Failure.
It’s the only “F” word she doesn’t f*** with.
The year is 2020. The month is March. And the event is COVID-19.
For Tory Burch (TB), it means war.
You’ve seen her stuff - she sells clothes, and she’s really good at it. But this is luxury fashion. And consumers are unpredictable, even in the best markets.
Let’s go back. To 2000.
TB knows a secret:
The way we sell luxury fashion is archaic.
She’s 40 and works for the pros. Pros like Ralph Lauren, Vera Wang, etc… We trend in the direction of the people we associate with. (So yeah, she wants to start her own thing).
Then she gets pregnant.
And is forced to make that tough choice a lot of women make. “Mom” becomes singular title.
Until it isn’t.
Because “f*** it.”
The pros don’t sell online. (This is luxury fashion - it’s “excluuuusive”).
The year is 2004, and TB does.
She has three boys and two divorces. She walks in the shoes of the women she sells to.
One of whom is Oprah. Whose talk show drives 8 million hits to the Tory Burch website. So yeah, she’s onto something with e-commerce. Take that, pros.
TB holds trunk shows.
Then studies the website to determine if “X” city is a good place for a new store. She mines for data before “mining for data” is a thing.
Which brings us back to COVID Tory.
And her 315 stores.
Half of which are closed.
She gets scrappy.
And the brand gets lean.
She trims her 2021 line by 20%. Keeping year round favorites - things like handbags and sneakers. Tory Sport earns a spot on the website’s home page (Hello, COVID fashion).
And hey, she’s used to war.
In 2011, ex-husband number one starts luxury brand “C. Wonder” as a big “f*** you” after a very public divorce.
So back off, COVID.
And take one from Tory Burch. She isn’t playing dress up.
And that’s the skinny.