WEBVTT - Building a Business Around Purpose, with Tory Burch 0:00:04.320 --> 0:00:06.960 Welcome to Made by Women, a new podcast by the 0:00:07.000 --> 0:00:11.960 Seneca Women Podcast Network and I Heart Radio. At a 0:00:12.039 --> 0:00:14.520 moment when businesses face some of the biggest challenges in 0:00:14.520 --> 0:00:19.000 recent history, we bring you inspiring stories, practical insights, and 0:00:19.079 --> 0:00:22.760 shared learnings to help you successfully navigate in today's environment. 0:00:24.960 --> 0:00:28.319 Every Thursday, Made by Women will showcase the experiences of 0:00:28.440 --> 0:00:32.840 legendary women entrepreneurs, fierce up and comers, and everyday women 0:00:32.840 --> 0:00:36.920 who found success their own way. Consider this your real 0:00:36.960 --> 0:00:42.320 world NBA designed for the new Now. I'm the land Vervier. 0:00:42.960 --> 0:00:46.280 Thank you so much for joining us today. A few 0:00:46.320 --> 0:00:51.960 brands are as iconic, recognizable, or successful as Tory Birch. 0:00:52.800 --> 0:00:56.720 Her double T logo label is on everything from shoes, 0:00:56.840 --> 0:01:01.680 to dresses to bags. Tory Birch is worn around the world. 0:01:02.320 --> 0:01:06.240 It's hard to believe this global empire started just sixteen 0:01:06.319 --> 0:01:11.200 years ago with a small store in Lower Manhattan. Tory 0:01:11.240 --> 0:01:14.520 Birch's approach to business has always been way ahead of 0:01:14.520 --> 0:01:18.640 the curve. She built her company around a purpose, the 0:01:18.760 --> 0:01:22.760 purpose of empowering women. At the core of her work 0:01:23.040 --> 0:01:28.600 is the Tory Birch Foundation, with supports and educates women entrepreneurs. 0:01:29.560 --> 0:01:33.600 During this time of COVID. Tory has responded by pulling 0:01:33.640 --> 0:01:38.520 together resources to help small business owners navigate the crisis, 0:01:39.200 --> 0:01:44.400 donating products to healthcare workers, and launching a campaign called 0:01:44.920 --> 0:01:50.640 hashtag Wear a Damn Mask. Tory also continues her mission 0:01:50.720 --> 0:01:55.760 to empower all women with her Embrace Ambition summits that 0:01:55.880 --> 0:02:00.400 help women to know and express their power. There's so 0:02:00.480 --> 0:02:03.640 much to learn from Tory Birch. At the end of 0:02:03.680 --> 0:02:07.040 this show, we'll tell you how to apply for the 0:02:07.120 --> 0:02:12.960 Tory Birch Foundation Fellows program for women entrepreneurs. Enjoy my 0:02:13.080 --> 0:02:22.240 conversation with Tory Birch. Well, Tory Birch, it's so wonderful 0:02:22.280 --> 0:02:26.520 to be with you today for this broadcast. Everyone knows 0:02:26.600 --> 0:02:29.600 the name of Tory Birch, but most probably don't know 0:02:29.680 --> 0:02:32.640 the full scope of what Tory Birch the company does. 0:02:33.360 --> 0:02:36.080 Can you tell us a little bit about yourself and 0:02:36.120 --> 0:02:40.040 the company? Well, first, Mom, thank you so much for 0:02:40.080 --> 0:02:43.360 having me. I'm so thrilled to be doing this with you. 0:02:43.600 --> 0:02:45.640 And when you ask me that question, where do I 0:02:45.720 --> 0:02:49.560 even begin? Okay, let me start by saying, Tory Birch 0:02:49.720 --> 0:02:53.280 is a lifestyle brand and we empower women around the 0:02:53.320 --> 0:02:57.519 world to live in full color with character, beauty and competence, 0:02:57.520 --> 0:02:59.880 and that sentence is something I have thought a lot 0:03:00.080 --> 0:03:03.320 about over the years. We are a company that has 0:03:03.360 --> 0:03:09.600 ready to wear, footwear, handbags, accessories, watches, home fragrance, and 0:03:09.639 --> 0:03:13.399 even an active wearline, tory Sport, that we launched five 0:03:13.480 --> 0:03:16.720 years ago. But we launched the company in two thousand 0:03:16.800 --> 0:03:21.720 and four in Lower Manhattan and a retail concept and 0:03:21.480 --> 0:03:25.320 a and a website. We are now a global business 0:03:25.400 --> 0:03:28.320 with more than three stores around the world, which is 0:03:28.440 --> 0:03:31.480 hard to believe when I say that. And we have 0:03:31.560 --> 0:03:35.480 a foundation that is so pivotal in everything we do 0:03:35.680 --> 0:03:40.279 around the business, around my life. It advances women's empowerment 0:03:40.760 --> 0:03:46.320 and entrepreneurship in the United States by providing access to capital, education, 0:03:46.440 --> 0:03:49.920 and digital resources to women in the US. As I said, 0:03:50.800 --> 0:03:53.000 one more thing, it's a lot. And we have a 0:03:53.040 --> 0:03:55.800 fellow program that is now and it's six years and 0:03:56.080 --> 0:04:00.040 the Foundation's Global Embrace Ambition Initiative Land which you have 0:04:00.120 --> 0:04:03.880 been at, which challenges stereotypes and creates new norms to 0:04:03.920 --> 0:04:07.720 empower women. So that's something that I'm incredibly proud of 0:04:07.880 --> 0:04:11.360 and thank you for coming well and well you should be. 0:04:11.440 --> 0:04:17.640 It's just extraordinary to have that audience of enthusiastic women 0:04:17.680 --> 0:04:21.760 and men are mostly young but really looking forward to 0:04:22.200 --> 0:04:25.960 developing their futures, and the inspiration you represent for them, 0:04:26.000 --> 0:04:29.520 it was just an extraordinary experience story. There are so 0:04:29.600 --> 0:04:33.720 many listeners who I know, our entrepreneurs, and I think 0:04:33.800 --> 0:04:37.280 what you just said in terms of your brand and 0:04:37.360 --> 0:04:42.560 all of the ancillary but critical elements that your company represents, 0:04:43.120 --> 0:04:47.760 I'm sure they find extremely inspiring as well. You know, 0:04:47.880 --> 0:04:51.640 you mentioned the foundation and I wanted to follow up 0:04:51.680 --> 0:04:56.440 on that because your goal from the very beginning was 0:04:56.560 --> 0:05:00.360 highly unusual, because you put purpose at the or of 0:05:00.360 --> 0:05:03.840 what you wanted to do, and it was just exceptional. 0:05:03.880 --> 0:05:07.760 The first time I heard that, I kept thinking about 0:05:07.800 --> 0:05:11.360 what an extraordinary that proposition that was. Can you tell 0:05:11.440 --> 0:05:15.120 us a little bit about how you always had this purpose, 0:05:15.240 --> 0:05:19.680 not just in establishing a business, but also in doing 0:05:19.760 --> 0:05:22.919 good at the same time. Well, and I know you 0:05:23.040 --> 0:05:25.240 remember this, Milan, but you were one of the first 0:05:25.320 --> 0:05:29.119 women I reached out to get advice, and I thank 0:05:29.160 --> 0:05:33.560 you for taking my cold call because a purpose led 0:05:33.600 --> 0:05:38.560 business fifteen years ago was very unusual, and certainly talking 0:05:38.600 --> 0:05:41.560 about it more in an internal way was something that 0:05:41.600 --> 0:05:45.000 we focused on then. Really messaging it externally, because I 0:05:45.080 --> 0:05:49.599 was very careful about it ever being perceived as marketing 0:05:49.600 --> 0:05:53.159 in any way. To have a foundation as an intrinsic 0:05:53.240 --> 0:05:57.120 part of the company was something that I knew from 0:05:57.200 --> 0:05:59.760 day one I wanted and it was going to be 0:05:59.839 --> 0:06:03.359 my way of actually giving back in a significant way. 0:06:03.400 --> 0:06:06.400 But I also knew that it would take time and 0:06:06.440 --> 0:06:09.520 we had to build a successful company before I was 0:06:09.600 --> 0:06:14.200 ready to message it externally. So I remember our meeting 0:06:14.400 --> 0:06:16.960 so well in Washington. I came in and you were 0:06:17.040 --> 0:06:21.080 so um amazing with your time. Number one, thank you 0:06:21.200 --> 0:06:23.719 for that, because I didn't get all yeses when I 0:06:23.760 --> 0:06:27.200 called people back then the idea of a purpose led 0:06:27.240 --> 0:06:29.599 company I was pretty much laughed at. When I went 0:06:29.680 --> 0:06:32.800 to try to raise money, I was told very concretely 0:06:33.000 --> 0:06:36.760 never to say business and social responsibility in the same sentence. 0:06:37.279 --> 0:06:39.440 I was almost patted on my back as if it 0:06:39.480 --> 0:06:42.720 were charity work. So it just made me more determined 0:06:42.760 --> 0:06:46.880 to to really make a purpose led business something that 0:06:47.000 --> 0:06:49.880 we're so proud of today, and obviously today is a 0:06:49.960 --> 0:06:54.320 very important concept from an innovation standpoint. Well, yes, you 0:06:54.360 --> 0:06:57.880 were really ahead of your time in thinking that way 0:06:57.920 --> 0:07:02.600 and acting on that purpose component and it shows and 0:07:02.720 --> 0:07:05.640 everything you've done ever since. But can we go back 0:07:05.680 --> 0:07:09.279 a little bit. What was it tory that as you 0:07:09.320 --> 0:07:13.280 were growing up that you seemed to have this fascination 0:07:13.360 --> 0:07:15.720 with starting a business. Did it come early? Did it 0:07:15.800 --> 0:07:18.920 come late? When did it come? You know, it actually 0:07:19.000 --> 0:07:21.800 came late, I, I I laughed, And so I was actually 0:07:21.880 --> 0:07:24.600 a really late bloomer, that said I. First of all, 0:07:24.640 --> 0:07:27.680 I grew up as a complete tomboy outside of Philadelphia. 0:07:27.880 --> 0:07:30.520 I grew up on a farm. I spent my days 0:07:30.720 --> 0:07:33.840 riding horses and playing tennis, grew up with three brothers. 0:07:34.040 --> 0:07:37.000 Never really was that interested in fashion, but I had 0:07:37.120 --> 0:07:40.440 very stylish parents and they were are very much part 0:07:40.480 --> 0:07:44.920 of my inspiration throughout my whole career. But I did 0:07:44.960 --> 0:07:48.080 get a job in fashion right after I graduated from 0:07:48.160 --> 0:07:52.120 University of Pennsylvania. And I had just applied and this 0:07:52.360 --> 0:07:55.600 designer named Zorin. I don't know if you remember him, 0:07:55.640 --> 0:07:59.120 but he he looked like Respued and he was from Yugoslavia. 0:07:59.680 --> 0:08:01.920 He was the ultimate minimalist. And he said I could 0:08:01.920 --> 0:08:03.440 have a job, but I had to move to New 0:08:03.480 --> 0:08:06.520 York by Monday, and I had graduated. I think the 0:08:06.600 --> 0:08:11.160 prior Wednesday so um. That was my induction into fashion. 0:08:11.240 --> 0:08:14.160 It was vodka starting at ten in the morning. I 0:08:14.200 --> 0:08:17.880 had never seen anything like it, and I just fell 0:08:17.920 --> 0:08:19.840 in love with fashion. But I was more in the 0:08:19.880 --> 0:08:24.480 business end. I went to different places like Harper's Bazaar, 0:08:24.800 --> 0:08:28.200 Ralph Lauren bear Wang. My last job was at LVMH 0:08:28.200 --> 0:08:32.760 for loev But I worked in PR and marketing and advertising, 0:08:32.800 --> 0:08:36.520 never in design, and certainly not in being an entrepreneur 0:08:36.559 --> 0:08:38.959 and starting a business. So it was after I had 0:08:39.000 --> 0:08:42.320 my third child I realized I had to make a 0:08:42.400 --> 0:08:44.600 very difficult choice at a lot of women's face and 0:08:44.600 --> 0:08:46.679 that was to give up a career that I loved 0:08:47.080 --> 0:08:49.000 because I had three boys under the age of four. 0:08:49.160 --> 0:08:50.800 So it was during the time when I was a 0:08:50.840 --> 0:08:53.440 stay at home mom for three or four years that 0:08:53.480 --> 0:08:58.360 I concepted this, this company that's so fascinating. So then, 0:08:58.480 --> 0:09:01.680 how did you go about building your brand and the company? 0:09:01.720 --> 0:09:05.640 Of course, well, I I in a way feel like 0:09:06.280 --> 0:09:10.640 because I was thinking in unconventional ways, it ended up 0:09:10.640 --> 0:09:14.439 working to my advantage. I didn't have traditional training and 0:09:15.040 --> 0:09:19.120 starting a business or designing anything for that matter, so 0:09:19.640 --> 0:09:23.959 I had instinct and gut, and so I came up 0:09:24.000 --> 0:09:27.640 with a direct to consumer concept UM e commerce was 0:09:27.720 --> 0:09:29.840 part of that. People told me that no one would 0:09:29.880 --> 0:09:34.760 buy online fifteen years ago. UM it was multi categories. 0:09:34.920 --> 0:09:36.920 People told me that that was crazy and that I 0:09:36.920 --> 0:09:40.520 should start with one and partner with a wholesale UM partner. 0:09:40.800 --> 0:09:44.080 So everything that people advised me, I kind of did 0:09:44.120 --> 0:09:47.880 the opposite, and we launched with one store downtown. I 0:09:47.880 --> 0:09:49.719 don't know if you ever were there, but it was 0:09:49.800 --> 0:09:53.080 on Elizabeth Street and out of the way block that 0:09:53.240 --> 0:09:57.680 the rent was really inexpensive, and UM we we came 0:09:57.760 --> 0:10:00.600 up with UM. I came up with the the store 0:10:00.920 --> 0:10:03.760 we opened with outdoors, nothing was ready and it was 0:10:03.840 --> 0:10:06.880 during fashion week, and we had an event from ten 0:10:06.920 --> 0:10:09.400 in the morning until six at night, and and literally 0:10:09.400 --> 0:10:11.840 by six at night, we had sold through most of 0:10:11.840 --> 0:10:16.000 our inventory. So we knew we had touched something. And 0:10:16.080 --> 0:10:18.680 I think it was a white space in the market 0:10:18.800 --> 0:10:21.920 because it was very beautiful quality and it was not 0:10:22.080 --> 0:10:24.800 at a luxury price point, and I think that was 0:10:25.040 --> 0:10:28.200 the key. People felt that what we were being able 0:10:28.240 --> 0:10:31.320 to give our customer was had a lot of value 0:10:31.360 --> 0:10:34.720 to it. So fascinating, and you knew what the niche 0:10:34.880 --> 0:10:39.280 was as soon as you completed that early launch well, 0:10:39.320 --> 0:10:41.720 I was missing it in my I felt like I 0:10:41.760 --> 0:10:45.120 didn't want to spend luxury price points I couldn't and 0:10:45.160 --> 0:10:47.560 I didn't want to spend that every time I went out. 0:10:47.960 --> 0:10:51.920 And then there was the contemporary market wasn't mature back then, 0:10:51.960 --> 0:10:55.040 so it was very more mass and then there was luxury, 0:10:55.080 --> 0:10:57.920 and there was a giant space in between. And I 0:10:57.960 --> 0:11:01.160 think that's what we um. I didn't realize it at 0:11:01.200 --> 0:11:04.040 the time, but that's what we encountered and that's that's 0:11:04.040 --> 0:11:07.680 why I think our company resonated. Well. That's interesting because 0:11:07.720 --> 0:11:11.959 I know we have many entrepreneurs listening and finding that 0:11:12.080 --> 0:11:15.200 niche and knowing where product or a service isn't being 0:11:15.240 --> 0:11:19.839 provided but might have great possibility. You clearly discovered well 0:11:19.840 --> 0:11:22.120 in champ with our melance. Sorry to interrupting. The chances 0:11:22.120 --> 0:11:25.080 are if you're missing something, other people are as well. 0:11:25.160 --> 0:11:27.359 And that's something I've talked to a lot of entrepreneurs 0:11:27.360 --> 0:11:31.040 about that if you are feeling that something is is 0:11:31.559 --> 0:11:34.199 not there or meeting a need, that that's a that's 0:11:34.200 --> 0:11:36.760 a good way to look at your business. Well, so 0:11:36.800 --> 0:11:38.960 you got it off the ground. It was clearly the 0:11:39.040 --> 0:11:42.440 right moment and the right way that you conceptualized it, 0:11:42.840 --> 0:11:45.480 then how did you scale it? Because that's always a 0:11:45.600 --> 0:11:48.560 very big challenge. You know. Our business plan at the 0:11:48.600 --> 0:11:52.360 time was opening read to five stores in the first 0:11:52.400 --> 0:11:56.280 five years. We ended up opening seventeen. And the only 0:11:56.360 --> 0:11:58.160 thing I can say is never when we had a 0:11:58.200 --> 0:12:02.160 few things that were hard to define how much they 0:12:02.400 --> 0:12:05.800 impacted our business. One was actually going on the Oprah Show, 0:12:06.280 --> 0:12:08.200 and that was in our first year of business. I 0:12:08.240 --> 0:12:10.920 thought it was a joke we had given or a 0:12:10.960 --> 0:12:13.400 friend of mine had given her one of her producers 0:12:13.440 --> 0:12:17.439 some things for Christmas, and then her producer gave some 0:12:17.640 --> 0:12:19.880 to Oprah and they ended up picking us for the 0:12:19.960 --> 0:12:24.240 next big thing in fashion. And going on her show 0:12:24.520 --> 0:12:28.640 was really an experience. I went to Chicago, we did 0:12:28.640 --> 0:12:31.640 a fashion show, and she looked at me and she said, 0:12:31.679 --> 0:12:33.800 have you ever been on TV? And I said, no, 0:12:34.160 --> 0:12:36.880 I haven't, and she said, don't worry, it's only thirty 0:12:36.880 --> 0:12:39.679 million people. So that was just I mean, the whole 0:12:39.800 --> 0:12:42.680 the whole thing was surreal. The next day we had 0:12:43.160 --> 0:12:45.440 close to eight million hits on our website. So that 0:12:45.640 --> 0:12:50.080 obviously propelled our company in ways that are hard to define. 0:12:50.240 --> 0:12:53.840 But when you think about where we took it, from there, 0:12:54.080 --> 0:12:58.800 I think every decision that we made was thinking about 0:12:58.840 --> 0:13:01.840 the long term, and I think that served us really well. 0:13:02.000 --> 0:13:06.640 It wasn't about a quick anything. It was really about patients. 0:13:06.720 --> 0:13:10.080 I always said We're a patient company because I wanted 0:13:10.120 --> 0:13:14.199 to build things that would last, something that was truly meaningful. 0:13:14.360 --> 0:13:18.200 So we took our time. We e commerce was in 0:13:18.280 --> 0:13:21.959 the end, a very interesting platform for us, obviously from 0:13:21.960 --> 0:13:25.640 a selling standpoint, but also to engage our customer and 0:13:25.760 --> 0:13:28.080 learn about our customers. So many of the people that 0:13:28.120 --> 0:13:31.360 were buying online. That is how we would determine where 0:13:31.360 --> 0:13:34.280 we opened different stores. We saw where our customers were 0:13:34.320 --> 0:13:37.880 starting to come from, and so that was invaluable as well. 0:13:38.520 --> 0:13:43.560 Such good advice of really really interesting We'll be back 0:13:43.600 --> 0:13:57.040 with senecas made by women. After this short break, when 0:13:57.280 --> 0:14:00.640 Oprah told you an audience of thirty million, you must 0:14:00.640 --> 0:14:05.560 have frozen if laughing. I couldn't even like keep I 0:14:05.640 --> 0:14:07.760 definitely couldn't keep a straight face. But I was just 0:14:07.960 --> 0:14:11.360 the whole the whole weekend was just this is the 0:14:11.480 --> 0:14:14.800 real experience, as I said, for me, and it was 0:14:15.480 --> 0:14:18.520 you know something that is We'll stay with me always. 0:14:18.559 --> 0:14:22.520 She's been an incredible support. She supports obviously women and 0:14:22.640 --> 0:14:25.760 people in business, but over the years she has been 0:14:25.800 --> 0:14:30.560 a huge support. Right were there particular challenges along the 0:14:30.600 --> 0:14:35.200 way or even now that you faced or continue to face? 0:14:36.520 --> 0:14:40.120 When I always say a startup, there's a challenge every 0:14:40.200 --> 0:14:45.280 day and a new challenge. Um, it is an amazing journey. 0:14:45.440 --> 0:14:48.360 But it's one that my parents gave me good advice 0:14:48.560 --> 0:14:52.080 when I started out. They said, I think of negativity 0:14:52.080 --> 0:14:55.560 as noise. Thicken your skin and be prepared to wear 0:14:55.560 --> 0:14:58.720 a seatbelt for the rest of your life because it 0:14:58.920 --> 0:15:02.040 is a very ask pace with with challenges that you 0:15:02.120 --> 0:15:05.600 can't even imagine. I mean, when two thousand and eight happened, 0:15:05.600 --> 0:15:10.400 our business was on an incredibly fast and high trajectory 0:15:10.480 --> 0:15:15.120 and it stopped overnight. Just makes that look like nothing, 0:15:15.240 --> 0:15:17.760 because you have a health crisis on top of the 0:15:17.800 --> 0:15:21.760 business crisis, and clearly the health crisis is the biggest 0:15:21.760 --> 0:15:26.360 priority and protecting our teams and protecting our customers, protecting 0:15:26.360 --> 0:15:30.120 our families, but then you have this giant business crisis 0:15:30.160 --> 0:15:32.960 on top of it. I think of agility, I think 0:15:32.960 --> 0:15:36.240 of being flexible. I think of how do you move 0:15:36.320 --> 0:15:39.480 with the current and take in the macro and what's 0:15:39.480 --> 0:15:43.640 happening in the environment, but also be a good decision 0:15:43.640 --> 0:15:47.840 maker and don't react too quickly or too slowly. Well 0:15:47.880 --> 0:15:52.440 and as you just said that this COVID a moment, Uh, 0:15:52.600 --> 0:15:56.040 not only is a health crisis and you have business 0:15:56.080 --> 0:16:01.440 around the globe, but also an economic lunch. How are 0:16:01.440 --> 0:16:05.040 you addressing it in an ongoing way. Well, early on 0:16:05.520 --> 0:16:10.920 in March when I started to realize what COVID was 0:16:10.960 --> 0:16:15.720 going to mean beyond the health issues, and clearly, as 0:16:15.720 --> 0:16:18.680 I said, that was the first party, but the second 0:16:19.320 --> 0:16:22.160 was we realized very quickly we had three stores that 0:16:22.200 --> 0:16:26.600 were shut around the world, and we had to really pivot. 0:16:26.960 --> 0:16:29.800 Not our strategy, but we had to double down on 0:16:29.960 --> 0:16:34.920 many of our strategies. We had to really think about 0:16:35.040 --> 0:16:37.480 how we were going to manage through this. One thing 0:16:37.520 --> 0:16:41.520 I also realized is that a giant sector of American 0:16:41.560 --> 0:16:45.360 business was not being represented, and that is the fashion industry. 0:16:45.400 --> 0:16:48.680 And for some reason people think the fashion industry is 0:16:48.720 --> 0:16:51.240 a light industry. I think it's safe to say it's 0:16:51.400 --> 0:16:54.920 millions and millions of American jobs are at stake and 0:16:54.960 --> 0:16:59.600 we're at steak. So I got involved in pulling together 0:16:59.640 --> 0:17:04.040 with my husband a group of CEOs of American business, 0:17:04.280 --> 0:17:09.480 fashion and retail, and we wanted to come together and 0:17:09.480 --> 0:17:12.720 and have a voice with the government to make sure 0:17:12.800 --> 0:17:16.240 that we were being heard and really try to protect 0:17:16.240 --> 0:17:19.920 our employees and and really make sure that we were 0:17:19.960 --> 0:17:23.000 being talked at, talked about. Like the entertainment industry, I 0:17:23.000 --> 0:17:26.280 mean we we are a very important part of the 0:17:26.320 --> 0:17:30.440 American economy. So that was one aspect. The second aspect 0:17:30.560 --> 0:17:34.280 was how do you manage the closing stores around the 0:17:34.320 --> 0:17:39.160 world and making sure your business continues. And for close 0:17:39.200 --> 0:17:42.680 to two months we were paying employees without a tremendous 0:17:42.680 --> 0:17:46.159 amount of revenue coming and so that obviously can't last 0:17:46.720 --> 0:17:50.600 for that long. And luckily we had e commerce, we 0:17:50.680 --> 0:17:54.120 had different places that were open at different times, so 0:17:54.640 --> 0:17:57.320 we managed. If you had asked me how we were 0:17:57.359 --> 0:17:59.560 doing in March would be a very different answer than 0:17:59.600 --> 0:18:02.680 how we're today. I'm very proud of what our team 0:18:02.680 --> 0:18:06.840 has managed to do. Um and are the resiliency of 0:18:06.840 --> 0:18:12.879 our business, resiliency, flexibility, obviously being astute about how to 0:18:13.000 --> 0:18:17.800 deal with the unexpected. But I wonder what in particular 0:18:17.880 --> 0:18:21.520 gives you strength tory in difficult moments, because this is 0:18:21.600 --> 0:18:25.680 clearly has been in the last several months and continues 0:18:25.720 --> 0:18:29.000 to be a difficult time. Well, I think number one, 0:18:29.040 --> 0:18:32.200 I would say my family and and certainly my team, 0:18:32.320 --> 0:18:35.040 which is a second family, gives me a lot of strength. 0:18:35.080 --> 0:18:38.480 I mean, having five thousand employees and no knowing that 0:18:38.480 --> 0:18:43.280 that's a tremendous responsibility, and just seeing how genuinely they 0:18:43.320 --> 0:18:47.120 care and how much people wanted to help each other. 0:18:47.440 --> 0:18:50.760 It was. You know, I always think about grace under pressure. 0:18:50.840 --> 0:18:54.040 I think about it certainly as a parent, which I'm 0:18:54.040 --> 0:18:57.520 sure you could relate to, but certainly also as a CEO. 0:18:57.760 --> 0:19:00.159 By the way, I'm no longer CEO. I don't know 0:19:00.520 --> 0:19:03.360 if you knew that, but my husband has taken over 0:19:03.480 --> 0:19:06.000 that role and I happily gave it to him. So 0:19:06.040 --> 0:19:10.080 I'm just focusing on the product and and the brand. 0:19:10.240 --> 0:19:13.560 And I would say having him helped me navigate through 0:19:13.600 --> 0:19:19.200 this with his expertise and global understanding was invaluable. So 0:19:19.640 --> 0:19:23.400 but I think, you know, making sure that my mom 0:19:23.520 --> 0:19:25.640 would always say to me, and you're as happy as 0:19:25.640 --> 0:19:28.760 your least happy child. I could deal with anything as 0:19:28.800 --> 0:19:31.679 long as people I love are healthy, and so I 0:19:31.720 --> 0:19:35.520 get more focused when things get tough, and I think 0:19:35.560 --> 0:19:39.160 that's that's helped your mom was clearly a wise woman. 0:19:39.200 --> 0:19:44.440 I'll remember that saying she's She's still absolutely right about that. 0:19:45.119 --> 0:19:48.600 So we we've talked a little bit about the purpose 0:19:49.080 --> 0:19:52.320 that always compelled you in your business and is still 0:19:52.359 --> 0:19:56.240 a strong motivation for you. We've been talking about COVID 0:19:56.240 --> 0:20:00.359 and its impact. Tell us about your hashtag where damn 0:20:00.400 --> 0:20:04.040 mask initiative? Where did that come from? I know you 0:20:04.119 --> 0:20:06.879 have a lot of famous people involved in the initiative, 0:20:06.880 --> 0:20:11.440 and obviously it's tremendously important if we're going to stay 0:20:11.480 --> 0:20:16.200 well during this horrible contagion. Well, I just don't understand 0:20:16.240 --> 0:20:19.680 how wearing a mask could in any way be politicized. 0:20:19.960 --> 0:20:24.600 And I think I don't mind using my platform and 0:20:24.680 --> 0:20:28.399 weighing in on humanity. That's something that I will always do. 0:20:28.680 --> 0:20:32.639 It's not always popular, but I will always do that, um, 0:20:33.040 --> 0:20:37.159 weighing on humanity and equality. Wearing a mask should not 0:20:37.560 --> 0:20:41.600 be anything but accepted across the board. And if it's 0:20:41.640 --> 0:20:46.239 not about protecting yourself, protect others. And so I was 0:20:46.320 --> 0:20:49.720 just annoyed by the fact that people found a way 0:20:49.760 --> 0:20:54.199 to politicize this and and make it not and and 0:20:54.280 --> 0:20:57.000 make people have the ability not to wear a mask. 0:20:57.400 --> 0:21:00.600 To me, was insane. So I sent a letter to 0:21:00.720 --> 0:21:03.040 a bunch of people and I said, I think we 0:21:03.119 --> 0:21:07.640 can help change this if we start this idea of 0:21:07.720 --> 0:21:11.280 making wearing a mask interesting and cool. And so I 0:21:11.400 --> 0:21:14.680 posted a selfie which I rarely do, it's not not 0:21:14.760 --> 0:21:18.440 necessarily my thing, and and wrote hashtag wear a damn mask, 0:21:18.520 --> 0:21:21.800 and it became a bit viral. Happily, I think we 0:21:21.880 --> 0:21:24.080 have close to a hundred thousand people that have post 0:21:24.119 --> 0:21:27.680 about wearing masks and the importance of it. I think 0:21:28.240 --> 0:21:32.600 that is not something, as I said, that should be politicized, 0:21:32.720 --> 0:21:35.600 nor is voting. That's my next initiative that I've been 0:21:35.600 --> 0:21:38.159 working a lot on. Well, I wanted to ask you 0:21:38.200 --> 0:21:41.760 about the voting because I read that you are making 0:21:41.800 --> 0:21:46.879 it easier for your employees by closing the stores and 0:21:47.040 --> 0:21:50.720 offices on November the three, and that you're even giving 0:21:50.760 --> 0:21:53.400 a paid day off two employees who up to work 0:21:53.480 --> 0:21:58.680 the polls. So once again, purpose story well listen in. 0:21:58.680 --> 0:22:01.520 In two thousands, Teane I wrote an op ed for 0:22:01.560 --> 0:22:05.160 The Wall Street Journal to challenge other CEOs to give 0:22:05.200 --> 0:22:08.920 their employees time off to vote. I have no idea. Well, 0:22:08.920 --> 0:22:10.720 I do know why it's on a Tuesday it was 0:22:10.800 --> 0:22:14.040 from the agriculture industry back then. They didn't want to 0:22:14.080 --> 0:22:16.280 have it on Sundays because of church. Well, I think 0:22:16.320 --> 0:22:19.240 it needs to be updated. Certainly. I think voting should 0:22:19.280 --> 0:22:23.480 be compulsory, but it's not. I'm passionate about voting, and 0:22:23.520 --> 0:22:27.640 I'm even more passionate about understanding why people are not 0:22:27.800 --> 0:22:31.439 inspired to vote When you look at fifty two percent 0:22:31.520 --> 0:22:34.879 of America voting. Obviously, that is one of the lowest 0:22:35.480 --> 0:22:41.880 turnouts in any area of modern society, and I think 0:22:41.920 --> 0:22:46.639 that it should not be perceived as democratic in any way. 0:22:46.840 --> 0:22:52.560 Our democracy requires active participation, and I firmly believe that 0:22:52.600 --> 0:22:56.320 these should not be partisan issues. Everyone has their say, 0:22:56.359 --> 0:22:59.359 and how we're governed what makes America is strong and 0:22:59.560 --> 0:23:04.840 ensures politicians are accountable. So I am incredibly passionate about it. 0:23:05.320 --> 0:23:07.880 That passion is coming through, and I couldn't agree more 0:23:08.200 --> 0:23:11.040 um And I think what you're doing is you're providing 0:23:11.200 --> 0:23:15.320 an incentive because a big part of the problem has 0:23:15.359 --> 0:23:18.880 been historically that people can take time off and it's 0:23:18.920 --> 0:23:22.320 really difficult often to do that very early in the 0:23:22.359 --> 0:23:25.880 morning or late at night or or whatever. The inhibitions are, 0:23:26.040 --> 0:23:30.359 so and we make it really difficult to register even 0:23:30.560 --> 0:23:35.480 I mean, we have to figure this out as a society. Yeah. 0:23:35.560 --> 0:23:37.920 More more power to you, and thank you for being 0:23:38.000 --> 0:23:41.040 an example on that. I want to go back to 0:23:41.119 --> 0:23:45.640 the Tory Birch Foundation and what you are doing with 0:23:45.880 --> 0:23:50.440 entrepreneurs because you have been engaged in this space. When 0:23:50.480 --> 0:23:54.680 you were first deciding how you would channel your commitment 0:23:54.720 --> 0:23:58.800 to purpose, I know entrepreneurs loomed large. Can you tell 0:23:58.880 --> 0:24:01.920 us about that, and then perhaps what you are doing 0:24:01.960 --> 0:24:06.600 to help entrepreneurs because that commitment continues. Yeah, I mean, listen. 0:24:06.720 --> 0:24:09.320 I knew that I wanted to start a foundation when 0:24:09.320 --> 0:24:11.400 I started the company, and I knew that it would 0:24:11.440 --> 0:24:14.960 be around women and children, but I didn't really know 0:24:15.080 --> 0:24:19.560 exactly how that would unfold over time. And in two 0:24:19.560 --> 0:24:23.520 thousand and nine and before that, I spent a lot 0:24:23.560 --> 0:24:26.919 of time going to places and taking meetings with people 0:24:27.119 --> 0:24:30.879 to figure out what what our foundation would be about. 0:24:31.000 --> 0:24:34.040 How would we help women, how would we help children. 0:24:34.080 --> 0:24:37.119 I went to Haiti and met with microfinance groups. I 0:24:37.160 --> 0:24:40.600 had meetings with incredible people like my meeting with you 0:24:40.760 --> 0:24:44.680 in Washington. And the thing I realized is that women 0:24:45.080 --> 0:24:50.600 had a much harder time in business, and certainly accessing capital. 0:24:50.720 --> 0:24:54.040 So that was something that I started to really think 0:24:54.119 --> 0:24:57.199 a lot about, and in two thousand nine, that's what 0:24:57.440 --> 0:25:00.000 our foundation did. It was really how do we empower 0:25:00.000 --> 0:25:03.000 our women in the United States? Because I felt the 0:25:03.119 --> 0:25:05.920 United States has a lot of issues that we need 0:25:05.960 --> 0:25:08.800