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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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