In 2010, Shapiro and various related people and entities agreed to forfeit $625 million to the United States, all of which will be made available to the victims of the fraudulent investment advisory business which was owned and operated by Bernard L. Madoff.
[15] His daughter Ellen is married to Robert M. Jaffe, a money manager from Boston and Palm Beach, Florida.
Another daughter, Rhonda Zinner (deceased), was on the Brandeis Board of Trustees and a key organizer and planner in the family's philanthropic causes and projects, including the University's new campus center.