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<v Speaker 1>This show is produced and hosted by Mark Webber. The

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<v Speaker 1>show is sponsored by G three Aparo. I views expressed

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<v Speaker 1>in the following program are those of the sponsor and

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<v Speaker 1>not necessarily the opinion of seven tenor or iHeartMedia. Who

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<v Speaker 1>is Mark Weber. He's a self made business executive here

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<v Speaker 1>to help you find your success from the New York

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<v Speaker 1>City projects to the Avenue Montaigne in Paris. His global

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<v Speaker 1>success story in the luxury world of fashion is inspirational.

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<v Speaker 1>He's gone from clerk to CEO twice. Mark his classic

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<v Speaker 1>proof that the American dream is alive and well, here's

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<v Speaker 1>your host of always in Fashion, Mark Weber.

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<v Speaker 2>Mark Weber. You always need an out, You need an

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<v Speaker 2>escape route. You always need options, You need choices. You

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<v Speaker 2>always need a plan, and you need another course of

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<v Speaker 2>action if that plan doesn't work out. In life, you

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<v Speaker 2>need an exit strategy. In business, it's all about managing money,

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<v Speaker 2>and most money is tied up an inventory. Inventory having

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<v Speaker 2>the right stuff at the right time. Inventory might be product,

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<v Speaker 2>it might be people, could be ideas. Managing the use

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<v Speaker 2>of inventory is critical for maximizing your profit. If there's

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<v Speaker 2>a problem, it's there for controlling the extent of your losses.

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<v Speaker 2>The risk takers are gamblers. The best of them are

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<v Speaker 2>well educated, experienced navigators that rely on data and the

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<v Speaker 2>information at hand. A conservative investor in inventory will never

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<v Speaker 2>grow as large as the risk taker, but the road

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<v Speaker 2>taken might be a lot less bumpy for both of them.

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<v Speaker 2>The same information is on hand to make decisions. Just

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<v Speaker 2>approach is different either way. Business is fraught with choices

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<v Speaker 2>navigated by the best intentions, and it has been proven

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<v Speaker 2>making sure you don't have too much inventory of that

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<v Speaker 2>which does not sell wins. Too much of a miss

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<v Speaker 2>against what you think the people want, loses loses and loses.

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<v Speaker 2>In a fashion world, you need an exit strategy. I'm

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<v Speaker 2>reminded often that it's not what you sell at times

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<v Speaker 2>that helps you keep your profitces what you choose not

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<v Speaker 2>to sell. Having too much inventory or surplus will kill

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<v Speaker 2>any business. Fashion, not like fine wine, doesn't improve with age.

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<v Speaker 2>You design it, you manufacture it, you sell it, you

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<v Speaker 2>ship it, then display it for sale. Then pretty much

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<v Speaker 2>you cross your fingers and you hope you guess right.

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<v Speaker 2>Think about automobiles, too many choices, too many models, too

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<v Speaker 2>many colors, too many of the wrong items on the

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<v Speaker 2>lot will not sell. It was never easy. Gauging people's

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<v Speaker 2>wants and needs and preferences. Anticipating their wallets today tougher

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<v Speaker 2>than ever. Combustion engines yeay, Hybrids okay? Electric yikes? How

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<v Speaker 2>do you know? How do you know? If you're a dealership?

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<v Speaker 2>How many to buy of each let alone? What colored

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<v Speaker 2>to buy? Now? Jaguar, one of my favorite car companies,

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<v Speaker 2>closed their company for two years and it's now set

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<v Speaker 2>to re emerge as a luxury all electric company in

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<v Speaker 2>twenty twenty six. All I have to say is good

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<v Speaker 2>luck with that. You want the truth, you can't handle

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<v Speaker 2>the truth. We're not ready for electric. The decision making

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<v Speaker 2>is deadly. Jaguar and automobile companies, they need an exit strategy.

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<v Speaker 2>Business needs a what if? Business needs an exit strategy.

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<v Speaker 2>Life and business in this regard go hand in hand.

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<v Speaker 2>You need a plan, we need options or alternatives. We

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<v Speaker 2>need the facts, and you'll always need an off rep

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<v Speaker 2>and that offramp is an exit strategy. I live in

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<v Speaker 2>an apartment. Someone has to hold an exis set of

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<v Speaker 2>keys for me in case I get locked out A

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<v Speaker 2>check into a hotel. What's the first thing I do

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<v Speaker 2>you ever think about when you check into a hotel.

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<v Speaker 2>What's the first thing you do? Well me, I opened

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<v Speaker 2>my door. I look for the exit signs. I look

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<v Speaker 2>for the stairways. God forbid, I need to escape or

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<v Speaker 2>get out. I need to know where those exits are.

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<v Speaker 2>In money, we all learned you can't put all your

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<v Speaker 2>eggs in one basket. If you haven't learned it before COVID.

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<v Speaker 2>You need canned food just in case, bottled water just

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<v Speaker 2>in case. If all fails, you got it covered. If

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<v Speaker 2>you're a homeowner, if you can afford it, you get

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<v Speaker 2>a generator. I remember the first time I had a blackout.

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<v Speaker 2>I had a generator kicked on. You'd never know I

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<v Speaker 2>was without power because I wasn't. I looked out the

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<v Speaker 2>window down the block, and I said, is this only

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<v Speaker 2>happening to me? The whole block was out. The power

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<v Speaker 2>goes down, The lights in the neighbors are out except

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<v Speaker 2>for yours. You had an exit strategy. In business, you

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<v Speaker 2>can't exist with one customer. People change. You have a

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<v Speaker 2>new buyer. It doesn't like you, it doesn't like your products.

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<v Speaker 2>He walks away. What do you do? Close your doors?

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<v Speaker 2>You're done? No, no, no, You have to have alternatives.

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<v Speaker 2>Eat an exit strategy tonight, I'm taking this exit, this

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<v Speaker 2>exit ramp, this exist strategy, my Laura co host, my

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<v Speaker 2>son Jesse Weber.

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<v Speaker 3>Hey, Hey, I am impressed by this conversation. I like

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<v Speaker 3>this conversation. I gotta I gotta give you credit on

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<v Speaker 3>this one. You just came it up. You come up

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<v Speaker 3>with interesting ideas to talk about. You know, look, the

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<v Speaker 3>big heads, the big talk show heads, they always just

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<v Speaker 3>talk about what's happening in the news. I always say,

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<v Speaker 3>you take creative content. You have to come up with

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<v Speaker 3>something original. I like this one. I'm gonna give you

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<v Speaker 3>credit for it.

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<v Speaker 2>Thank you, thank you. I guess I'm not just a

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<v Speaker 2>pretty face. Even though I'm obnoxious.

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<v Speaker 3>We're going back to that one. You can't get rid

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<v Speaker 3>of that one. One person thinks you're Well, let me say,

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<v Speaker 3>I was gonna say, one person thinks you're obnoxious and

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<v Speaker 3>you can't get over it. I can't. I can't say

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<v Speaker 3>there's not other people who probably think you're obnoxious and

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<v Speaker 3>just haven't vocalized it. But one person has come forward

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<v Speaker 3>officially and called you obnoxious and you can't get over it.

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<v Speaker 2>Well, you didn't really defend me either there or either

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<v Speaker 2>just now again I'm sensitive.

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<v Speaker 3>Em mister, I don't like humans. You should care less.

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<v Speaker 2>It's not that I care. I don't care. But if

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<v Speaker 2>I'm going to put time and effort into something, I

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<v Speaker 2>want to be rewarded with appreciation.

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<v Speaker 3>Look, we buy and large get relatively no negative comments

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<v Speaker 3>on this show. We get a lot of accolades. The

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<v Speaker 3>majority of people who talk to us, who send us messages,

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<v Speaker 3>it's all positive. So cheer up or give up. You

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<v Speaker 3>want to talk exit strategy, do something else if you're unhappy.

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<v Speaker 2>Anyway. Okay, you know, daddy, you're not obnoxious. You're a

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<v Speaker 2>good guy.

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<v Speaker 3>Is that would that make you feel better? You're not obnoxious,

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<v Speaker 3>you're a good guy. You're a good guy. Don't let listen.

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<v Speaker 3>You want to talk about something, you want to talk

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<v Speaker 3>about negative comments. I get the comparisons people have made

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<v Speaker 3>about my appearance on social media, on YouTube. You could cry.

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<v Speaker 3>People make fun of me all the time. They hate

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<v Speaker 3>the things. Oh my gosh. One So I think the

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<v Speaker 3>funniest thing that ever happened was during COVID. I was

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<v Speaker 3>doing a lot of shows. You had to do home

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<v Speaker 3>shows from home. There was no studio, so I was

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<v Speaker 3>home and no one was getting a haircut and I

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<v Speaker 3>had a little bit of a stubble, and somebody wrote, man,

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<v Speaker 3>Jesse looks like nos man. This guy looks like he's

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<v Speaker 3>been on a three day Bender's so bad. Some guy,

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<v Speaker 3>some guy I had makeup on.

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<v Speaker 2>Uh.

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<v Speaker 3>I was on TV and they put a little bit

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<v Speaker 3>too much makeup on and they did a side by

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<v Speaker 3>side comparison between me and a an orange with teeth.

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<v Speaker 2>It was like Donald Trump.

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<v Speaker 3>Like a cartoon character. It was bad. And then you know,

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<v Speaker 3>people say all terrible things about me when they don't

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<v Speaker 3>like what I have to say. But listen, you gotta

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<v Speaker 3>have thick skin.

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<v Speaker 2>I do, generally speaking, but I haven't gotten over from

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<v Speaker 2>that yet. And you were very kind to me. Your

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<v Speaker 2>reaction last week was all the reasons why I'm noxious.

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<v Speaker 2>So I'm gonna move on anyway.

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<v Speaker 3>Tonight's show, Well, all says allot I'll say is this.

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<v Speaker 3>Look when you talk about exit strategy, right, one thing

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<v Speaker 3>I'll say about that, wouldn't you be the first to say,

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<v Speaker 3>before you run, before you split, you should try and

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<v Speaker 3>win by being excellent, Right, wouldn't you say that?

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<v Speaker 2>So?

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<v Speaker 3>Look, I think I think you're great at this. Uh,

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<v Speaker 3>even if you are obnoxious. Which I don't think you are.

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<v Speaker 3>But even if someone thinks you're obnoxious doesn't mean you're

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<v Speaker 3>not great at what you do here.

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<v Speaker 2>Even if I am, I'm not. Never mind, I'm getting

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<v Speaker 2>up the subject anyway, even if I am, I'm not. Okay, Thanks, listen,

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<v Speaker 2>Mommy and I went outfl way to make sure you

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<v Speaker 2>had an exit strategy, and you executed it brilliantly.

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<v Speaker 3>So wait, wait, wait, it's almost like the Godfather, right.

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<v Speaker 3>You had a conversation with my father about my future.

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<v Speaker 3>You had a conversation about my future with my mother.

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<v Speaker 2>But no, I can't talk to you, mommy about your future.

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<v Speaker 2>Who can?

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<v Speaker 3>And of course, look, I here's what happened. Here's what happened.

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<v Speaker 3>I was I was a very good student in high school.

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<v Speaker 3>First year of college I slacked off. I slacked off terribly.

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<v Speaker 2>It was bad.

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<v Speaker 3>It was really bad. And I knew I had to

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<v Speaker 3>shape up or ship out, and.

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<v Speaker 2>So I really really slack off. Or college was so different.

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<v Speaker 2>You don't know how to navigate.

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<v Speaker 3>I think I was a part of I was on

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<v Speaker 3>my own. I didn't know how to navigate. I didn't

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<v Speaker 3>I just didn't. I was having too much fun. I

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<v Speaker 3>was so bad my first year, I never went to

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<v Speaker 3>the library. And so you kind of like you and

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<v Speaker 3>Mommy made it very clear. You said, this is a

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<v Speaker 3>great opportunity not a lot of people get. You made

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<v Speaker 3>it to this school. I went to the University of Michigan.

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<v Speaker 3>Don't squander it. And it woke up at me. I

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<v Speaker 3>worked incredibly hard from then on out, and I didn't

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<v Speaker 3>know what I was going to do. And I didn't

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<v Speaker 3>want to go to law school. I was, I would say,

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<v Speaker 3>forced to go to law school. But you and Mommy

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<v Speaker 3>had a very very good vision. It was, you can

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<v Speaker 3>take this legal degree. You don't have to be a lawyer,

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<v Speaker 3>but it will help you throughout whatever you do. And

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<v Speaker 3>I followed that vision. I followed that.

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<v Speaker 2>Wait a minute, you had no idea what you You

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<v Speaker 2>had no idea what you wanted to do. At least

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<v Speaker 2>we gave you a path.

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<v Speaker 3>That's true. That's true, you gave me a path. I

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<v Speaker 3>was a little I wanted to do business in college,

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<v Speaker 3>and then I took accounting and I realized that was

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<v Speaker 3>like Chinese to me. So I couldn't figure that out.

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<v Speaker 3>But no, but we went to law school. It was

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<v Speaker 3>the best decision. You and Mommy were right because it

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<v Speaker 3>allowed me to do an entry point into everything that

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<v Speaker 3>I'm doing right now. So your path, you and Mommy's path,

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<v Speaker 3>was the right decision, and it was a great exit strategy,

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<v Speaker 3>or it was executed brilliantly as you say, so, thank you.

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<v Speaker 2>How about you, I've got a great strategy. I've got

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<v Speaker 2>an exit strategy for me. What got me thinking about this,

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<v Speaker 2>I'll tell you. The other day I watched the movie Casablanca,

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<v Speaker 2>great movie, and I was thinking. I watched the end.

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<v Speaker 2>In the end, hey Louis, this is the beginning of

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<v Speaker 2>a beautiful friendship. And I'll never forget that line. In fact,

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<v Speaker 2>when I was very young, thirteen years old, I got pneumonia.

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<v Speaker 2>And in those days, when you got pneumonia, you went

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<v Speaker 2>to the hospital, except in my case, my mother wouldn't

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<v Speaker 2>send me to the hospital. We had a doctor. He

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<v Speaker 2>would come every day to visit me, take care of me,

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<v Speaker 2>and they kept me home. But for three months all

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<v Speaker 2>I did was watch movies and read books. I became

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<v Speaker 2>an avid reader when I was thirteen years old to

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<v Speaker 2>change my life. I read novels, I read all kinds

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<v Speaker 2>of books, and when I got back to school, I

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<v Speaker 2>was a reader. It was amazing. But I also watched

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<v Speaker 2>every movie that it was ever done, and I never

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<v Speaker 2>forgot Castablanca. I loved it. I thought it was great.

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<v Speaker 2>Humphrey Bogart, Rick Ilfsea amazing movie. But he always had

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<v Speaker 2>a back door the visa strategy to get out of

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<v Speaker 2>town if he had to, which got me thinking about

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<v Speaker 2>exit strategy this week, and I started to think about

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<v Speaker 2>this in general. I had one of the most important

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<v Speaker 2>situations in my life when I worked for PVH. I

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<v Speaker 2>was a young guy. I grew up in the ranks.

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<v Speaker 2>I had so many different assignments. I excelled it mostly

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<v Speaker 2>all of them, and the twenty five assignments later, and

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<v Speaker 2>thirty years later, my boss walks into my office and

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<v Speaker 2>he says to me quietly, I'm going to retire. I said, no,

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<v Speaker 2>you're not. We're having too much fun. This is finally

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<v Speaker 2>where we want to be. You're to see I'm the president.

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<v Speaker 2>You're going to retire. He says, I had enough. I'm

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<v Speaker 2>going to retire. I started top with this nonsense, and

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<v Speaker 2>he looked at me and said, this is not nonsense. Mark,

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<v Speaker 2>I'm going to retire. I said, well, for the record,

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<v Speaker 2>I don't believe you. We have it too good. You

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<v Speaker 2>don't work all that hard. Me and our other guy

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<v Speaker 2>who pulling the heavyweights for you. Right now, you're not retire,

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<v Speaker 2>he said, I'm going to retire and I'm going to

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<v Speaker 2>make you CEO. And I said to him, you know,

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<v Speaker 2>I've been here for a long time. I've been the

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<v Speaker 2>president of the company for seven years. I've been on

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<v Speaker 2>the board for those same seven years. And tell you

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<v Speaker 2>the truth, I don't ever feel good about the board.

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<v Speaker 2>I don't feel they loved me. I never did feel

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<v Speaker 2>they loved me. I never felt that they would give

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<v Speaker 2>me your job. She said, well, they're going to give

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<v Speaker 2>you your job. It's going to take some work. They have

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<v Speaker 2>the right to interview everyone there is in the world

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<v Speaker 2>and decide who, in fact, would be the best CEO

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<v Speaker 2>for this company. I know that you are the person.

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<v Speaker 2>I know. I've worked with you all these years. I

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<v Speaker 2>know how special you are. I know that you can

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<v Speaker 2>do the job, and it's the right decision for the company.

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<v Speaker 2>And if I have to convince some other board members

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<v Speaker 2>who may not agree, I'm going to do it. But

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<v Speaker 2>you're going to become the next CEO. So I remember

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<v Speaker 2>thinking about it. I went home and talked to my

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<v Speaker 2>wife about it, and they said, you know, there's no

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<v Speaker 2>way they're going to make me CEO. And she said,

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<v Speaker 2>if your boss says he's going to do it, he's

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<v Speaker 2>going to do it. Mark he never lets you down

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<v Speaker 2>and he's never wrong. Said, okay, you may be right.

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<v Speaker 2>So I started going through the process. At the times,

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<v Speaker 2>there was a new regulation called Sarbanes Oxley. It's either

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<v Speaker 2>two congressmen or two senators or somebody. They put together

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<v Speaker 2>a focus on making sure companies did the right thing.

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<v Speaker 2>The banking situation in early years destroyed a lot of companies,

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<v Speaker 2>destroyed the banking system, and they wanted to make sure

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<v Speaker 2>that all the regulations were in place. The doutch your eyed,

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00:14:04.000 --> 00:14:07.559
<v Speaker 2>cross your t's, and the company started interven you for

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<v Speaker 2>the position of CEO. And it was really really peculiar.

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<v Speaker 2>What made it mostly peculiar is I had been there

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<v Speaker 2>my whole career. They knew everything about me, They saw me,

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<v Speaker 2>they knew me. I didn't know whether they were stalling

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<v Speaker 2>or not. At one point I heard that they were

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<v Speaker 2>interviewing people on the outside, and now I got really upset.

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<v Speaker 2>I didn't want to be involved in a beauty contest.

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<v Speaker 2>I don't want to be sitting there and find out

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<v Speaker 2>one day they made a decision to hire someone else

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<v Speaker 2>and I'm stuck. Now, what lessons do you take out

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<v Speaker 2>of this? Maybe some maybe know, but I tell you what.

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<v Speaker 2>In my career, I've done some smart things, and this

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<v Speaker 2>might have been one of the best, if not the best,

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<v Speaker 2>for me. I started to think about my exit strategy.

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<v Speaker 2>What would happen if, in fact I couldn't be the

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<v Speaker 2>CEO my boss goes off into the sunset. We were

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<v Speaker 2>words and music. We had the greatest relationship in the

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<v Speaker 2>history of business. We complimented each other. We could have

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00:15:06.960 --> 00:15:09.320
<v Speaker 2>done each other's jobs. He was smarter than me, I'll

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00:15:09.320 --> 00:15:12.399
<v Speaker 2>grant him that, but I also had something to contribute.

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<v Speaker 2>But we were great. And I said to myself, if

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<v Speaker 2>he leaves and I haven't become CEO, what's going to

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00:15:17.639 --> 00:15:20.320
<v Speaker 2>be of me? I'd have to work for some stranger

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<v Speaker 2>after all this time, I'm gonna have to convince him

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<v Speaker 2>that I'm a good guy, that I'm a capable guy.

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<v Speaker 2>I wanted no part of that. I couldn't believe that

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00:15:27.120 --> 00:15:30.360
<v Speaker 2>I'd have to do that. And the reality is I

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00:15:30.360 --> 00:15:33.200
<v Speaker 2>worked hard enough long enough successful enough that I said

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00:15:33.200 --> 00:15:38.039
<v Speaker 2>to myself that if my CEO left and I wasn't

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00:15:38.320 --> 00:15:42.960
<v Speaker 2>to become the CEO, I wanted to walk away with dignity.

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00:15:43.759 --> 00:15:45.440
<v Speaker 2>And I asked to see my boss and I sat

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00:15:45.480 --> 00:15:47.120
<v Speaker 2>down with him and I said to him, look, I'm

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<v Speaker 2>really worried about you retiring. First of all, I think

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<v Speaker 2>you're out of your mind. We're having too good of

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00:15:51.519 --> 00:15:54.960
<v Speaker 2>a time. Our performance is extraordinary. Were covering and doing

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00:15:55.039 --> 00:15:56.960
<v Speaker 2>everything we said we do. Why do you want to leave?

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<v Speaker 2>Suse I'm young and I want to try something else

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<v Speaker 2>while i'm young. I said, well, I respect that, but

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<v Speaker 2>here's what's a problem. If you walk away and they

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<v Speaker 2>don't make me CEO, I don't want to be here.

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<v Speaker 2>And I coined the term right then and there. I

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00:16:10.279 --> 00:16:12.840
<v Speaker 2>want to walk away in the sunset with you. I

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00:16:12.879 --> 00:16:15.559
<v Speaker 2>want the opportunity to walk away, and I want to

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00:16:15.559 --> 00:16:18.679
<v Speaker 2>be paid for my serverance because I'm going to stick around.

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<v Speaker 2>In fact, I'm prepared to stick around forever as long

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<v Speaker 2>as you're the CEO. But after all this time, I

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00:16:23.879 --> 00:16:27.360
<v Speaker 2>want the opportunity to walk away. And let's call it

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00:16:27.399 --> 00:16:31.639
<v Speaker 2>a sunset contract. He said, Look, I hear you. I

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00:16:31.679 --> 00:16:34.519
<v Speaker 2>don't understand why you have a problem. If you don't

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00:16:34.519 --> 00:16:39.759
<v Speaker 2>get CEO, just don't behave act poorly, make it unpleasant.

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<v Speaker 2>They'll fire you and get everything you're entitled to. And

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<v Speaker 2>I remember how angry I got it him. I started

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<v Speaker 2>to scream. I said, I'm here for thirty years, I've

328
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<v Speaker 2>been on the board for seven I've done everything right.

329
00:16:48.840 --> 00:16:51.480
<v Speaker 2>My career has been impeccable, and you're telling me, after

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<v Speaker 2>the service I've given this company, if I'm not given

331
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<v Speaker 2>a job that I think I was trained and groomed for,

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<v Speaker 2>I can't leave the company with diggnity. What are you

333
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<v Speaker 2>out of your freaking mind? I didn't use the word freaking,

334
00:17:01.720 --> 00:17:04.680
<v Speaker 2>but he said, whoa, you know, calm down, let me

335
00:17:04.720 --> 00:17:07.480
<v Speaker 2>see what I could do. And he went and he

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00:17:07.519 --> 00:17:09.920
<v Speaker 2>met with the compensation committee, and over the course of

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00:17:10.000 --> 00:17:12.519
<v Speaker 2>time they started to talk. I met with the compensation

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00:17:12.640 --> 00:17:15.319
<v Speaker 2>committee and I told him how serious I was. Look,

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<v Speaker 2>i'm here, I'm your number two. I've been his number

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<v Speaker 2>two for seven years. As long as I was here,

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00:17:20.400 --> 00:17:22.559
<v Speaker 2>you never had to worry. You knew where we were

342
00:17:22.599 --> 00:17:25.839
<v Speaker 2>going as a company. Now the CEO's leaving, I am

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<v Speaker 2>the logical choice. You don't want to make me CEO.

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<v Speaker 2>Then I don't want to stay with you. You don't

345
00:17:30.160 --> 00:17:32.640
<v Speaker 2>love me. I don't love you, but I am prepared

346
00:17:32.680 --> 00:17:34.880
<v Speaker 2>to stay if you make me the CEO, or I

347
00:17:34.920 --> 00:17:36.960
<v Speaker 2>am prepared to stay for as long as he stays.

348
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<v Speaker 2>That gives you a sense of security that you've always had,

349
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<v Speaker 2>and I'll continue to give to you. And to my luck,

350
00:17:44.480 --> 00:17:47.079
<v Speaker 2>to my luck, to my great fortune, maybe to the

351
00:17:47.119 --> 00:17:50.440
<v Speaker 2>fact that I was smart. The Board of directors granted

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<v Speaker 2>me what I called the Sunset contract, that if in

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<v Speaker 2>fact my boss just that one person left and they

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00:17:58.400 --> 00:18:01.400
<v Speaker 2>didn't make me CEO, I would get the full bennets

355
00:18:01.480 --> 00:18:04.799
<v Speaker 2>of my contract and I could execute walk away into

356
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<v Speaker 2>the Sunset with dignity. And that was my exit strategy.

357
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<v Speaker 2>Now lo and behold months to my surprise when the

358
00:18:14.480 --> 00:18:18.039
<v Speaker 2>interviewing was done, when the anger subsided of me. When

359
00:18:18.039 --> 00:18:19.720
<v Speaker 2>I would have these meetings with one on one with

360
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<v Speaker 2>board members, I said, the questions you're asking me are ridiculous.

361
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<v Speaker 2>I've been here forever. I'm an open book. You saw

362
00:18:27.640 --> 00:18:29.759
<v Speaker 2>me sit on the board for seven years, You've heard

363
00:18:29.799 --> 00:18:33.279
<v Speaker 2>me speak. I shouldn't be requiring. They were very kind,

364
00:18:33.279 --> 00:18:35.640
<v Speaker 2>and they said, we understand, but we have to do diligence.

365
00:18:36.440 --> 00:18:39.680
<v Speaker 2>I then found out that they were interviewing other people

366
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<v Speaker 2>and I was pissed. So I went back to my board.

367
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<v Speaker 2>I now have my Sunset contract and I said, there,

368
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<v Speaker 2>my boss, listen, if this company's going to do a

369
00:18:49.720 --> 00:18:52.440
<v Speaker 2>beauty search, you're going to tell me it's Sarbaine's Oxley.

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<v Speaker 2>That's nonsense. You're allowed to name a CEO from inside

371
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<v Speaker 2>who you know as well as you know me. I

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00:18:58.279 --> 00:19:00.720
<v Speaker 2>want to walk away. I'm in Barras. If you guys

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<v Speaker 2>don't love me, I'll walk away. You'll retire. I'll give

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00:19:03.400 --> 00:19:06.119
<v Speaker 2>you some time. I'll train the new guy, but then

375
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<v Speaker 2>I'm walking away. Tell you that right now, either end

376
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<v Speaker 2>the beauty contest or I'm out of here once again.

377
00:19:12.599 --> 00:19:14.680
<v Speaker 2>I don't know if I'm lucky. I don't know if

378
00:19:14.720 --> 00:19:17.480
<v Speaker 2>I'm smart. I often say I don't know whether I'm smart.

379
00:19:17.519 --> 00:19:21.119
<v Speaker 2>That's for others to decide. I know I'm well trained

380
00:19:21.400 --> 00:19:23.960
<v Speaker 2>and it all helped me well. And in the end,

381
00:19:24.240 --> 00:19:26.440
<v Speaker 2>the boy gave me the chance to be the CEO,

382
00:19:27.000 --> 00:19:30.200
<v Speaker 2>and I had my exit strategy, which was the point

383
00:19:30.559 --> 00:19:34.640
<v Speaker 2>of tonight's show, and that one was about me. When

384
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<v Speaker 2>we come back, I want to talk to you about

385
00:19:36.240 --> 00:19:37.759
<v Speaker 2>the company back in a moment.

386
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<v Speaker 1>Always in fashion.

387
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<v Speaker 2>Dona Karen began her career as one of the finest,

388
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<v Speaker 2>most successful, powerful women in the fashion industry. She developed

389
00:19:49.960 --> 00:19:53.799
<v Speaker 2>a collection aimed at the luxury market for women on

390
00:19:53.839 --> 00:19:56.759
<v Speaker 2>the go, women who were powerful in their workplace, women

391
00:19:56.759 --> 00:20:00.839
<v Speaker 2>who had lives that extended beyond the workplace, and went

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00:20:00.880 --> 00:20:04.839
<v Speaker 2>from day in tonight an extraordinary collection. But the interesting

393
00:20:04.920 --> 00:20:07.519
<v Speaker 2>thing Donna Karen had a young daughter, and she had

394
00:20:07.559 --> 00:20:10.599
<v Speaker 2>friends and they couldn't afford to buy the Donna Karen collection,

395
00:20:10.920 --> 00:20:14.920
<v Speaker 2>and Donna invented dk NY Donna Aaron, New York. It's

396
00:20:14.920 --> 00:20:18.359
<v Speaker 2>an offshoot of the Donna Karen collection. The same concept

397
00:20:18.440 --> 00:20:21.119
<v Speaker 2>a lifestyle brand. Then we talk about lifestyle brands. What

398
00:20:21.160 --> 00:20:23.880
<v Speaker 2>does that really mean? Simply what they say, there are

399
00:20:23.920 --> 00:20:27.319
<v Speaker 2>brands that follow you throughout your lifestyle. You get up

400
00:20:27.359 --> 00:20:29.440
<v Speaker 2>in the morning, you start to get dressed. Donna Karen

401
00:20:29.519 --> 00:20:33.559
<v Speaker 2>decaan why as intimate apparel, as hosiery, as all those products.

402
00:20:34.000 --> 00:20:37.680
<v Speaker 2>You're getting dressed for work. You get accessorized shoes, handbags,

403
00:20:37.799 --> 00:20:40.319
<v Speaker 2>and it takes you through the day. The remarkable thing

404
00:20:40.400 --> 00:20:43.640
<v Speaker 2>about dk andy clothes for work. They work into the evening,

405
00:20:44.079 --> 00:20:48.240
<v Speaker 2>the dresses, the suits, the pants, the sweaters, the blouses,

406
00:20:48.480 --> 00:20:53.599
<v Speaker 2>extraordinary clothes at affordable prices that go from day in tonight.

407
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<v Speaker 2>Part of your lifestyle is active. You have weekends, you

408
00:20:56.759 --> 00:21:00.839
<v Speaker 2>have events, you participate in sports. Donna ca Arent's casual

409
00:21:00.880 --> 00:21:04.279
<v Speaker 2>clothes did that under the dk and Y label. A

410
00:21:04.400 --> 00:21:08.799
<v Speaker 2>vast array of casual sportswear that make women look great

411
00:21:08.960 --> 00:21:12.440
<v Speaker 2>as they navigate their busy lives. Whether you're going to

412
00:21:12.559 --> 00:21:15.160
<v Speaker 2>soccer games for your children, or whether you're going out

413
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<v Speaker 2>to the movies. Whatever you want to do, dk and

414
00:21:18.640 --> 00:21:22.799
<v Speaker 2>Y genes dk Y sportswear is there for you. That's

415
00:21:22.839 --> 00:21:26.680
<v Speaker 2>what a lifestyle brand is. I need to mention DKY

416
00:21:26.759 --> 00:21:31.000
<v Speaker 2>active Wear, which is extraordinary, the leggings, the sports bras,

417
00:21:31.200 --> 00:21:36.279
<v Speaker 2>the sweats. You can wear DKY active Wear certainly in

418
00:21:36.319 --> 00:21:39.039
<v Speaker 2>the gym, certainly when you're working out at home, and

419
00:21:39.119 --> 00:21:42.039
<v Speaker 2>certainly if you want on the street because it's that

420
00:21:42.279 --> 00:21:45.000
<v Speaker 2>well done. The quality of dk Y is nothing short

421
00:21:45.000 --> 00:21:47.880
<v Speaker 2>of exceptional. And why shouldn't it be Because it was

422
00:21:47.960 --> 00:21:52.240
<v Speaker 2>born from the idea of luxury made affordable for women

423
00:21:52.440 --> 00:21:56.759
<v Speaker 2>of America. DKY and Wire a true lifestyle brand that

424
00:21:56.880 --> 00:21:59.799
<v Speaker 2>takes you from day and tonight from the week into

425
00:21:59.839 --> 00:22:05.039
<v Speaker 2>the Weekend DCN why you can find DCNHY and Macy's

426
00:22:05.319 --> 00:22:08.799
<v Speaker 2>DKNY dot com. As one of the world's most celebrated

427
00:22:08.839 --> 00:22:12.759
<v Speaker 2>fashion designers, Carl Lagafeld was renowned for his aspirational and

428
00:22:12.799 --> 00:22:16.519
<v Speaker 2>cutting edge approach to style. His unique vision of Parisian

429
00:22:16.599 --> 00:22:20.680
<v Speaker 2>shit comes to America through car Lagofeld Paris. He has

430
00:22:20.720 --> 00:22:24.880
<v Speaker 2>women's collections, men's collections, ready to wear, accessory shoes and bags.

431
00:22:25.359 --> 00:22:28.519
<v Speaker 2>The fashion house Carlagofeld also offers a range of watches,

432
00:22:28.599 --> 00:22:32.079
<v Speaker 2>I wear and premium fragrances. You can explore the car

433
00:22:32.160 --> 00:22:36.160
<v Speaker 2>Lagovil collection at car Lagofelparis dot com. But it's more

434
00:22:36.200 --> 00:22:39.240
<v Speaker 2>than that. I have for one, love to shop. I

435
00:22:39.279 --> 00:22:42.279
<v Speaker 2>love going around and seeing what's happening and what catches

436
00:22:42.319 --> 00:22:45.839
<v Speaker 2>my attention, what would make me feel good to wear Now.

437
00:22:45.839 --> 00:22:47.960
<v Speaker 2>I don't wear the women's wear obviously, but I can

438
00:22:48.039 --> 00:22:51.119
<v Speaker 2>appreciate it and they look amazing. If you want to

439
00:22:51.119 --> 00:22:53.720
<v Speaker 2>look right, you want to have clothes that fits you well.

440
00:22:54.240 --> 00:22:57.599
<v Speaker 2>You want to look like you're wearing something that's very expensive,

441
00:22:58.319 --> 00:23:01.880
<v Speaker 2>that's exclusive for you, you and yours. You can find

442
00:23:01.920 --> 00:23:06.279
<v Speaker 2>it at very affordable prices at Macy's Orcarlagofel dot com Paris.

443
00:23:06.599 --> 00:23:09.400
<v Speaker 2>The women's ready to wear fashion is extraordinary, as well

444
00:23:09.440 --> 00:23:12.680
<v Speaker 2>as the handbigs and the shoes. I, for one, wear

445
00:23:12.799 --> 00:23:17.039
<v Speaker 2>men's clothes, unlike my appreciation of women's clothes. I'm a

446
00:23:17.079 --> 00:23:19.920
<v Speaker 2>modern guy. I want to look current, I want to

447
00:23:19.920 --> 00:23:21.839
<v Speaker 2>look the way I want to feel. I go out

448
00:23:21.839 --> 00:23:25.039
<v Speaker 2>at night, I'm in black and Carl Lagafel is my buddy.

449
00:23:25.480 --> 00:23:27.720
<v Speaker 2>Calls are great, they fit great, and they have little

450
00:23:27.720 --> 00:23:30.039
<v Speaker 2>tweaks and touches, whether it's a stripe on the sleeve

451
00:23:30.119 --> 00:23:32.759
<v Speaker 2>or button at the neck or on the shoulder. There's

452
00:23:32.759 --> 00:23:36.039
<v Speaker 2>a lot of details that go into Carlagafel because he's

453
00:23:36.039 --> 00:23:38.680
<v Speaker 2>always been, he always had been one of the world's

454
00:23:38.680 --> 00:23:41.759
<v Speaker 2>great designers, and this legacy and goes on and on.

455
00:23:42.440 --> 00:23:44.720
<v Speaker 2>I can't speak enough about it except to say to you,

456
00:23:44.720 --> 00:23:46.880
<v Speaker 2>you want to feel good about yourself. You want to

457
00:23:46.920 --> 00:23:48.880
<v Speaker 2>know that you're dressing properly. You want to clothes that

458
00:23:49.000 --> 00:23:56.039
<v Speaker 2>fits you well. Carl Lagafeld Paris at Macy's Orcarlagafel dot com.

459
00:23:56.200 --> 00:23:59.480
<v Speaker 1>Welcome back to it Always in Fashion. Here's your host,

460
00:23:59.720 --> 00:24:00.359
<v Speaker 1>Mark Hover.

461
00:24:01.160 --> 00:24:05.319
<v Speaker 2>Tonight, I'm talking about exit strategy. We all need what

462
00:24:05.559 --> 00:24:08.000
<v Speaker 2>f's you have a plan that doesn't go well, what

463
00:24:08.039 --> 00:24:11.319
<v Speaker 2>do you do? You always need an out, You need

464
00:24:11.319 --> 00:24:15.680
<v Speaker 2>an escape route. You need some kind of vision of

465
00:24:15.720 --> 00:24:17.960
<v Speaker 2>where you're going. And if you can't get to where

466
00:24:17.960 --> 00:24:19.839
<v Speaker 2>you're going, what are you going to do next? Give up?

467
00:24:20.680 --> 00:24:24.519
<v Speaker 2>In life? Same thing, There's always ups and downs. You

468
00:24:24.559 --> 00:24:26.559
<v Speaker 2>always need a plan, you need an out. My wife

469
00:24:26.640 --> 00:24:28.480
<v Speaker 2>told me that when we were very young. We need

470
00:24:28.519 --> 00:24:30.920
<v Speaker 2>an exit strategy. You need a plan. You always need

471
00:24:30.960 --> 00:24:33.720
<v Speaker 2>to get out. My favorite example of all I said before,

472
00:24:33.759 --> 00:24:36.799
<v Speaker 2>if I go into a hotel room, most people look

473
00:24:36.799 --> 00:24:40.559
<v Speaker 2>at the bathroom, look at the condiments that they left behind,

474
00:24:40.839 --> 00:24:43.440
<v Speaker 2>look for the chocolate, see if the bed is so

475
00:24:43.519 --> 00:24:46.799
<v Speaker 2>off the pillows. Not me. I walk into a hotel

476
00:24:46.839 --> 00:24:48.400
<v Speaker 2>room and I look at it real quick. I know

477
00:24:48.400 --> 00:24:50.000
<v Speaker 2>whether I like it or not. But I open the

478
00:24:50.039 --> 00:24:53.079
<v Speaker 2>door and I look for the exits. I want to

479
00:24:53.119 --> 00:24:55.400
<v Speaker 2>know where the stairwells are. For God forbid, I have

480
00:24:55.440 --> 00:24:58.440
<v Speaker 2>to go out. So that's what I'm thinking about tonight,

481
00:24:58.480 --> 00:25:01.559
<v Speaker 2>having an exit strategy, and a couple of questions and

482
00:25:01.640 --> 00:25:05.319
<v Speaker 2>lessons learned. This one first one I want to give

483
00:25:05.359 --> 00:25:11.160
<v Speaker 2>this about style. I at one time was a shirt expert,

484
00:25:11.400 --> 00:25:14.359
<v Speaker 2>and I was around when they started coming out what

485
00:25:14.359 --> 00:25:18.440
<v Speaker 2>we're called fitted shirts or taped shirts or slim fit shirts.

486
00:25:18.480 --> 00:25:21.319
<v Speaker 2>Everybody had a different name for them, and it was

487
00:25:21.359 --> 00:25:24.200
<v Speaker 2>a new invention because up until that point, all the

488
00:25:24.480 --> 00:25:27.720
<v Speaker 2>shirts that were made had generous fit. The idea of

489
00:25:27.759 --> 00:25:29.960
<v Speaker 2>a tapered waist or a loose shirt was just the

490
00:25:30.000 --> 00:25:32.240
<v Speaker 2>fashion in the rage and over the history of time

491
00:25:32.559 --> 00:25:36.680
<v Speaker 2>there was always shirts that were just wider and bigger.

492
00:25:36.720 --> 00:25:40.119
<v Speaker 2>And now a guy named Henry Grethel, I'll give him

493
00:25:40.160 --> 00:25:42.480
<v Speaker 2>a call out. Henry Grethel, I admired him as the

494
00:25:42.519 --> 00:25:46.400
<v Speaker 2>president of Manhattan Shirt Company, came out with a collection

495
00:25:46.519 --> 00:25:51.599
<v Speaker 2>of shirts called Henry Grethel and they were amazing. They

496
00:25:51.640 --> 00:25:54.720
<v Speaker 2>were very fitted, tapered for the day and age. They

497
00:25:54.720 --> 00:25:59.039
<v Speaker 2>came in a very small package and they became incredibly important.

498
00:25:59.279 --> 00:26:02.000
<v Speaker 2>And they Manhattan Shirt with the Henry Grethel label were

499
00:26:02.000 --> 00:26:04.559
<v Speaker 2>the only ones doing it. They had the world by storm.

500
00:26:04.960 --> 00:26:06.720
<v Speaker 2>I'll take a minute to think about it. I think

501
00:26:06.759 --> 00:26:10.400
<v Speaker 2>Heidi Slimane, famous guy was at the yor was at

502
00:26:10.480 --> 00:26:13.880
<v Speaker 2>Eve's Son Lauran. He put the Cint Lauran instead of

503
00:26:13.880 --> 00:26:16.759
<v Speaker 2>Eve Saint Lauran. Actually, he is credited with inventing the

504
00:26:16.839 --> 00:26:21.279
<v Speaker 2>slim fit sit now. Could you imagine any company today

505
00:26:21.279 --> 00:26:25.079
<v Speaker 2>without a slim fit suit. You can't. One of the

506
00:26:25.119 --> 00:26:27.799
<v Speaker 2>great men's pant companies in the world, I'll give you

507
00:26:27.799 --> 00:26:30.279
<v Speaker 2>two of them, whether it's Stockers or Hagars. They're aimed

508
00:26:30.279 --> 00:26:33.839
<v Speaker 2>at men, all sizes, ages and a price point. They

509
00:26:33.920 --> 00:26:36.480
<v Speaker 2>have slim fit pants and they have generous foot pants.

510
00:26:36.519 --> 00:26:39.119
<v Speaker 2>Everybody has a different point of view without one or

511
00:26:39.119 --> 00:26:41.599
<v Speaker 2>the other. Could you imagine what those companies would be like?

512
00:26:42.160 --> 00:26:46.440
<v Speaker 2>Which brings me back to shirts. Henry Grethel Manhattan Shirt

513
00:26:46.480 --> 00:26:49.480
<v Speaker 2>comes out with slim fit shirts and becomes fifteen percent

514
00:26:49.519 --> 00:26:53.240
<v Speaker 2>of the business. Everyone else is lacking behind. It was

515
00:26:53.400 --> 00:26:57.599
<v Speaker 2>fashioned forward. They had great looks, great fit, great colors,

516
00:26:57.640 --> 00:27:02.519
<v Speaker 2>great everything, and left everyone behind. So everyone, like myself

517
00:27:02.519 --> 00:27:06.240
<v Speaker 2>at van Usen, like the Arrow Shirt Company, like everyone

518
00:27:06.279 --> 00:27:08.839
<v Speaker 2>who was out there making shirts, every designer shirt came

519
00:27:08.880 --> 00:27:12.119
<v Speaker 2>out with a slim fit line. And I'll never forget

520
00:27:12.160 --> 00:27:15.480
<v Speaker 2>as I watched the designers and all these companies, they

521
00:27:15.519 --> 00:27:20.599
<v Speaker 2>took all the energy, all the excitement, all the newness

522
00:27:21.319 --> 00:27:25.279
<v Speaker 2>and put it in slim fit. And I remember at

523
00:27:25.279 --> 00:27:27.640
<v Speaker 2>the time talking to the heads of sales, and I

524
00:27:27.720 --> 00:27:30.240
<v Speaker 2>was talking. I wasn't a big shot then, I say,

525
00:27:30.279 --> 00:27:34.119
<v Speaker 2>I'm worried because we're being directed to put all the

526
00:27:34.160 --> 00:27:37.480
<v Speaker 2>great stuff in the fitted line, and you're forgetting the

527
00:27:37.480 --> 00:27:41.880
<v Speaker 2>full cut line. What's that going to look like. I'll

528
00:27:41.880 --> 00:27:45.000
<v Speaker 2>come back to them in a minute. Lessons learned many

529
00:27:45.119 --> 00:27:48.720
<v Speaker 2>years later, I am running a shirt company. It's part

530
00:27:48.759 --> 00:27:51.319
<v Speaker 2>of what I'm responsible for running. I had a CEO

531
00:27:51.400 --> 00:27:54.759
<v Speaker 2>and I was corporately responsible for Thomas Pink, the British

532
00:27:54.799 --> 00:27:57.720
<v Speaker 2>shirt company made in Germany Street in London. They too

533
00:27:57.799 --> 00:28:00.799
<v Speaker 2>had a beautiful full cut business. They built the entire

534
00:28:00.880 --> 00:28:03.119
<v Speaker 2>business on it. And then they came out with slim

535
00:28:03.200 --> 00:28:06.480
<v Speaker 2>Fit and they started pouring all the great designs, all

536
00:28:06.519 --> 00:28:08.680
<v Speaker 2>the fashion into slim Fit, and I said time out.

537
00:28:09.279 --> 00:28:12.599
<v Speaker 2>I remember meeting with Jonathan Heilbron, the CEO, British guy.

538
00:28:12.640 --> 00:28:14.160
<v Speaker 2>I loved him. He's a great guy. Him and I

539
00:28:14.200 --> 00:28:17.640
<v Speaker 2>worked really really well together. In fact, there's a lesson learned.

540
00:28:17.799 --> 00:28:19.799
<v Speaker 2>When I first met him, I said to him, look,

541
00:28:20.160 --> 00:28:22.720
<v Speaker 2>Elvi Image brought me in. You report to me. We

542
00:28:23.559 --> 00:28:25.400
<v Speaker 2>don't know each other and we have to get along.

543
00:28:25.440 --> 00:28:27.200
<v Speaker 2>I want to make a deal with you. I want

544
00:28:27.200 --> 00:28:29.079
<v Speaker 2>to be able to say anything I want to say

545
00:28:29.079 --> 00:28:33.200
<v Speaker 2>to you about design, about processing, operation and you not

546
00:28:33.279 --> 00:28:35.759
<v Speaker 2>take it personally. I'm going to let you make your

547
00:28:35.759 --> 00:28:38.200
<v Speaker 2>own choice unless I have something that I feel very

548
00:28:38.200 --> 00:28:41.839
<v Speaker 2>strongly about that I can't live without changing. But basically

549
00:28:41.880 --> 00:28:43.559
<v Speaker 2>that's not going to happen. I want to tell you,

550
00:28:44.519 --> 00:28:47.880
<v Speaker 2>without any difficulty, I don't want to be uncomfortable anything,

551
00:28:47.920 --> 00:28:50.079
<v Speaker 2>And in turn, I want you to tell me no.

552
00:28:50.319 --> 00:28:52.839
<v Speaker 2>I want you to tell me anything you want to

553
00:28:52.839 --> 00:28:55.160
<v Speaker 2>tell me, and I won't take it personally. And if

554
00:28:55.200 --> 00:28:57.880
<v Speaker 2>you and I could work that way together, it'll be brilliant.

555
00:28:57.920 --> 00:29:00.200
<v Speaker 2>And sure enough it was. Him and I had one

556
00:29:00.240 --> 00:29:03.079
<v Speaker 2>of the best working relationships I ever had because I

557
00:29:03.160 --> 00:29:05.839
<v Speaker 2>cleared the air right up front, and there's a lesson

558
00:29:05.839 --> 00:29:07.920
<v Speaker 2>in there, even though that's not worth particularly what I'm

559
00:29:07.960 --> 00:29:10.160
<v Speaker 2>talking about right now. I want to go back to

560
00:29:10.279 --> 00:29:13.319
<v Speaker 2>slim fit shirts. So they launched slim fit shirts at

561
00:29:13.319 --> 00:29:16.039
<v Speaker 2>Thomas Peak, and they put all the fashion up front,

562
00:29:16.079 --> 00:29:17.880
<v Speaker 2>and I said to him what I learned at Van

563
00:29:18.000 --> 00:29:21.119
<v Speaker 2>use it. If you put all the fashion in slim

564
00:29:21.160 --> 00:29:24.279
<v Speaker 2>fit and you forget your full cut business, you're going

565
00:29:24.319 --> 00:29:27.119
<v Speaker 2>to alienate your full cut customer who you built your

566
00:29:27.200 --> 00:29:29.880
<v Speaker 2>business on. These are the people that are out there

567
00:29:30.240 --> 00:29:33.160
<v Speaker 2>counting on you to keep them happy. You don't want

568
00:29:33.160 --> 00:29:34.960
<v Speaker 2>to put all the new designs. If you come up

569
00:29:35.000 --> 00:29:37.799
<v Speaker 2>with a white collar on a pinstriped shirt, you want it,

570
00:29:37.839 --> 00:29:40.279
<v Speaker 2>and full cut you want it and fit it. You

571
00:29:40.319 --> 00:29:43.079
<v Speaker 2>want to give both customers a choice at the best fashion.

572
00:29:43.160 --> 00:29:45.119
<v Speaker 2>And we did it. And why did we do it

573
00:29:45.160 --> 00:29:47.640
<v Speaker 2>because I learned my lesson in Van use it. Because

574
00:29:47.640 --> 00:29:50.440
<v Speaker 2>when we put all the energy into then our slim

575
00:29:50.440 --> 00:29:53.880
<v Speaker 2>fit shirt was called Hennessy did amazing, came from nowhere,

576
00:29:53.960 --> 00:29:57.200
<v Speaker 2>became twenty five percent of the business almost overnight. But

577
00:29:57.279 --> 00:30:00.599
<v Speaker 2>it wasn't all incremental value. Our full cut business suffered

578
00:30:00.599 --> 00:30:04.359
<v Speaker 2>while we built a smaller business and fitted shirts because

579
00:30:04.400 --> 00:30:08.359
<v Speaker 2>we didn't keep the full cut current and we had to.

580
00:30:09.079 --> 00:30:11.759
<v Speaker 2>So I warn you Thomas Spink and they did the

581
00:30:11.799 --> 00:30:14.559
<v Speaker 2>same thing, and for a moment, only a moment in time,

582
00:30:14.640 --> 00:30:17.039
<v Speaker 2>our full cout business suffered. And then we added the

583
00:30:17.079 --> 00:30:19.680
<v Speaker 2>fashion right after my conversation with them. And I'm not

584
00:30:19.720 --> 00:30:22.440
<v Speaker 2>taking credit for helping them other than to say it worked.

585
00:30:22.720 --> 00:30:26.640
<v Speaker 2>We kept fitted vibrant, we came full cut now vibrant,

586
00:30:26.680 --> 00:30:30.200
<v Speaker 2>and the business grow. And the point is you don't

587
00:30:30.240 --> 00:30:32.799
<v Speaker 2>have to throw away the baby with the bathwater. You

588
00:30:32.839 --> 00:30:35.759
<v Speaker 2>want to go into a new business. Give it your best,

589
00:30:35.799 --> 00:30:39.359
<v Speaker 2>but at the same time protect it. Which brings me

590
00:30:39.440 --> 00:30:43.200
<v Speaker 2>to cars, which I said before. You look at all

591
00:30:43.240 --> 00:30:46.880
<v Speaker 2>the automobiles right now. If the EVS, all the energy

592
00:30:47.079 --> 00:30:50.440
<v Speaker 2>and excitement and styling is going into the EVS, it

593
00:30:50.519 --> 00:30:52.640
<v Speaker 2>is the dumbest thing I ever saw in my life.

594
00:30:53.160 --> 00:30:55.599
<v Speaker 2>All the new lights up front, the new shapes of light,

595
00:30:55.680 --> 00:30:59.480
<v Speaker 2>the side panels, all the interior decorations, all going into

596
00:30:59.519 --> 00:31:02.960
<v Speaker 2>the ev and the full cut. In this case, the

597
00:31:03.039 --> 00:31:06.880
<v Speaker 2>regular gas combustion engines are getting a little tired and

598
00:31:06.880 --> 00:31:10.319
<v Speaker 2>they're not putting the energy into it. So in terms

599
00:31:10.359 --> 00:31:13.680
<v Speaker 2>of where you're going as a business planner, I asked

600
00:31:13.720 --> 00:31:18.359
<v Speaker 2>you to consider an exit strategy. Why not have it

601
00:31:18.480 --> 00:31:21.279
<v Speaker 2>all if you can have it all. If you said

602
00:31:21.319 --> 00:31:25.440
<v Speaker 2>to me, I'm going out of all combustion engines like Jaguar,

603
00:31:25.839 --> 00:31:28.160
<v Speaker 2>good luck, Jaguar, I don't believe in that. I'm worried

604
00:31:28.200 --> 00:31:30.480
<v Speaker 2>for them. I can't imagine, you know. I look at

605
00:31:30.480 --> 00:31:34.039
<v Speaker 2>the Hummer. I've had three Hummers in my career. I

606
00:31:34.119 --> 00:31:36.680
<v Speaker 2>bought three of them. I loved the Hummer. It was big,

607
00:31:37.160 --> 00:31:41.279
<v Speaker 2>it was safe. My Jesse learned to drive the Humber. Jesse.

608
00:31:41.759 --> 00:31:42.759
<v Speaker 2>How great was the Hummer.

609
00:31:42.799 --> 00:31:46.759
<v Speaker 3>When we had the Hummers, Oh man, the Hummer was fantastic.

610
00:31:47.240 --> 00:31:50.720
<v Speaker 3>First of all, I was sixteen, seventeen years old and

611
00:31:50.880 --> 00:31:53.880
<v Speaker 3>high school driving a Hummer. Nobody else had it. It

612
00:31:54.039 --> 00:31:57.599
<v Speaker 3>was how should I say? It helped me a lot socially.

613
00:31:57.720 --> 00:31:59.839
<v Speaker 3>Let's just say that it was a great car. Now

614
00:32:00.519 --> 00:32:02.240
<v Speaker 3>do you remember what happened when I had the Hummer?

615
00:32:02.599 --> 00:32:04.680
<v Speaker 2>Well? I remember I bought the Hummer because I didn't

616
00:32:04.680 --> 00:32:07.119
<v Speaker 2>think you could drive worth a lick. I was SKay.

617
00:32:07.920 --> 00:32:10.960
<v Speaker 3>I passed the road test the first try. But but

618
00:32:11.039 --> 00:32:13.920
<v Speaker 3>I will tell you with the Hummer, right, the H

619
00:32:14.039 --> 00:32:17.759
<v Speaker 3>two massive car I had my license for a week

620
00:32:18.480 --> 00:32:21.799
<v Speaker 3>ended up smashing into a park car when I was

621
00:32:21.880 --> 00:32:24.640
<v Speaker 3>backing up. Didn't see where I was going, and bam

622
00:32:24.759 --> 00:32:26.759
<v Speaker 3>picked the car up and dropped it on the ground.

623
00:32:26.799 --> 00:32:28.519
<v Speaker 3>And I remember I went up to the guy's house

624
00:32:28.880 --> 00:32:30.559
<v Speaker 3>in the neighborhood. I was like, I'm so sorry I

625
00:32:30.640 --> 00:32:33.640
<v Speaker 3>hit your car. He's like, I got hit by a Hummer. Awesome.

626
00:32:34.079 --> 00:32:36.200
<v Speaker 3>He was happy, But I just thought to pay it.

627
00:32:36.240 --> 00:32:38.480
<v Speaker 3>But it was, uh yeah, it was a great car. Amazing.

628
00:32:38.559 --> 00:32:42.640
<v Speaker 2>So how did we settle it? You know? I had

629
00:32:42.680 --> 00:32:43.799
<v Speaker 2>to remember.

630
00:32:44.160 --> 00:32:45.480
<v Speaker 3>I don't even remember I don't think it was that

631
00:32:45.559 --> 00:32:47.880
<v Speaker 3>much damage actually, despite the fact that he was hit

632
00:32:47.880 --> 00:32:49.559
<v Speaker 3>by a hummer. But what I will tell you is

633
00:32:49.599 --> 00:32:52.640
<v Speaker 3>the car was awesome. Parking it was tricky. It was

634
00:32:52.720 --> 00:32:55.200
<v Speaker 3>so wide. Didn't we have to take up like two spots?

635
00:32:55.799 --> 00:32:56.000
<v Speaker 1>Oh?

636
00:32:56.079 --> 00:33:02.599
<v Speaker 2>It was huge, But you know, Gary Nod, I knew

637
00:33:02.680 --> 00:33:03.880
<v Speaker 2>exactly what I was doing.

638
00:33:03.920 --> 00:33:05.160
<v Speaker 3>I knew exactly what I was doing.

639
00:33:05.359 --> 00:33:07.720
<v Speaker 2>It was great a minute. So Mommy and I made

640
00:33:07.720 --> 00:33:09.880
<v Speaker 2>a deal. She would teach you to park, I would

641
00:33:09.920 --> 00:33:12.279
<v Speaker 2>teach you how to drive. We're both busy, so we

642
00:33:12.599 --> 00:33:16.000
<v Speaker 2>divided in conquered. The day of your road test, I'm

643
00:33:16.000 --> 00:33:17.920
<v Speaker 2>taking you to the road test, and I'm giving you

644
00:33:17.920 --> 00:33:20.400
<v Speaker 2>a chance to drive. And then I said, let's practice parking.

645
00:33:21.200 --> 00:33:24.079
<v Speaker 2>You couldn't park. You couldn't park, And I said, what

646
00:33:24.119 --> 00:33:27.039
<v Speaker 2>are you doing? He said, Well, Mommy said, I should

647
00:33:27.039 --> 00:33:30.559
<v Speaker 2>line up the mirror on my call with the with

648
00:33:30.640 --> 00:33:33.079
<v Speaker 2>the door handle in this car. I said, that's the

649
00:33:33.200 --> 00:33:35.799
<v Speaker 2>dumbest thing I ever heard. Every car is a different

650
00:33:35.799 --> 00:33:39.440
<v Speaker 2>shape the door handles in. That's not how you park now,

651
00:33:39.440 --> 00:33:41.480
<v Speaker 2>it just so happens. You figured it out. You passed

652
00:33:41.519 --> 00:33:43.400
<v Speaker 2>on the first drive. But that was a nightmare.

653
00:33:43.920 --> 00:33:45.920
<v Speaker 3>It was not great, but you jumped in and the

654
00:33:45.960 --> 00:33:48.119
<v Speaker 3>last minute taught me how to parallel park, which, by

655
00:33:48.160 --> 00:33:51.599
<v Speaker 3>the way, I don't think i've ever wrote parallel park

656
00:33:51.680 --> 00:33:53.640
<v Speaker 3>since then. I don't find a lot of opportunities to

657
00:33:53.680 --> 00:33:54.799
<v Speaker 3>parallel park, to be honest.

658
00:33:54.920 --> 00:33:58.559
<v Speaker 2>Yeah, the world changed, the world changed, but the car anyway.

659
00:33:58.400 --> 00:34:00.160
<v Speaker 3>But the car was awesome, man, By the way, the

660
00:34:00.200 --> 00:34:03.039
<v Speaker 3>car was awesome. And we had something that we never

661
00:34:03.079 --> 00:34:07.119
<v Speaker 3>had before. We had a DVD machine in the back

662
00:34:07.160 --> 00:34:09.239
<v Speaker 3>of the car. Do you remember that? So if me, yes,

663
00:34:09.280 --> 00:34:11.360
<v Speaker 3>if I wasn't driving or somebody else was driving and

664
00:34:11.360 --> 00:34:13.679
<v Speaker 3>I was the back, there was a DVD like the

665
00:34:13.719 --> 00:34:16.360
<v Speaker 3>screen came down, you could watch a movie in the backseat.

666
00:34:16.400 --> 00:34:18.599
<v Speaker 3>I thought that was the coolest thing I've ever seen.

667
00:34:19.280 --> 00:34:21.360
<v Speaker 2>It was back in the day. Anyway, let me get

668
00:34:21.400 --> 00:34:24.119
<v Speaker 2>back to the point I'm trying to make. So now

669
00:34:24.199 --> 00:34:26.679
<v Speaker 2>Humma comes out with a new version after six eight

670
00:34:26.840 --> 00:34:30.960
<v Speaker 2>ten years of stopping great looking car crab walk. I

671
00:34:31.000 --> 00:34:32.400
<v Speaker 2>don't even know what that is. But they made it

672
00:34:32.440 --> 00:34:34.760
<v Speaker 2>all electric. I am telling you, I know they're not

673
00:34:34.840 --> 00:34:37.119
<v Speaker 2>selling cars. I see too many of them on the

674
00:34:37.119 --> 00:34:39.920
<v Speaker 2>dealership by me, And no matter what, I would have

675
00:34:39.960 --> 00:34:42.199
<v Speaker 2>bought the Hummer in three seconds. I don't care how

676
00:34:42.199 --> 00:34:44.800
<v Speaker 2>many cars I had. I would have bought it because

677
00:34:44.800 --> 00:34:46.920
<v Speaker 2>of the size, the safety, the speed. That has a

678
00:34:47.039 --> 00:34:49.800
<v Speaker 2>thousand horse power, But it's one hundred percent electric and

679
00:34:49.840 --> 00:34:53.039
<v Speaker 2>I just won't do it. So in your business planning,

680
00:34:53.400 --> 00:34:58.559
<v Speaker 2>you can do whatever you want, but you can't forget

681
00:34:58.760 --> 00:35:03.440
<v Speaker 2>that you need a plan. My greatest story of excess

682
00:35:03.440 --> 00:35:08.320
<v Speaker 2>strategy has to do back in London, different brand, different

683
00:35:08.360 --> 00:35:12.280
<v Speaker 2>set of circumstances. I was the CEO of Donna Karen DCN.

684
00:35:12.320 --> 00:35:16.280
<v Speaker 2>Why are the responsibilities of LVMH And when the time

685
00:35:16.360 --> 00:35:19.760
<v Speaker 2>I joined them for whatever reason other than jeans, there

686
00:35:19.800 --> 00:35:23.440
<v Speaker 2>was no men's business. I grew up on Calvin Klein men's.

687
00:35:24.159 --> 00:35:26.400
<v Speaker 2>I love their suits. I love this shirts, I love

688
00:35:26.440 --> 00:35:28.719
<v Speaker 2>this sports. You know you're talking Calvin Klein, one of

689
00:35:28.719 --> 00:35:32.960
<v Speaker 2>the world's greatest businesses. We have no men's business. In fact,

690
00:35:33.440 --> 00:35:36.280
<v Speaker 2>the greatest advertising I ever saw for shirts in my

691
00:35:36.320 --> 00:35:39.159
<v Speaker 2>life was Calvin Klein. What they did was different than

692
00:35:39.159 --> 00:35:42.400
<v Speaker 2>anything else. Rather than models posing and you know, showing

693
00:35:42.440 --> 00:35:45.920
<v Speaker 2>you their favorite smile, they took slices of life. They

694
00:35:45.960 --> 00:35:47.920
<v Speaker 2>went down to a street on Wall Street. They had

695
00:35:47.960 --> 00:35:50.719
<v Speaker 2>four models walking, they had ten models behind them. The

696
00:35:50.760 --> 00:35:52.880
<v Speaker 2>models behind them were blurred out, but it was the

697
00:35:53.039 --> 00:35:56.119
<v Speaker 2>real looking pictures of four guys talking to each other

698
00:35:56.199 --> 00:35:58.280
<v Speaker 2>or walking down the streets in the suits and tied

699
00:35:58.559 --> 00:36:02.440
<v Speaker 2>DK why it was in fact, when I came to

700
00:36:02.519 --> 00:36:06.000
<v Speaker 2>the company and I started and decided to relaunch men's

701
00:36:06.320 --> 00:36:09.679
<v Speaker 2>the first advertising I did, I took the former model

702
00:36:09.679 --> 00:36:11.719
<v Speaker 2>of DK Y who's now in his forties, who was

703
00:36:11.760 --> 00:36:14.159
<v Speaker 2>in forties at this time, Mark vanderlou put him in

704
00:36:14.159 --> 00:36:17.159
<v Speaker 2>the ads like the old ads and recreated that slice

705
00:36:17.199 --> 00:36:19.519
<v Speaker 2>of life advertising that meant so much to me. And

706
00:36:19.599 --> 00:36:23.800
<v Speaker 2>during my entire time at the Donna Karen Company, whenever

707
00:36:23.840 --> 00:36:26.159
<v Speaker 2>I was there, I had put up the advertising on

708
00:36:26.159 --> 00:36:29.559
<v Speaker 2>my walls bigger than life than I loved it. So

709
00:36:29.840 --> 00:36:32.039
<v Speaker 2>I decided to go back in the men's business and

710
00:36:32.079 --> 00:36:34.719
<v Speaker 2>I was introduced to this fellow. To this day remains

711
00:36:34.760 --> 00:36:37.119
<v Speaker 2>one of my favorite people of all times. His name

712
00:36:37.159 --> 00:36:40.360
<v Speaker 2>was Michael Morris. He was an entrepreneur based in London,

713
00:36:40.440 --> 00:36:44.480
<v Speaker 2>the UK. He had been the licensee for East Saint

714
00:36:44.559 --> 00:36:48.039
<v Speaker 2>Laurent in Europe and therefore all the East Saint Lagan

715
00:36:48.280 --> 00:36:50.880
<v Speaker 2>clothes and Europe at that time were coming out of

716
00:36:50.880 --> 00:36:54.440
<v Speaker 2>his company and he became a multi millionaire gazillionaire guy.

717
00:36:55.119 --> 00:36:57.639
<v Speaker 2>He is a few years older than me. He was

718
00:36:57.760 --> 00:37:01.119
<v Speaker 2>very cool. He dressed well, very nineteen five dresser, but

719
00:37:01.199 --> 00:37:05.280
<v Speaker 2>always hair slicked back, the pocket square, dressed well, always

720
00:37:05.280 --> 00:37:09.000
<v Speaker 2>looked apart. Nice, great guy. He went to Wimbledon, he

721
00:37:09.039 --> 00:37:11.440
<v Speaker 2>went to all the favorite restaurants. He belonged to the

722
00:37:11.519 --> 00:37:14.400
<v Speaker 2>right gambling clubs. Whenever I go to London and hang

723
00:37:14.440 --> 00:37:16.280
<v Speaker 2>with him, I was so happy hanging with him. I

724
00:37:16.360 --> 00:37:19.039
<v Speaker 2>just enjoyed him. He enjoyed me, loved my children. The

725
00:37:19.039 --> 00:37:21.960
<v Speaker 2>boys would come. In fact, anytime we had a runway

726
00:37:22.000 --> 00:37:24.639
<v Speaker 2>show in New York, the boys insisted they sit next

727
00:37:24.679 --> 00:37:27.800
<v Speaker 2>to Michael. Anywhere we went anything for dinner, Michael was

728
00:37:27.840 --> 00:37:30.559
<v Speaker 2>with me. We became best of friends. And he was

729
00:37:30.599 --> 00:37:34.639
<v Speaker 2>a great guy. And at one point in time he

730
00:37:34.760 --> 00:37:37.880
<v Speaker 2>lost the wire cell license. That's how I met him

731
00:37:37.920 --> 00:37:41.199
<v Speaker 2>because Nieves Solaruan decided they didn't want a partner in

732
00:37:41.280 --> 00:37:43.480
<v Speaker 2>doing men swear, they wanted to do it themselves. They

733
00:37:43.519 --> 00:37:46.000
<v Speaker 2>brought it back in house and Michael was without a job,

734
00:37:46.400 --> 00:37:49.480
<v Speaker 2>and I met him. And now I'm being introduced by

735
00:37:49.480 --> 00:37:51.960
<v Speaker 2>another friend of mine to Michael Morris, And you know

736
00:37:52.000 --> 00:37:55.239
<v Speaker 2>I met him. He was a little two col Valier

737
00:37:55.280 --> 00:37:57.639
<v Speaker 2>for me a little too entrepreneurial. Anything I said I

738
00:37:57.679 --> 00:37:59.639
<v Speaker 2>want him to do, he would do. Money didn't matter.

739
00:37:59.639 --> 00:38:02.280
<v Speaker 2>Whatever I asked them for Matt, it didn't matter, Just

740
00:38:02.360 --> 00:38:04.440
<v Speaker 2>do it. I want this license. Tell me what you want.

741
00:38:04.519 --> 00:38:06.639
<v Speaker 2>I'm going to build you a great business. Just stay

742
00:38:06.639 --> 00:38:08.920
<v Speaker 2>out of my way. And when he said to stay

743
00:38:08.960 --> 00:38:10.880
<v Speaker 2>out of my way, it made me a little concerned,

744
00:38:10.920 --> 00:38:13.639
<v Speaker 2>because when you rent your brand to someone, you have

745
00:38:13.679 --> 00:38:16.880
<v Speaker 2>an obligation to make sure that person does with it

746
00:38:16.920 --> 00:38:19.000
<v Speaker 2>what you expect them to do. The way they treated

747
00:38:19.039 --> 00:38:21.679
<v Speaker 2>who they sell, what the price points are made me

748
00:38:21.719 --> 00:38:25.239
<v Speaker 2>a little fuzzy. Michael was a little fast and furious

749
00:38:25.280 --> 00:38:27.880
<v Speaker 2>in his lifestyle, but that's okay. I loved him anyway

750
00:38:27.920 --> 00:38:30.760
<v Speaker 2>and decided to give him the rights to dk y

751
00:38:30.960 --> 00:38:36.320
<v Speaker 2>around the world. Big deal, big, big deal. But at

752
00:38:36.360 --> 00:38:42.000
<v Speaker 2>the time I was a little less than comfortable. I

753
00:38:42.039 --> 00:38:45.000
<v Speaker 2>had a sixth sense that said I needed to protect myself.

754
00:38:45.480 --> 00:38:48.760
<v Speaker 2>Let's call it an exit strategy, the theme of tonight's show.

755
00:38:49.320 --> 00:38:51.960
<v Speaker 2>And I was doing the negotiation with Michael Morris and

756
00:38:52.000 --> 00:38:54.960
<v Speaker 2>my friend Jean Rothkoff, great friend of mine who is

757
00:38:55.000 --> 00:38:57.880
<v Speaker 2>a licensing guy, said listen, I need protection for the company.

758
00:38:59.079 --> 00:39:01.800
<v Speaker 2>I want to get this deal. I won't ask you

759
00:39:01.840 --> 00:39:04.199
<v Speaker 2>for money up front. I want to ask you for

760
00:39:04.280 --> 00:39:06.679
<v Speaker 2>a signing bonus. But when I'm going to ask you,

761
00:39:07.199 --> 00:39:09.719
<v Speaker 2>at the time, our royalty was about three million dollars

762
00:39:09.800 --> 00:39:12.119
<v Speaker 2>a year for the first two years, I want you

763
00:39:12.199 --> 00:39:16.320
<v Speaker 2>to set up an LC for me, a letter of guarantee.

764
00:39:16.920 --> 00:39:20.320
<v Speaker 2>What an ELS was. It was a guarantee of payment

765
00:39:20.400 --> 00:39:23.239
<v Speaker 2>from a bank that should anything go wrong, should they

766
00:39:23.320 --> 00:39:26.360
<v Speaker 2>break their contract, should they not offer collections that they

767
00:39:26.599 --> 00:39:29.480
<v Speaker 2>probably agreed they would do, if they did not pay us,

768
00:39:29.519 --> 00:39:32.079
<v Speaker 2>the royalty were own, I could draw it down on

769
00:39:32.159 --> 00:39:34.599
<v Speaker 2>that LC, meaning take the six and a half million

770
00:39:34.639 --> 00:39:37.400
<v Speaker 2>dollars at any given time if they didn't own up

771
00:39:37.400 --> 00:39:40.079
<v Speaker 2>to their agreement. And they signed it and we agreed.

772
00:39:41.079 --> 00:39:44.280
<v Speaker 2>Fast forward three years later, I get a call in

773
00:39:44.360 --> 00:39:48.880
<v Speaker 2>New York from Michael Mark. I have a problem. I'm

774
00:39:48.920 --> 00:39:52.079
<v Speaker 2>going bankrupt. What what do you mean You're going bank

775
00:39:52.360 --> 00:39:54.039
<v Speaker 2>Look you know I bought the shoe company. It was

776
00:39:54.079 --> 00:39:56.639
<v Speaker 2>the biggest mistake I ever made. I don't know anything

777
00:39:56.679 --> 00:40:00.000
<v Speaker 2>about shoes. It's a money hole. I have to protect myself.

778
00:40:00.039 --> 00:40:01.400
<v Speaker 2>If I have to get rid of the company. The

779
00:40:01.440 --> 00:40:03.960
<v Speaker 2>only way I could do it is going bankrupt. And

780
00:40:04.079 --> 00:40:06.000
<v Speaker 2>clean up all this mess and come back. And I

781
00:40:06.039 --> 00:40:09.079
<v Speaker 2>want you to know I have a new financial backer

782
00:40:09.159 --> 00:40:12.719
<v Speaker 2>behind me. The gentleman's from India. He gave me his name.

783
00:40:12.800 --> 00:40:16.599
<v Speaker 2>He said, please Mark, when this happens, at least listen

784
00:40:16.679 --> 00:40:19.159
<v Speaker 2>to me. I could be back in business in fifteen

785
00:40:19.239 --> 00:40:22.039
<v Speaker 2>minutes after the bankruptcy is soft and I have the

786
00:40:22.079 --> 00:40:24.280
<v Speaker 2>financial backing, and you know what I can do, I said,

787
00:40:24.320 --> 00:40:27.559
<v Speaker 2>I'll consider it. About two hours later, I get a

788
00:40:27.599 --> 00:40:32.159
<v Speaker 2>call from our lawyers in New York who tell me

789
00:40:32.199 --> 00:40:35.320
<v Speaker 2>they just heard from our lawyers in London that we

790
00:40:35.440 --> 00:40:38.239
<v Speaker 2>had a bankruptcy with Michael Morris and they want me

791
00:40:38.280 --> 00:40:40.599
<v Speaker 2>to come to London. Why do they want me to

792
00:40:40.639 --> 00:40:44.760
<v Speaker 2>come to London because the bankruptcy procedure is different in

793
00:40:44.800 --> 00:40:47.599
<v Speaker 2>the United States. In the United States, just so you

794
00:40:47.719 --> 00:40:50.000
<v Speaker 2>know those if you are interested in this, if you

795
00:40:50.039 --> 00:40:53.320
<v Speaker 2>have a bankruptcy and someone has the license to your brand,

796
00:40:53.400 --> 00:40:57.119
<v Speaker 2>you can't get your brand back. It stays with the licensee.

797
00:40:57.280 --> 00:41:01.000
<v Speaker 2>So you have to fight your way through bankruptcy. Because

798
00:41:01.039 --> 00:41:03.719
<v Speaker 2>the bankruptcy judges in the United States and the arbitures

799
00:41:03.719 --> 00:41:06.760
<v Speaker 2>are interested in two things, getting the creditors as much

800
00:41:06.800 --> 00:41:09.920
<v Speaker 2>money as they can. But they want the surviving company

801
00:41:09.960 --> 00:41:13.519
<v Speaker 2>to continue to keep the workers employed. So that's what happens.

802
00:41:13.559 --> 00:41:15.239
<v Speaker 2>Even though it's your brand, you lose it to the

803
00:41:15.239 --> 00:41:17.840
<v Speaker 2>bankruptcy court. You have nothing to say. In London. I

804
00:41:17.920 --> 00:41:21.440
<v Speaker 2>was informed by our barristers, our legal counsel, that it's

805
00:41:21.480 --> 00:41:23.639
<v Speaker 2>not the way it works in London. In London, there's

806
00:41:23.639 --> 00:41:28.039
<v Speaker 2>an administrator whose sole responsibility is to support you for

807
00:41:28.119 --> 00:41:31.159
<v Speaker 2>the future of the company. Whatever you want, they'll make happen.

808
00:41:31.760 --> 00:41:33.519
<v Speaker 2>So they asked me to come to London to meet

809
00:41:33.559 --> 00:41:35.599
<v Speaker 2>with these people, the bankers, and I said I would

810
00:41:35.639 --> 00:41:37.880
<v Speaker 2>do it. A couple of days later, I fly to London.

811
00:41:38.480 --> 00:41:40.320
<v Speaker 2>First thing I do. Then I to get dick Less

812
00:41:40.400 --> 00:41:42.639
<v Speaker 2>to see me. I meet with Michael. He tells me

813
00:41:42.719 --> 00:41:45.719
<v Speaker 2>what happened. He shows me who the people are, introduces

814
00:41:45.760 --> 00:41:48.039
<v Speaker 2>me to his new partners if I give them a license.

815
00:41:48.440 --> 00:41:50.280
<v Speaker 2>I said to him, I think about it. Michael. You

816
00:41:50.320 --> 00:41:52.159
<v Speaker 2>know I like you and I believe in you. Let's

817
00:41:52.159 --> 00:41:55.079
<v Speaker 2>see what happens. In the next two days. After that,

818
00:41:55.400 --> 00:41:57.960
<v Speaker 2>my lawyer and I have dinner and drinks and he

819
00:41:58.000 --> 00:42:00.719
<v Speaker 2>says to me, I need you to come tomorrow morning,

820
00:42:00.760 --> 00:42:03.239
<v Speaker 2>first thing and meet the administrator. He wants to meet you,

821
00:42:04.280 --> 00:42:08.480
<v Speaker 2>so I said, okay. After that, there is a Swiss

822
00:42:08.519 --> 00:42:12.159
<v Speaker 2>pension fund who was one of Michael Morris's largest backers.

823
00:42:12.159 --> 00:42:15.440
<v Speaker 2>They put their payroll and pension money in Michael's company

824
00:42:15.440 --> 00:42:17.400
<v Speaker 2>and they lost it all. They want to meet with you,

825
00:42:18.440 --> 00:42:21.480
<v Speaker 2>so I agree. Now, Remember it's Mark Weber from the

826
00:42:21.519 --> 00:42:25.079
<v Speaker 2>City Projects. Being in London, being a master of the universe,

827
00:42:25.159 --> 00:42:27.559
<v Speaker 2>involved in all these processes. I couldn't have felt bigger,

828
00:42:27.679 --> 00:42:30.480
<v Speaker 2>high or whatever. First things first, I meet the arbitrator

829
00:42:30.519 --> 00:42:33.760
<v Speaker 2>the next morning, Mark, I represent the London court system.

830
00:42:33.840 --> 00:42:37.280
<v Speaker 2>I represent you. I'm here to make sure you get

831
00:42:37.320 --> 00:42:39.920
<v Speaker 2>what you want. That's the way the law works. If

832
00:42:39.920 --> 00:42:41.639
<v Speaker 2>you want to pick a new partner, you want to

833
00:42:41.679 --> 00:42:45.320
<v Speaker 2>stay with the sk associates, with Michael's company, whatever you

834
00:42:45.360 --> 00:42:47.840
<v Speaker 2>want to do, we're here to protect you, make sure

835
00:42:48.159 --> 00:42:51.599
<v Speaker 2>you are completely in charge. Later tonight, I'm going to

836
00:42:51.639 --> 00:42:54.159
<v Speaker 2>ask that you come to a meeting. We're going to

837
00:42:54.239 --> 00:42:56.360
<v Speaker 2>have the Swiss pension fund there, We're going to have

838
00:42:56.400 --> 00:42:59.119
<v Speaker 2>the three banks representing the losses here. They want to

839
00:42:59.119 --> 00:43:02.039
<v Speaker 2>make a presentation to you on how to continue with

840
00:43:02.119 --> 00:43:05.039
<v Speaker 2>the DKY license. I said sure. But in the interim,

841
00:43:05.360 --> 00:43:08.119
<v Speaker 2>right after I met with the administry, I was taken

842
00:43:08.159 --> 00:43:10.480
<v Speaker 2>to a building which just so happened to be the

843
00:43:10.519 --> 00:43:14.320
<v Speaker 2>same building Michael Morris's company was in, and they took

844
00:43:14.360 --> 00:43:17.360
<v Speaker 2>me upstairs to meet with a father and son who

845
00:43:17.400 --> 00:43:20.320
<v Speaker 2>wanted to take over the dk andy license. And I

846
00:43:20.400 --> 00:43:22.440
<v Speaker 2>was thrilled to meet them. I was excited, you know,

847
00:43:22.559 --> 00:43:26.079
<v Speaker 2>father's son operating together, something that I always wished that

848
00:43:26.119 --> 00:43:28.639
<v Speaker 2>I could have took me a radio show to get there,

849
00:43:28.679 --> 00:43:30.960
<v Speaker 2>but that's what it was. And I met with I

850
00:43:31.000 --> 00:43:34.440
<v Speaker 2>went to this showroom and basically speaking, they were a

851
00:43:34.480 --> 00:43:38.480
<v Speaker 2>tiny company that their business really was odds and ends

852
00:43:38.519 --> 00:43:41.239
<v Speaker 2>and underwear. And I'm looking at them, I said, do

853
00:43:41.280 --> 00:43:44.079
<v Speaker 2>you realize what we have here? This is one of

854
00:43:44.119 --> 00:43:49.280
<v Speaker 2>the most famous, accomplished brands in the world. We sell

855
00:43:49.320 --> 00:43:52.280
<v Speaker 2>in every corner of the United States, in the world.

856
00:43:52.639 --> 00:43:56.000
<v Speaker 2>It's a big business. It's clothing, it's shirts, it's suits,

857
00:43:56.119 --> 00:44:01.320
<v Speaker 2>it's sportswear, it's jackets, shoes, this is a huge business.

858
00:44:01.679 --> 00:44:03.599
<v Speaker 2>How do you intend to do this? Well, we have

859
00:44:03.679 --> 00:44:07.119
<v Speaker 2>the financial back with them, I said, Okay, I hear you.

860
00:44:07.360 --> 00:44:09.199
<v Speaker 2>I look at the guy from a Swiss pension fund.

861
00:44:09.199 --> 00:44:11.960
<v Speaker 2>I said, I'm missing it. You want to back these guys,

862
00:44:12.400 --> 00:44:14.880
<v Speaker 2>you want to sign a license agreement with me. You

863
00:44:14.960 --> 00:44:18.519
<v Speaker 2>want to continue. They know nothing about the business. Well, Mark,

864
00:44:18.559 --> 00:44:20.800
<v Speaker 2>you know we've identified them. We trust them, I said,

865
00:44:20.800 --> 00:44:23.400
<v Speaker 2>I hear you. I'm glad you trust them. I trust them.

866
00:44:23.599 --> 00:44:25.719
<v Speaker 2>The only thing is I don't believe they can do it. Mark.

867
00:44:25.760 --> 00:44:27.639
<v Speaker 2>We really want you to consider it. We have a

868
00:44:27.679 --> 00:44:29.920
<v Speaker 2>lot of money invested. They we want you. I said, okay,

869
00:44:29.960 --> 00:44:32.719
<v Speaker 2>thank you. Listen, guys, it's nice meeting you. That night,

870
00:44:32.760 --> 00:44:35.079
<v Speaker 2>we go to the Minister's office. We're in the financial

871
00:44:35.119 --> 00:44:38.440
<v Speaker 2>section in downtown London. We go into a board meeting.

872
00:44:38.480 --> 00:44:40.559
<v Speaker 2>I first meet with the advisor and he reminds me, Mark,

873
00:44:40.639 --> 00:44:42.639
<v Speaker 2>whatever you decide to do, listen to them. But then

874
00:44:42.679 --> 00:44:45.880
<v Speaker 2>you make the decision. We go into a boardroom. I'm

875
00:44:45.920 --> 00:44:48.400
<v Speaker 2>telling you the boardroom is like a city block and

876
00:44:48.519 --> 00:44:53.639
<v Speaker 2>representative I may work correctly. There were three banks, Wells Fargo, HSBC.

877
00:44:54.119 --> 00:44:56.760
<v Speaker 2>And if you out there know what HSBC stands for.

878
00:44:56.880 --> 00:44:59.679
<v Speaker 2>We see it all over the city, all over everywhere. HSBC.

879
00:45:00.039 --> 00:45:01.679
<v Speaker 2>I'm going to shock you if you don't already know,

880
00:45:02.320 --> 00:45:05.480
<v Speaker 2>it stands for Hong Kong shank I Banking Corporation. I

881
00:45:05.559 --> 00:45:08.440
<v Speaker 2>never knew that until then, great bank. I have money

882
00:45:08.480 --> 00:45:10.920
<v Speaker 2>in there. I like them anyway, I'm eating two of them.

883
00:45:10.960 --> 00:45:13.079
<v Speaker 2>And then of course there's another bank I don't remember

884
00:45:13.119 --> 00:45:16.000
<v Speaker 2>who in the Swiss pension fund and the head of

885
00:45:16.079 --> 00:45:18.719
<v Speaker 2>Swiss pension. Front of all of these people start to

886
00:45:19.079 --> 00:45:21.000
<v Speaker 2>present to me why I should go to this new

887
00:45:21.039 --> 00:45:24.400
<v Speaker 2>company with the father and son, and I'm listening, I'm

888
00:45:24.400 --> 00:45:28.960
<v Speaker 2>being polite, and they asked me what I think. I

889
00:45:29.079 --> 00:45:31.679
<v Speaker 2>said to them. Look, i'll tell you what I said again,

890
00:45:32.119 --> 00:45:34.639
<v Speaker 2>I don't think they're capable of doing the job. Let

891
00:45:34.639 --> 00:45:38.760
<v Speaker 2>me rephrase that they're not capable. Now you're in my zone.

892
00:45:38.840 --> 00:45:40.760
<v Speaker 2>You're in the banking world. I can't speak to what

893
00:45:40.800 --> 00:45:42.719
<v Speaker 2>you do, but I'll tell you. I'm sure you're experts

894
00:45:42.719 --> 00:45:44.800
<v Speaker 2>if you're sitting here. But when it comes to running

895
00:45:44.800 --> 00:45:48.119
<v Speaker 2>an apparel company and managing a big business globally, I'm

896
00:45:48.119 --> 00:45:50.400
<v Speaker 2>an expert. Those guys can't do it. But I have

897
00:45:50.440 --> 00:45:54.000
<v Speaker 2>a question for you. Would you just consider hiring Michael Morris,

898
00:45:54.079 --> 00:45:55.639
<v Speaker 2>Bring him into the company, put him at the head

899
00:45:55.679 --> 00:45:57.599
<v Speaker 2>of it, and let him get it done. Bring in

900
00:45:57.639 --> 00:46:00.760
<v Speaker 2>his people. Absolutely not, we want to do with He

901
00:46:00.880 --> 00:46:03.480
<v Speaker 2>promised this and that we all lost money. I said,

902
00:46:03.480 --> 00:46:06.079
<v Speaker 2>are you sure? They said, we're sure. I said, let

903
00:46:06.079 --> 00:46:08.920
<v Speaker 2>me ask you a question. You guys owe me six

904
00:46:08.960 --> 00:46:11.440
<v Speaker 2>and a half million dollars. When are you gonna pay me?

905
00:46:12.079 --> 00:46:12.239
<v Speaker 1>Ah?

906
00:46:13.119 --> 00:46:16.400
<v Speaker 2>Yeah, well that's what we're here for. We don't want

907
00:46:16.400 --> 00:46:18.000
<v Speaker 2>to pay you six and a half million dollars. We

908
00:46:18.039 --> 00:46:20.800
<v Speaker 2>already lost a lot of money. I looked at them.

909
00:46:20.840 --> 00:46:22.519
<v Speaker 2>This is one of my favorite things of all time.

910
00:46:23.199 --> 00:46:25.599
<v Speaker 2>I stand up, I look at them. I said, I

911
00:46:25.679 --> 00:46:29.119
<v Speaker 2>really respect you being here, But if I knew you're

912
00:46:29.159 --> 00:46:30.800
<v Speaker 2>going to ask me to lend you six and a

913
00:46:30.840 --> 00:46:32.639
<v Speaker 2>half million dollars, I would have told you to fly

914
00:46:32.760 --> 00:46:34.920
<v Speaker 2>to New York rather than me fly here. What are

915
00:46:34.920 --> 00:46:38.119
<v Speaker 2>you crazy? Why would I relinquish six and a half

916
00:46:38.119 --> 00:46:41.239
<v Speaker 2>million dollars guaranteed based on a future that may not happen.

917
00:46:41.840 --> 00:46:44.679
<v Speaker 2>They were shell shocked. I looked at my administrator. Do

918
00:46:44.679 --> 00:46:46.599
<v Speaker 2>I have a right to ask for this money? Absolutely?

919
00:46:46.679 --> 00:46:48.440
<v Speaker 2>Mark at the end of this meeting, if that's what

920
00:46:48.480 --> 00:46:50.079
<v Speaker 2>you want, you don't want to sign a contract with

921
00:46:50.119 --> 00:46:52.559
<v Speaker 2>these gentlemen, you do not have to, and you will

922
00:46:52.559 --> 00:46:56.239
<v Speaker 2>collect your six and a half million. Guys meeting over.

923
00:46:58.159 --> 00:47:01.239
<v Speaker 2>I loved it. Even though that meeting was over, it

924
00:47:01.360 --> 00:47:04.039
<v Speaker 2>wasn't over. And here's one of the greatest lessons I

925
00:47:04.039 --> 00:47:05.559
<v Speaker 2>ever learned in my life, and let me give you

926
00:47:05.559 --> 00:47:08.840
<v Speaker 2>the end of the lesson up front. In business, in life,

927
00:47:08.880 --> 00:47:11.559
<v Speaker 2>you have to have your ducks in order. You have

928
00:47:11.639 --> 00:47:13.440
<v Speaker 2>to know what you're doing. You have to do your

929
00:47:13.519 --> 00:47:16.159
<v Speaker 2>due diligence, You have to be sure of the accidents

930
00:47:16.239 --> 00:47:19.039
<v Speaker 2>you take. And you can never be emotional. You always

931
00:47:19.079 --> 00:47:21.239
<v Speaker 2>have to do what's right for the company, or if

932
00:47:21.239 --> 00:47:23.559
<v Speaker 2>it's about you, what's right for you. In this case,

933
00:47:24.079 --> 00:47:26.679
<v Speaker 2>after everything was said and done, I made a decision

934
00:47:27.000 --> 00:47:29.360
<v Speaker 2>to give the business to Michael Morris. I signed a

935
00:47:29.400 --> 00:47:32.239
<v Speaker 2>new agreement with his partners from India. I got my

936
00:47:32.719 --> 00:47:34.920
<v Speaker 2>six and a half million dollars and signed a new

937
00:47:34.960 --> 00:47:38.320
<v Speaker 2>agreement with another ten million dollars because the royalties were

938
00:47:38.360 --> 00:47:41.239
<v Speaker 2>taken up because of the new deal with the Indians

939
00:47:41.320 --> 00:47:44.760
<v Speaker 2>and Michael. A week later, I get a call for

940
00:47:44.960 --> 00:47:49.480
<v Speaker 2>Bernard Kuhn, who is Bernard Kuhn at the time chief

941
00:47:49.639 --> 00:47:54.039
<v Speaker 2>legal counsel for LVMH. He gets on the phone. Hi, Mark,

942
00:47:54.239 --> 00:47:56.480
<v Speaker 2>you and I have met, but we really have never spoken.

943
00:47:56.639 --> 00:47:58.719
<v Speaker 2>I have to talk to you about an unpleasant happening.

944
00:47:59.519 --> 00:48:03.519
<v Speaker 2>I said, okay, says I received a call from whatever

945
00:48:03.559 --> 00:48:05.840
<v Speaker 2>his name was, the head of the Swiss pension fund,

946
00:48:05.960 --> 00:48:07.760
<v Speaker 2>who said that you had a meeting with him and

947
00:48:07.800 --> 00:48:11.840
<v Speaker 2>didn't treat him right. So I said to him, thank

948
00:48:11.880 --> 00:48:13.679
<v Speaker 2>you for calling. I'm glad you're on the phone. Let

949
00:48:13.719 --> 00:48:16.159
<v Speaker 2>me tell you what happened. Had a license agreement, he

950
00:48:16.199 --> 00:48:19.920
<v Speaker 2>invested them. The license went bankrupt. They offered me an alternative,

951
00:48:19.920 --> 00:48:22.199
<v Speaker 2>which I did not believe would work. Nor did I

952
00:48:22.199 --> 00:48:24.639
<v Speaker 2>think the people that they were suggesting I go into

953
00:48:24.679 --> 00:48:27.440
<v Speaker 2>business with had the capabilities of doing that. And it's

954
00:48:27.480 --> 00:48:30.039
<v Speaker 2>not that I didn't think. I know these people were small,

955
00:48:30.079 --> 00:48:32.840
<v Speaker 2>they were very nice people. They couldn't execute a global business.

956
00:48:32.920 --> 00:48:35.159
<v Speaker 2>I made a decision not to give them and find

957
00:48:35.159 --> 00:48:37.840
<v Speaker 2>another partner, and for that they owed me an additional

958
00:48:37.880 --> 00:48:40.239
<v Speaker 2>six and a half million, which I collected on behalf

959
00:48:40.280 --> 00:48:43.000
<v Speaker 2>of the company. Visit the facts and I give you

960
00:48:43.039 --> 00:48:45.039
<v Speaker 2>the RUSS version, but I went to details. He said,

961
00:48:45.039 --> 00:48:46.880
<v Speaker 2>thank you. I have to talk about it. I have

962
00:48:46.920 --> 00:48:48.480
<v Speaker 2>to talk with them. I have to understand. I'll come

963
00:48:48.519 --> 00:48:50.760
<v Speaker 2>back to you. A week later, get a call from

964
00:48:50.760 --> 00:48:54.199
<v Speaker 2>Bernard Kunn and he says to me, mark On behalf

965
00:48:54.280 --> 00:48:57.639
<v Speaker 2>of Bernard or no and myself. I want to congratulate

966
00:48:57.800 --> 00:48:59.960
<v Speaker 2>you for the work you did on this bankruptcy problem.

967
00:49:00.760 --> 00:49:03.480
<v Speaker 2>From what we have learned, you did everything right. We've

968
00:49:03.480 --> 00:49:07.000
<v Speaker 2>spoken with the attorneys. Everything was done according to the

969
00:49:07.079 --> 00:49:11.039
<v Speaker 2>laws of in London. And here you save the company money.

970
00:49:11.079 --> 00:49:12.760
<v Speaker 2>You put us back in business, and we have the

971
00:49:12.840 --> 00:49:16.679
<v Speaker 2>highest regard and the outmost respect for the decisions you made.

972
00:49:16.840 --> 00:49:19.800
<v Speaker 2>I want to thank you. So there you go. Lessons,

973
00:49:19.880 --> 00:49:23.400
<v Speaker 2>learn exit strategy, do the right thing. It'll pay off

974
00:49:23.719 --> 00:49:24.480
<v Speaker 2>back in a moment.

975
00:49:25.719 --> 00:49:27.960
<v Speaker 3>Always in Fashion.

976
00:49:27.679 --> 00:49:31.639
<v Speaker 2>Spent a lifetime of my career building the van Usen brand,

977
00:49:31.880 --> 00:49:34.679
<v Speaker 2>and I am so pleased that they're back with us now.

978
00:49:34.960 --> 00:49:39.719
<v Speaker 2>Talking about suits, men were dressing up again and it's

979
00:49:39.760 --> 00:49:42.519
<v Speaker 2>become cool to wear a suit. Suits can be won

980
00:49:42.599 --> 00:49:45.960
<v Speaker 2>on multiple occasions in multiple ways. You could wear a

981
00:49:46.000 --> 00:49:48.599
<v Speaker 2>suit formally to go out at night or to an event,

982
00:49:49.079 --> 00:49:51.400
<v Speaker 2>wear a suit to the office with or without a tie.

983
00:49:51.840 --> 00:49:54.960
<v Speaker 2>If you look closely, now fashion trends, suits are being

984
00:49:55.000 --> 00:49:59.360
<v Speaker 2>worn with turtlenecks or mark next. The choices are endless

985
00:49:59.760 --> 00:50:03.639
<v Speaker 2>and every one of them looks right. You could really

986
00:50:03.760 --> 00:50:07.199
<v Speaker 2>really look the part. I believe that in packaging yourself

987
00:50:07.239 --> 00:50:10.119
<v Speaker 2>this is important. Does the products you package and wearing

988
00:50:10.159 --> 00:50:12.719
<v Speaker 2>a suit is one of those things that make men

989
00:50:13.119 --> 00:50:16.880
<v Speaker 2>look their best Venuesing invented a new idea. It's called

990
00:50:16.920 --> 00:50:21.239
<v Speaker 2>the cool Flex suit. It's been engineered with stretch technology,

991
00:50:21.599 --> 00:50:24.719
<v Speaker 2>giving you the most comfortable fit and mobility. Its wrinkle

992
00:50:24.840 --> 00:50:28.639
<v Speaker 2>resistant fabric, it's cool moisture WICKI it makes it perfect

993
00:50:28.679 --> 00:50:32.039
<v Speaker 2>for all occasions. As we discussed just now, this new

994
00:50:32.119 --> 00:50:36.719
<v Speaker 2>style of looking sharp while feeling cool and comfortable is amazing,

995
00:50:37.079 --> 00:50:40.039
<v Speaker 2>and I'm so excited that the ven using company is

996
00:50:40.119 --> 00:50:44.360
<v Speaker 2>involved in this new technology and is embracing the whole

997
00:50:44.440 --> 00:50:47.280
<v Speaker 2>idea of dressing up. Let's not forget venues and made

998
00:50:47.320 --> 00:50:50.119
<v Speaker 2>it's name with dress shirts. It's only proper that the

999
00:50:50.280 --> 00:50:54.079
<v Speaker 2>suit business follows strongly in its way. You can find

1000
00:50:54.199 --> 00:50:57.880
<v Speaker 2>vanues in cool Flex Men's stretch suits at jcpenny are

1001
00:50:57.880 --> 00:51:02.360
<v Speaker 2>online at jcpenny dot com. Guys, they're great, you should

1002
00:51:02.360 --> 00:51:05.880
<v Speaker 2>go look at them. I love Polar fleece. It's lightweight,

1003
00:51:06.480 --> 00:51:10.679
<v Speaker 2>takes colors beautifully, it's comfortable, keeps you warm and even

1004
00:51:10.719 --> 00:51:14.199
<v Speaker 2>if it's warm out, it doesn't hamper you. It doesn't

1005
00:51:14.199 --> 00:51:17.760
<v Speaker 2>make you perspire. I love Polar fleece. I also love

1006
00:51:17.800 --> 00:51:21.599
<v Speaker 2>sweatshirts and sweatpants. Love them, love them, love them. I'm

1007
00:51:21.599 --> 00:51:23.559
<v Speaker 2>a big fan of khaki pants and a big fan

1008
00:51:23.639 --> 00:51:26.719
<v Speaker 2>of a golf clothes. And I'm a big fan of Izid.

1009
00:51:27.360 --> 00:51:30.480
<v Speaker 2>I used to be the head of Iszide. In fact,

1010
00:51:30.599 --> 00:51:33.199
<v Speaker 2>my company bought it and out of bankruptcy, and the

1011
00:51:33.239 --> 00:51:34.960
<v Speaker 2>CEO of the company asked me to come in and

1012
00:51:34.960 --> 00:51:37.079
<v Speaker 2>fix it. And he said to me, Mark, the future

1013
00:51:37.079 --> 00:51:38.960
<v Speaker 2>of the company's in your hands. Can you do this?

1014
00:51:39.039 --> 00:51:41.079
<v Speaker 2>And I said, I will do it. I put everything,

1015
00:51:41.400 --> 00:51:45.079
<v Speaker 2>my heart and soul into making Eyeside the powerhouse that

1016
00:51:45.159 --> 00:51:45.840
<v Speaker 2>it is today.

1017
00:51:46.400 --> 00:51:46.559
<v Speaker 1>Now.

1018
00:51:46.599 --> 00:51:48.440
<v Speaker 2>I left a long time ago, and the company just

1019
00:51:48.480 --> 00:51:52.039
<v Speaker 2>continues to thrive. Isaid is one of the great sweater makers.

1020
00:51:52.039 --> 00:51:55.719
<v Speaker 2>Pant make his shirt makers, knit shirt makers, Polar shirt makers.

1021
00:51:55.800 --> 00:51:59.960
<v Speaker 2>They're incredible company. The colors are great, the fabrics are great. Guys,

1022
00:52:00.400 --> 00:52:02.400
<v Speaker 2>you ever wonder what you should wear, I'll make it

1023
00:52:02.440 --> 00:52:04.159
<v Speaker 2>easy for you. If you're going to be casual, go

1024
00:52:04.280 --> 00:52:06.559
<v Speaker 2>in and look at Isaac. Now that doesn't say that

1025
00:52:06.599 --> 00:52:08.320
<v Speaker 2>they don't have dress shirts and they don't have suits,

1026
00:52:08.400 --> 00:52:11.760
<v Speaker 2>Go find them. Isaoda is a collective brand that offers

1027
00:52:12.000 --> 00:52:15.440
<v Speaker 2>lifestyle apparel to everyone in America. And it's true it's

1028
00:52:15.480 --> 00:52:18.599
<v Speaker 2>a fun brand, but it's also priced at fun prices.

1029
00:52:18.679 --> 00:52:21.559
<v Speaker 2>Everyone can afford it. I love this brand. Of all

1030
00:52:21.639 --> 00:52:24.000
<v Speaker 2>the brands that I'm involved with, and you can name them,

1031
00:52:24.119 --> 00:52:27.360
<v Speaker 2>think about PVH and LVMH and all the brands, Isaoda

1032
00:52:27.360 --> 00:52:29.440
<v Speaker 2>is the one that's most personal to me because I

1033
00:52:29.480 --> 00:52:32.800
<v Speaker 2>was involved in crafting the future of this brand. The

1034
00:52:32.880 --> 00:52:37.119
<v Speaker 2>clothes are great, They're doing well. Isaad dot com, isaadat jcpenny,

1035
00:52:37.360 --> 00:52:38.960
<v Speaker 2>Go look for it. I think you're going to be

1036
00:52:39.039 --> 00:52:41.920
<v Speaker 2>very happy. And ladies, those of you the shopping for

1037
00:52:41.960 --> 00:52:44.199
<v Speaker 2>the guys in your lives, take a look. I think

1038
00:52:44.199 --> 00:52:47.360
<v Speaker 2>they'll be very happy with your choices. Isaad for men,

1039
00:52:48.320 --> 00:52:49.239
<v Speaker 2>welcome back to it.

1040
00:52:49.400 --> 00:52:53.800
<v Speaker 1>Always in fashion. Here's your host, Mark Webber everywhere.

1041
00:52:55.119 --> 00:52:56.599
<v Speaker 3>Oh use it.

1042
00:53:02.920 --> 00:53:15.119
<v Speaker 4>You're the only tonight.

1043
00:53:15.559 --> 00:53:20.000
<v Speaker 2>I've discussed exit strategy, whether it's life, business or whatever.

1044
00:53:20.440 --> 00:53:24.000
<v Speaker 2>We all need plants, we all need what IF's. Things

1045
00:53:24.039 --> 00:53:27.239
<v Speaker 2>don't go the way you plan, if things aren't happening

1046
00:53:27.559 --> 00:53:30.599
<v Speaker 2>the way you have. Everything needs to be thought through

1047
00:53:30.719 --> 00:53:34.679
<v Speaker 2>in advance. Smartest people I know always have an out.

1048
00:53:35.079 --> 00:53:38.000
<v Speaker 2>They always have a back door. They always have room

1049
00:53:38.079 --> 00:53:42.360
<v Speaker 2>to maneuver just in case. You must have an excess strategy.

1050
00:53:42.920 --> 00:53:46.880
<v Speaker 2>But it's yours for you alone. It's no one's business,

1051
00:53:47.440 --> 00:53:49.119
<v Speaker 2>but your own good night,