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An InspirationHOW SHE’S HELPING OTHER WOMEN ACHIEVE THEIR DREAMS
TORY BURCH CELEBRATING 10 YEARS
Editor Maddy Coxon
“If it doesn't scare you, you're probably not dreaming big enough.”- Tory Burch
Writing 3040 1:00pm class
A BUSINESS HERO Story Success Service
HOW SHE WENT FROM A NEW YORK SOCIALITE AND MOM OF THREE TO RUNNING A FOUNDATION AND MULTI-BILLION DOLLAR BUSINESS
Take a stroll down any street from
California to New York City, even Tokyo, and
you’ll find a stylish pedestrian wearing a
beautifully designed pair of ballet flats
sporting Tory Burch’s signature double T
logo. Chances are you’ll also see some of her
gorgeous handbags and maybe even her one
of her chic skirt, pants, or dresses. A New
York socialite and mother of three with no
formal business education became the
Chairman, CEO, and Designer of a multi-
billion dollar fashion empire. Tory Burch has
known from the beginning what the market
wants, mostly because she knew what was
missing from her own closest. Vintage
fashions, designer name brands and a few
higher end mall brands filled her closet but
something was missing. She wanted clothes
that were fun, casual, and didn’t break the
bank (Agins, 2008). Burch worked in fashion
for several years and gained some knowledge
about the business. It was during this time that
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By Maddy CoxonAugust, 16, 2015
TORY BURCH: AN INSPIRATIONFOR ALL
she discovered her dream to start her own
fashion line. She has become such a success
s h e i s e m p o w e r i n g o t h e r w o m e n
entrepreneurs with the help of the Tory Burch
Foundation. Tory Burch’s early beginnings,
business model, and philanthropy are all
essential pieces of her success and have made
her an inspiration for any young entrepreneur.
Tory Burch was born into a wealthy family in
Valley Forge, Pennsylvania. She grew up a tomboy with
her three brothers. Her parents are held accountable
for much of her inspiration. Her father, Earl “Bud”
Robinson, was a investor with a stock exchange seat
and a paper cup company. Her mother, Reva
Robinson, was an actress. Her parents were both very
stylish dressers and imported much of their clothing.
They took a six-week cruise to the
Mediterranean every summer, always bringing back
lavish clothing for their children. Little did they know
that this was giving Burch an informal education in
international design. She owes much of her success to
her family and often names different pieces of her
core merchandize after them. Her best selling flat,
”Reva” is appropriately named after her mother (Lutz,
2014). You can see the classic shoe in the background
of this page.
She attended the University of Pennsylvania
where she was a member of the Kappa Alpha Theta
sorority and majored in art history. Upon graduating
she moved to New York City and worked for a
fashion magazine.
She then moved to public relations and
marketing at various high-end fashion companies, such
as: Vera Wang, Polo Ralph Lauren, and Loewe. These
are the places that helped her discover her dream to
start her own fashion company. From her kitchen, she
grew a multi billion-dollar fashion brand.
The Beginnings to something big
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Tory and mother, Reva.
She wasn’t a success at the start, “I’d never been
to business school. I’d never been to design school. It was
a risk. It was putting myself out there in a way that was
opening myself up for criticism. I’m a sensitive person, so
it was hard.” (Lepore, 2012, para. 2). What she did know
was what was missing from the runways and department
stores. She would cold call many different people hoping
to build her company. Soon after, she had 16 people
working for her in the comfort of her home. Tory once
said, “I interviewed people out of my kitchen, and many
are still with our company today. One of my greatest
talents is recognizing talent in others and giving them the
forum to shine” (Lepore ,2012, para. 3)
Her now ex husband and venture capitalist, Chris
Burch, helped her raise $10 million. She opened her first
store in 2004 and hasn’t stopped growing since.
She soon became a well known designer
and has since been named the 73rd most
powerful woman in the world. Many emerging
designers want to be innovative with their
creations and compete in the most competitive
and expensive tier of the fashion industry, the top.
Burch however, went with a much more profitable
and obtainable mid-price area, often called
contemporary fashion.
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“ONE OF MY GREATEST TALENTS
IS RECOGNIZING TALENT IN OTHERS AND GIVING THEM
THE FORUM TO SHINE”
Burch’s Innovative Business
Model
Reva Flat Can be found at toryburch.com
Picture above: First Tory Burch store
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Burch knew from the start that she
wanted to make casual and fun clothing you
could find in the window of a high-end
designer’s store for cheaper. The design she is
best known for is her “Reva” ballet slipper and
is a perfect example of the strategy Burch uses
in her business. She wasn’t the one who
invented the ballet flat, but she saw how well
Marc Jacobs’ flats were selling and that they
were priced at $300. She knew she could
design a flat just as fabulous for much less.
Burch, with the help of Vince Camuto, created a
beautiful shoe that was both comfortable and
stylish. Tory said, “We wanted a practical shoe, a
sexy ballet shoe with our logo -- which we
knew would sell” (Agins, 2008, para. 9). The
Reva is usually priced at $225 and all of her
shoes range from $195 to $400.
In an interview, Burch said, “Designing
beautiful things that are accessible is a
challenge.” (Lutz, 2014, para. 5). However, she
loves coming up with new ways to obtain this
goal. Another part of her success also stems
from the fact that she appeals to many different
age groups. Teenage girls are saving up to buy a
purse that they will use the rest of their lives.
“DESIGNING BEAUTIFUL THINGS THAT ARE ACCESSIBLE IS A CHALLENGE.”
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“If it doesn't scare you, you're probably not dreaming big
enough.”-Tory Burch
Their moms are buying similar styles and even their
grandmothers are shopping Burch’s designs. She
attracts many different target markets. Her tunics
were especially popular because they flattered
women of different body types and ages. With all
this going for her, Burch was already making a profit
in her second year. She started selling her
collections in many different department stores
such as Neiman Marcus, Bloomingdales, Saks Fifth
Avenue and Nordstrom.This helped her
achieve economies of scale and kept production costs
low. Chairman and chief merchant at Saks Fifth Avenue
once said, "Tory saw that there was a niche in the
market for great fashion that is practical and easy to
wear at respectable prices” (Agins, 2008, para. 18)
Burch knew first hand what obstacles
women face in business; in her ten years she has
learned a lot. In 2009, she founded a foundation
to help empower fellow women entrepreneurs.
There are several opportunities she makes
available to women.
She works with Bank of America and
offers access to capital to deserving women. She
has partnered with Goldman Sachs’s 10,000
Small Businesses program to provide women
w i t h sma l l bu s i ne s s e s educa t i on on
entrepreneurial-ship. She is clear that her
foundation is not about charity; it’s about
empowering women so they can help
themselves. Burch said, “By providing resources
The Tory Burch Foundation
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“Being an entrepreneur isn't just a job title, and it isn't about starting a company. It’s a state of mind. It’s about seeing connections others can’t, seizing
opportunities others won’t and forging new directions that others haven’t” -Tory Burch
and tools, we can level the playing field for
women entrepreneurs, and help them to grow
their businesses which will benefit their
families, their communities and, in turn, all of
us” (Tory Burch Foundation, 2015, para. 7).
Social responsibility should be a part of
every business and it’s no different for Tory
Burch LLC. Deserving business women receive
affordable business loans to help economic
growth and development. To apply please visit
www.toryburchfoundation.org/.
The education program is yet another
way her foundation is helping women. The
foundation has partnered with both, Goldman
Sachs 10,000 Small Businesses and Babson
College, to provide women entrepreneurs with
knowledge on how to grow a successful
business. They also teach you many practical
skills every business owner should know, such
as marketing, negotiation, and employee
management. To find out more about
qualifications and the application please go to
www.toryburchfoundation.org/.
The final program helps women
network through various events, workshops,
discussions and conferences. This is the perfect
way to find connection with others in your
field and gain advice on how to run your
business effectively (Tory Burch Foundation,
2015).
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Not only is Tory Burch helping women
succeed, she is helping them look good while doing it.
Her passion for both fashion and serving others is
what has made her a success. She wouldn’t be the
inspirational person she is today or help others
achieve their dream if she didn’t love what she was
doing. Burch has an impeccable business plan and
endless ideas on how to keep growing her business.
The Wall Street Journal recently wrote an article
about a new line of women’s workout wear that is
set to launch this September. This will be a range of
athletic wear you can wear to the gym, while running
errands and then to dinner. She will start out small
and grow the line to see if it will turn a profit. If not,
it will be put on a shelf until they find a way to make
it profitable. Burch has said, “Our vision for Tory
Sport goes beyond what women are wearing at the
gym and in between workouts. It’s about encouraging
women to embrace ambition in all aspects of their
lives.” (Holt, 2015, para. 4).
It’s ideas like this that have formed Burch into
a fashion icon. Her beginnings, ideas and foundation
have led her to succeed, in the business world, and
inspire all those around her.
#17 America’s Self-Made
Women (2015)
#73 Power Women (2015)
#1741 Billionaires
(2015)
Tory Burch on Forbes Lists
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Conclusion
(“America’s Richest Self-Made Women,” 2015)
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References
Agins, T. (2008, February 5). Tory Burch Fashioned a Business Model First. Wall Street Journal. Retrieved September 8, 2015
America's Richest Self-Made Women. (n.d.). Forbes magazine. Retrieved September 12, 2015.
Holt, E. (2015, August 14). Tory Burch Debuts Activewear Line, Tory Sport. Wall Street Journal. Retrieved September 9,2015.
Lepore, M. (2012, August 5). Tory Burch Started Her $2 Billion Company With Cold Calls From Her Kitchen Table. The Grindstone. Retrieved September 10, 2015.
Lutz, A. (2014, February 11). How Tory Burch Became a Fashion Billionaire In Less Than A Decade. Business Insider. Retrieved September 8, 2015.
Tory Burch Foundation - Empowering Women Entrepreneurs. (n.d.). Retrieved September 8, 2015.
Image CreditsFront Page image: Luscious Blog. Retrieved from: http://mylusciouslife.com/
Page one background image: Tory Burch. Retrieved from: http://www.toryburch.com/blog-post/blog-post.html?bpid=95239&utm_source=facebook&utm_medium=global&utm_campaign=toryonrodeo
Page two background image and picture: Tory Burch. Retrieved from: http://www.toryburch.com/search?q=reva
Page three background: Tory Burch Retrieved from: https://www.toryburch.com/store-details?StoreID=trb_br_rio
Page three Reva shoe image: Neiman Marcus. Retrieved from: http://www.neimanmarcus.com/Tory-Burch-Reva-Metallic-Ballerina-Flat-Saharan-Gold/prod173110424/p.prod
Page three First store front: Tory Burch. Retrieved from: http://www.toryburch.com/company-timeline/about-us-timeline-main.html
Page four background image: Tory Burch. Retrieved from: http://www.toryburch.com/lookbook-holiday-2014/lookbook-holiday-2014.html?utm_source=facebook%20&utm_medium=referral&utm_campaign=holidaylookbook#SlideID=1
Page five background image: The Business of Fashion Retrieved from http://www.businessoffashion.com/community/companies/tory-burch-llc
Page six background: and graphics: Tory Burch Foundation. Retrieved from: www.Toryburchfoundation.org
Page seven background: Aelida. Retrieved from: http://aelida.com/6133/stylish-designer-tory-burch-flats/
Page seven purse images: Tory Burch. Retrieved from: http://www.toryburch.com/handbags/totes/
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