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Kaldor was born in Budapest to textile manufacturers Andrew and Vera Kaldor. After a short time in Paris as a refugee, Kaldor moved to Australia in 1949 with his parents and younger brother Andrew.
After working for Universal Textiles, in 1970 he founded his own textile manufacturing company, John Kaldor Fabricmaker, in Australia, which expanded to the United States and the United Kingdom. In 2002, the company ceased operation in Australia and the US, but continued in the UK