WEBVTT - Tory Burch Says Inflation Impact Remains Unknown

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<v Speaker 1>You're listening to Bloomberg Business Week with Carol Messer and

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<v Speaker 1>Bloomberg Quick Takes Tim Stinovic on Bloomberg Radio. Well, the

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<v Speaker 1>Tory Birch Foundation has provided more than one point two

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<v Speaker 1>million in grants to help women grow their businesses, and

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<v Speaker 1>the Tory Birch Capital Program has distributed more than seventy

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<v Speaker 1>five million in loans to nearly forty women entrepreneurs. The

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<v Speaker 1>Foundation gearing up for its Embrace Ambition summit that's next week,

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<v Speaker 1>and we're delighted to have with us Uh joining us

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<v Speaker 1>on the phone in New York City. Tory Birch, of course, founder,

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<v Speaker 1>designer and executive chairman of the company and brand that

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<v Speaker 1>bears her name, and the President of the Tory Birch Foundation,

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<v Speaker 1>Lori Fabriano, both as I said on the phone in

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<v Speaker 1>New York City. UM, welcome, Welcome to both of you. Tory,

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<v Speaker 1>great to have you back on Bloomberg. Lorie, welcome, And

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<v Speaker 1>I've got to say I've enjoyed the conversation story that

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<v Speaker 1>we've had over the years. When it comes to the

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<v Speaker 1>work that you guys are doing with your foundation for

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<v Speaker 1>women entrepreneurs, I have to say your summit I'm curious

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<v Speaker 1>about the tone the conversations coming off the pandemic, coming

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<v Speaker 1>off of again questionable times when it comes to the

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<v Speaker 1>economic outlook that tends to impact minorities and women much

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<v Speaker 1>more severely. So tell us a little bit about what

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<v Speaker 1>we can anticipate Tory next week. Yeah, I mean, listen,

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<v Speaker 1>it's it's very good timing based on some of the

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<v Speaker 1>things that we all have experienced the last two years.

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<v Speaker 1>It's been a heartbreaking pandemic obviously, but women have been

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<v Speaker 1>hit extra hard and two million women have left the

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<v Speaker 1>job force alone, So you can imagine the impact that

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<v Speaker 1>takes on women in general, but the economy. Laurie, what

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<v Speaker 1>specifically are you doing at the Foundation in order to

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<v Speaker 1>help these women who have been affected? Um, well, we

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<v Speaker 1>created one program particular, it's Grants for Women of Color Entrepreneurs,

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<v Speaker 1>and we did that in partnership with the Fearless Fund

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<v Speaker 1>and the Crew and also with some help from Goldman Sacks.

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<v Speaker 1>And that is literally to provide grants very quickly to

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<v Speaker 1>wimen of color business owners that are in danger of

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<v Speaker 1>losing their businesses and we want to see them sustain

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<v Speaker 1>and thrive. But during the pandemic, we also really pivoted

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<v Speaker 1>and became one of the primary resources for women trying

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<v Speaker 1>to get p P P loans and for women in

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<v Speaker 1>general trying to just get the information they needed to

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<v Speaker 1>stay in business. We created a web series and for

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<v Speaker 1>a while it was running literally every single week with

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<v Speaker 1>with news and information that women entrepreneurs really need it.

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<v Speaker 1>And tens of thousands of women have been on these

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<v Speaker 1>on our web series. You know, Tory, one of the

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<v Speaker 1>things I remembered from and it's years ago, and I

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<v Speaker 1>think it's when you were starting your foundation and you're

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<v Speaker 1>talking about, you know, these grants for women and entrepreneurs,

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<v Speaker 1>and you know you had this money to to allocate,

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<v Speaker 1>and yet people weren't coming up, you know, coming up,

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<v Speaker 1>ore are applying for It has changed over the years

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<v Speaker 1>when it comes to Womennili there are sources out there

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<v Speaker 1>and accessing um, you know, financial help and assistance, whether

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<v Speaker 1>it's starting a business. And I think about your summit

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<v Speaker 1>right it's now it's third year. The conversations around double

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<v Speaker 1>standards and stereotypes. How is all of this evolving and

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<v Speaker 1>and fingers crossed getting better? Yeah, I mean, first of all,

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<v Speaker 1>the summit we do every two years, UM and so

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<v Speaker 1>it's going to be I think we the first one

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<v Speaker 1>was in two thousand eighteen, so this will be our

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<v Speaker 1>third summit. Um But but I think, um this the

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<v Speaker 1>system and program wasn't right. Initially. We had to figure

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<v Speaker 1>it out and we needed to sort of crack it

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<v Speaker 1>and realized that women. We needed to find the women

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<v Speaker 1>at the right time in the cycle of their business

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<v Speaker 1>and when they actually needed the loan. So once we

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<v Speaker 1>did that, we saw the enormous need and just the

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<v Speaker 1>program that Lorie just mentioned, I can't even tell you.

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<v Speaker 1>I think there are a thousand of applicants seven seven Salvin,

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<v Speaker 1>that the need is enormous. What are the types of

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<v Speaker 1>businesses that are applying? We are the types of people

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<v Speaker 1>who are applying, give us an idea of of of

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<v Speaker 1>who they are. Laurie where he really runs the gamut,

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<v Speaker 1>and it's from all over the country. I mean, you know,

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<v Speaker 1>we see an Alaskan fisherman, We see cosmetics businesses, we

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<v Speaker 1>see architects, um doctors. Even a company called Barraby, which

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<v Speaker 1>is super exciting is weighted blankets. Yeah, that's one of

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<v Speaker 1>our fellows, um In. But I think straight across what

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<v Speaker 1>the programmed Tori is talking about our Fellows program is

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<v Speaker 1>our signature program, and the women in that program are

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<v Speaker 1>extraordinary and all of them they are. I mean, what's

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<v Speaker 1>also amazing about these women businesses? And it's so wonderful

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<v Speaker 1>because that's who Tori is. I mean, when she started

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<v Speaker 1>her company, she started to really start a foundation. But

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<v Speaker 1>that's what we're seeing women do. There's always a double

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<v Speaker 1>bottom line. They're giving back in an extraordinary are ways

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<v Speaker 1>and they're they're becoming so pivotal in their communities. And

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<v Speaker 1>so it's really our honor to help those kind of

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<v Speaker 1>businesses thrive. Well, what is it Tory too about that?

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<v Speaker 1>I was talking to Um on a panel at Milkin,

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<v Speaker 1>the creator, the founder of Figs, and it's just interesting that,

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<v Speaker 1>like from the get go, women think about, Okay, so

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<v Speaker 1>what's my gift back to the community, and just got

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<v Speaker 1>about thirty seconds and then we'll come back and do

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<v Speaker 1>some more just quickly. When I first started the business,

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<v Speaker 1>I was told never to mention purpose and business in

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<v Speaker 1>the same sentence. And clearly today businesses aren't innovative without purpose.

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<v Speaker 1>Women understand that better than anyone. And so when when

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<v Speaker 1>you talk about the entrepreneurs we work with, it's the

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<v Speaker 1>number one thing they're thinking about is how do they

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<v Speaker 1>create positive change? Hey want to get right back to

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<v Speaker 1>our guests. We are talking with Tory Birch, founder, designer

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<v Speaker 1>and executive chair of Tory Burch, and the President of

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<v Speaker 1>the Tory Birch Foundation, Lori Fabriano, both on the phone

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<v Speaker 1>in New York City. We're talking about the upcoming event

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<v Speaker 1>Embrace Ambition, and on June fourteenth, so it's next week.

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<v Speaker 1>I want to talk more about the event and get

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<v Speaker 1>an idea of what UM folks who are interested can

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<v Speaker 1>can anticipate from it. But Tory, I've got to say,

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<v Speaker 1>we're bloomberg and I'd be remiss if I didn't ask

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<v Speaker 1>you on a day, month, year where we are NonStop

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<v Speaker 1>talking about things like inflation, the health of the consumer,

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<v Speaker 1>the uncertainty of the outlook. UM, how concerned are you?

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<v Speaker 1>What are you guys seeing in your business when it

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<v Speaker 1>comes to the health of the consumer, What about inflation,

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<v Speaker 1>what about supply chains? Give us a snapshot if you would,

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<v Speaker 1>I mean, listen, it's been a journey I would. I

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<v Speaker 1>would say, UM, COVID obviously was extremely tough. We had

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<v Speaker 1>a record year last year and then we see the

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<v Speaker 1>first quarters, it's a lot tougher and and but but

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<v Speaker 1>that's it's still very optimistic and we we don't see um.

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<v Speaker 1>We we obviously are very concerned about inflation and all

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<v Speaker 1>that's coming to supply chain issues are extremely challenging, but

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<v Speaker 1>we're taking one at a time and and our business

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<v Speaker 1>is still extremely strong. Tory, how have you managed the

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<v Speaker 1>supply chain? I mean, what changes have you had to

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<v Speaker 1>make as a result of difficulty getting components, as a

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<v Speaker 1>difficulty in terms of shipping. Very luckily, many years ago,

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<v Speaker 1>about eight years ago, I really wanted to diversify with

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<v Speaker 1>where we produce things so we weren't dependent on one area,

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<v Speaker 1>and I think that has helped us a great deal. Um.

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<v Speaker 1>So we really really manufacture all over the world, and

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<v Speaker 1>when one country is down, we're moving supply chain to

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<v Speaker 1>the next. Well. And when you think about things like labor,

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<v Speaker 1>are you getting all the workers you want, whether it's

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<v Speaker 1>in stores and so on, um or if you are,

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<v Speaker 1>are you finding you have to pay up for it?

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<v Speaker 1>Well we are. We are not having trouble hiring people,

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<v Speaker 1>are having the people we need right now. And you know,

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<v Speaker 1>I think time will tell what the toll that inflation

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<v Speaker 1>has in store for us. What do you mean by that?

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<v Speaker 1>You're not saying yeah, go ah, well, we just don't

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<v Speaker 1>we we are not. We are not seeing the full

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<v Speaker 1>impact that I think that's going to becoming our way.

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<v Speaker 1>So we are preparing the best we can with the unknown,

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<v Speaker 1>which we I think do know that will get will

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<v Speaker 1>get much worse. Well, how do you prepare, as you know,

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<v Speaker 1>executive chairman of the company, how do you prepare for

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<v Speaker 1>for what the unknown is? I mean the concept of

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<v Speaker 1>less is more, less of everything, and everything was more integrity,

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<v Speaker 1>making sure that our teams are in great shape, really

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<v Speaker 1>that they're they're doing doing well, but but focusing on

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<v Speaker 1>on product and innovation. And I think that that's something

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<v Speaker 1>that people are still are still shopping, they're still wanting

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<v Speaker 1>to dream, and that's something, um that we hope will

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<v Speaker 1>not change. I love what you said about less is more,

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<v Speaker 1>and I do wonder. I have a nineteen year old

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<v Speaker 1>and she's very strategic and what she buys, she checks

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<v Speaker 1>where things are made. She wants to understand the company

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<v Speaker 1>and doesn't shop a lot, but what she buys is

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<v Speaker 1>as a mother who pays for it the last right.

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<v Speaker 1>So I'm like I think that the consumer has changed,

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<v Speaker 1>and what's exciting for us is a purpose driven company

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<v Speaker 1>is resonating and super important for for the world and

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<v Speaker 1>people that are buying products they want they want more

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<v Speaker 1>to it than just a product. All right, can I

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<v Speaker 1>ask you? And then we're going to move back to

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<v Speaker 1>the summit. So, Tory, we've talked with you about going public.

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<v Speaker 1>You've told us that you know that's never your fun.

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<v Speaker 1>Is it really completely off the table? I mean, I

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<v Speaker 1>get the benefits of being a private company. I see

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<v Speaker 1>it all the time, public versus private. But I'm just curious. Well, listen,

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<v Speaker 1>I can never say never to anything. I don't think

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<v Speaker 1>you can. But I think being private is a luxury,

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<v Speaker 1>is something that I truly love, and I think that

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<v Speaker 1>we um have no plans whatsoever to think in a

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<v Speaker 1>different way. All right, So let's go back to Embrace

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<v Speaker 1>Ambition summit. It is coming up June fourteenth, which happens

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<v Speaker 1>to be my brother's birthday. Flag Day. Yeah, so talk

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<v Speaker 1>to us about LORI come on back in on our conversation,

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<v Speaker 1>the conversation do you want to be having at this

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<v Speaker 1>event that are so relevant and you have certainly household

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<v Speaker 1>names celebrities. You have people that maybe aren't so well

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<v Speaker 1>known but should be your Billy jan King, which we

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<v Speaker 1>were marveling about on our planning call this morning, that

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<v Speaker 1>later this month is the fiftieth anniversary of the passing

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<v Speaker 1>of Title nine. I mean just iconic, LORI absolutely so

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<v Speaker 1>we do. We have two icons coming, Dolores Herta and

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<v Speaker 1>Billy Jane King, and we're doing that because we're also

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<v Speaker 1>just trying to call more attention to the fact that

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<v Speaker 1>history is one is demonstrates one of the biggest biases

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<v Speaker 1>there are when you look at history books, women are

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<v Speaker 1>in a supporting role or they're not there at all,

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<v Speaker 1>and that is so not true to what actually happens.

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<v Speaker 1>So now a lot of outlets are correcting that, a

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<v Speaker 1>lot of people are correcting that, But there's still little

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<v Speaker 1>girls in school not hearing about all the amazing women

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<v Speaker 1>like Billy Jane King and Dolores her To and many

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<v Speaker 1>many others. So it's important to us that we keep

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<v Speaker 1>highlighting these icons. But in addition to that, we're looking

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<v Speaker 1>at some of the toughest issues that are facing us

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<v Speaker 1>today and how biased impacts those issues. Um, be it

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<v Speaker 1>capital punishment, be it gun safety, be it how we

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<v Speaker 1>exited Afghanistan. There's a number of important conversations that need

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<v Speaker 1>to be had, even though sometimes they're difficult. We're gonna

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<v Speaker 1>talk about what systematic racism is and it's impact. We're

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<v Speaker 1>going to talk about the increased violence and bias against

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<v Speaker 1>Asian Americans. So uncomfortable topics, um, but once that we

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<v Speaker 1>have to have if we're going to have any progress. Laura,

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<v Speaker 1>you also have the trans rights activists Chase Strong GEO,

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<v Speaker 1>who people probably know if they follow from the A. C.

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<v Speaker 1>L u Um talk to us a little bit about

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<v Speaker 1>about Chase. So Chase is in my mind, one of

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<v Speaker 1>the heroes in this world. A Chase is actually not

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<v Speaker 1>going to be at the summit because he needs to

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<v Speaker 1>be imports that day. So he has found as somebody

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<v Speaker 1>as wonderful as the Perez who is coming from Texas

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<v Speaker 1>to talk about what's going on with laws that are

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<v Speaker 1>impacting transgender children in Texas. And we're gonna have an

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<v Speaker 1>amazing young woman, Rebecca who is trans who's going to

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<v Speaker 1>be talking about her journey as well, and Tique Milan

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<v Speaker 1>will be facilitating that discussion. Uh and yes, and another

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<v Speaker 1>huge thing that's happening in America right now that we

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<v Speaker 1>feel we need to talk about. You guys really do

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<v Speaker 1>cover so many of the things that we actually talk

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<v Speaker 1>about a lot big issues. Hey, Tory just got about

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<v Speaker 1>thirty seconds left here. What do you hope once the summit,

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<v Speaker 1>the conversations are had, what do you hope people walk

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<v Speaker 1>away with? You know, one thing I love about our

0:12:54.840 --> 0:12:58.280
<v Speaker 1>summit is that we have these difficult conversations, but we

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<v Speaker 1>give ways to action change and that's something that I'm

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<v Speaker 1>hoping people will walk away with it. If we can

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<v Speaker 1>take change one step at a time and everyone there

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<v Speaker 1>start to look at it that way, we can have

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<v Speaker 1>real progress. Well, both of you, thank you so much,

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<v Speaker 1>good luck with the event, and look forward to uh

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<v Speaker 1>seeing some of those conversations and some of the coverage

0:13:19.160 --> 0:13:23.040
<v Speaker 1>of it and really sparking other conversations certainly around the

0:13:23.040 --> 0:13:25.560
<v Speaker 1>country and around the globe. Tory Birch and the president

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<v Speaker 1>of the Tory Birch Foundation, Lori Fabriano, check out the

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<v Speaker 1>Embrace Ambition Summit June two. That's going to do it

0:13:32.240 --> 0:13:35.240
<v Speaker 1>for us on Bloomberg Business Week, tim quite a week inflation.

0:13:35.240 --> 0:13:38.120
<v Speaker 1>I'll see if the pizza price has gone up tonight inflation,

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<v Speaker 1>have a safe and good week, and everyone