German immigrant Adolph Gund founded the Gund Manufacturing Company in 1898, producing artificial flowers, beads, and gifts, but soon concentrating on popular fabric toy animals and figures. The popularity of the teddy bear, named from President Teddy Roosevelt in the early 1900s, made the Gund business highly successful. Between 1898 and 1922, the company relocated to larger quarters in New York's Manhattan, four different times.