Tory Burch and Pattie Sellers Discuss Business, Power & Entrepreneurship

TL;DR

Tory Burch shares her journey from growing up on a farm to founding a successful fashion brand. She emphasizes the importance of flexibility, leveraging unique experiences, and the impact of strategic partnerships. Burch also discusses the challenges of balancing family life with entrepreneurship and the significance of supporting women in business.

Transcript

Tori and I have known each other since 2008 um we never did this before I'm going to ask you Tori to just start out filling in because tor's background is very unusual for what she turned out to do and there are some kind of I think unlikely elements in your past including the fact that you grew up not caring at all about fashion no that's true I u... Read More

Key Insights

• Tory Burch grew up on a farm, which instilled a strong work ethic and a focus on family and sports.
• She initially had no interest in fashion, despite having fashionable parents.
• Burch's career path was unconventional, starting with a cold call to designer Zoran.
• Working at Ralph Lauren taught her valuable lessons about branding and fantasy.
• Burch founded her brand with the concept of accessible luxury, aiming for high-quality, affordable fashion.
• Her first store opened in a lesser-known area, allowing her to learn about her customers and refine her brand.
• Burch emphasizes the importance of hiring talented people and maintaining a positive company culture.
• Her foundation focuses on empowering women entrepreneurs through micro-loans and mentorship.

Questions & Answers

Q: How did Tory Burch start her career in fashion?

Tory Burch began her career in fashion with a bold move: she cold-called designer Zoran and secured a job right after college. Despite having no formal design experience, she worked in various roles, including at Ralph Lauren and Vera Wang, where she gained invaluable insights into branding and the fashion industry. These experiences laid the foundation for her own brand.

Q: What was the concept behind Tory Burch's fashion brand?

The concept behind Tory Burch's fashion brand was to offer accessible luxury. She aimed to provide high-quality, beautifully made clothing at affordable prices. Her vision was to create a lifestyle brand that embodied elegance without the high designer price points. This approach resonated with consumers and quickly established her brand as a popular choice in the fashion industry.

Q: How did Tory Burch's upbringing influence her entrepreneurial journey?

Growing up on a farm, Tory Burch developed a strong work ethic and a focus on family and sports, which influenced her entrepreneurial journey. Her upbringing instilled values of perseverance and resilience, which she applied to her business endeavors. Despite not initially being interested in fashion, the influence of her fashionable parents and her unique background contributed to her success in building a fashion brand.

Q: What role did strategic partnerships play in Tory Burch's success?

Strategic partnerships played a crucial role in Tory Burch's success. By collaborating with experienced individuals and leveraging their expertise, she was able to navigate the fashion industry effectively. Her partnership with factories in China, for instance, allowed her to achieve the price points needed for her accessible luxury concept. Building strong relationships with investors and partners also helped her expand her brand globally.

Q: How does the Tory Burch Foundation support women entrepreneurs?

The Tory Burch Foundation supports women entrepreneurs by providing micro-loans and mentorship opportunities. Recognizing the challenges women face in accessing capital, the foundation focuses on empowering women to start and grow their own businesses. By offering financial resources and guidance, the foundation aims to foster entrepreneurship and create a supportive community for women in business.

Q: What challenges did Tory Burch face in balancing family and entrepreneurship?

Balancing family and entrepreneurship was a significant challenge for Tory Burch. As a mother of six, she had to manage her time effectively to fulfill her responsibilities at home and in her business. Burch emphasizes the importance of prioritizing family while maintaining her role as a CEO. Her approach involves creating a supportive work environment that values work-life balance and empowers employees to excel in both their personal and professional lives.

Q: What advice does Tory Burch give to aspiring entrepreneurs?

Tory Burch advises aspiring entrepreneurs to hire talented individuals who are smarter and more skilled than themselves. She emphasizes the importance of building a strong team and creating a positive company culture. Burch also highlights the need for resilience and self-belief, encouraging entrepreneurs to ignore negativity and focus on their vision. Her journey underscores the value of perseverance and adaptability in achieving business success.

Q: How does Tory Burch define power in the context of her business?

Tory Burch defines power as the ability to create positive change. For her, power is not about control or authority but about making a meaningful impact through her business and foundation. She believes that by empowering others, particularly women entrepreneurs, and fostering a supportive company culture, she can contribute to broader societal change. Her approach to power is rooted in collaboration, integrity, and a commitment to social responsibility.

Summary

In this video, Tory Burch discusses her background, career, and the growth of her company, Tory Burch. She talks about starting out in the fashion industry, working for designers like Zoran and Ralph Lauren, and eventually launching her own brand. Burch also shares insights into her business philosophy, including the importance of hiring talented individuals and maintaining a positive company culture. She discusses the challenges of being a working mother and offers advice to other entrepreneurs. Burch also talks about the expansion of her company and her plans for the future, including the development of a men's line and potential partnerships with other businesses. She also touches on the importance of philanthropy and the work of her foundation.

Questions & Answers

Q: Can you talk about your background and how it influenced your career in fashion?

I grew up on a farm in Pennsylvania and didn't really care about fashion until later in life. My parents were fashionably dressed, but I was more focused on sports and family. However, watching my parents and being surrounded by fashion had some influence on me.

Q: What did you study in college and what were your career ambitions at the time?

I studied art history in college and loved it. I also did a summer internship at Christie's auction house. At that time, I thought I might pursue a career in the art world or maybe even become a designer.

Q: How did you end up working for Zoran, and what was that experience like?

I cold called Zoran, a designer my mother wore, and asked him for a job. He agreed and I started working for him right after graduation. It was a crazy experience, as he was a minimalist designer who dressed iconic women. My job was to do odd jobs and help run the office.

Q: After Zoran, you worked for Candy Pratts Price at Harper's Bazaar. What was your role there and what did you learn?

Candy offered me a job as an assistant sittings assistant at Harper's Bazaar. In that role, I worked on photoshoots with well-known photographers. It was an amazing experience and gave me insight into the world of styling. I also learned a lot about the fashion industry and the importance of branding.

Q: How did you end up working for Ralph Lauren and what did you learn there?

I joined Ralph Lauren in the PR department and eventually became the copywriter for the company. It was a fantastic training ground and taught me a lot about branding and creating a fantasy world for customers. I also made lasting friendships and learned the importance of a strong company culture.

Q: Can you talk about your partnership with Vera Wang and how it shaped your career?

Vera Wang asked me to run advertising and PR for her bridal company, which she wanted to turn into a ready-to-wear brand. It was a great opportunity to work with a talented designer and gain experience in marketing and public relations. It also showed me the entrepreneurial side of the fashion industry.

Q: After working for other designers, what made you decide to start your own brand?

I had always wanted to work in philanthropy, and I saw an opportunity to combine my love for fashion with my desire to make a difference. I noticed a gap in the market for high-quality, accessible luxury clothing, and I wanted to create a brand that filled that void.

Q: Can you talk about the challenges you faced in the early days of starting your own company?

Starting a company from scratch is always a challenge, especially when you have no design or business experience. However, I was raised to believe that I could do anything if I put my mind to it. I also faced skepticism and negativity from some people, but I learned to ignore it and believe in myself and my vision.

Q: How did you decide on the name "Tory Burch" and what was the thinking behind it?

I originally wanted to use a different name for the brand, but I couldn't get the rights to it. Eventually, I settled on "Tory by TRB" using my maiden name, Robinson. However, a friend advised me to change it because it didn't sound appealing. So, we shortened it to "Tory Burch" and it stuck. It wasn't about ego or vanity, but rather finding a name that resonated with customers.

Q: How did you finance the growth of your company and how did you decide on your business strategy?

We started the company with one store and about $1 million in initial investment from myself and my ex-husband, Chris Burch, along with additional funding from friends and family. The business strategy was to offer high-quality, beautifully designed clothing at affordable prices. We focused on creating a lifestyle brand and building a strong company culture.

Takeaways

Tory Burch's journey from a farm in Pennsylvania to founding and growing her eponymous fashion brand is an inspiring story. Her background in art history and experience working for designers like Zoran and Ralph Lauren provided a strong foundation for her own business ventures. Burch's focus on creating a company that she would want to work for has been key to her success. Her commitment to hiring talented individuals and fostering a positive company culture has helped build a loyal and dedicated team. Burch's emphasis on philanthropy and supporting women entrepreneurs is an important aspect of her brand and has allowed her to make a positive impact in communities around the world. Overall, her story serves as a reminder that with determination, passion, and the right team, anything is possible.

Summary & Key Takeaways

• Tory Burch's upbringing on a farm shaped her work ethic and family values, which later influenced her entrepreneurial journey. Despite not initially being interested in fashion, her career began with a cold call to a designer, leading to positions at Ralph Lauren and Vera Wang. These experiences taught her about branding and the fashion industry.

• Burch founded her brand with the idea of accessible luxury, opening her first store in a lesser-known area to better understand her customers. Her strategy involved creating a lifestyle brand that offered high-quality, affordable fashion, which quickly gained popularity.

• The Tory Burch Foundation aims to empower women entrepreneurs through micro-loans and mentorship, reflecting Burch's commitment to supporting women in business. She highlights the importance of maintaining a positive company culture and hiring talented individuals to drive the brand's success.