Tory Burch Says Inflation Impact Remains Unknown

on the phone in New York City. Tory Birch, of course, founder, designer and executive chairman of the company and brand that bears her name, and the President of the Tory Birch Foundation, Lori Fabriano, both as I said on the phone in New York City. UM, welcome, Welcome to both of you. Tory, great to have you back on Bloomberg. Lorie, welcome, And I've got to say I've enjoyed the conversation story that

we've had over the years. When it comes to the work that you guys are doing with your foundation for women entrepreneurs, I have to say your summit I'm curious about the tone the conversations coming off the pandemic, coming off of again questionable times when it comes to the economic outlook that tends to impact minorities and women much more severely. So tell us a little bit about what

we can anticipate Tory next week. Yeah, I mean, listen, it's it's very good timing based on some of the things that we all have experienced the last two years. It's been a heartbreaking pandemic obviously, but women have been hit extra hard and two million women have left the job force alone, So you can imagine the impact that takes on women in general, but the economy. Laurie, what specifically are you doing at the Foundation in order to

help these women who have been affected? Um, well, we created one program particular, it's Grants for Women of Color Entrepreneurs, and we did that in partnership with the Fearless Fund and the Crew and also with some help from Goldman Sacks. And that is literally to provide grants very quickly to wimen of color business owners that are in danger of losing their businesses and we want to see them sustain

and thrive. But during the pandemic, we also really pivoted and became one of the primary resources for women trying to get p P P loans and for women in general trying to just get the information they needed to stay in business. We created a web series and for a while it was running literally every single week with with news and information that women entrepreneurs really need it. And tens of thousands of women have been on these

on our web series. You know, Tory, one of the things I remembered from and it's years ago, and I think it's when you were starting your foundation and you're talking about, you know, these grants for women and entrepreneurs, and you know you had this money to to allocate, and yet people weren't coming up, you know, coming up, ore are applying for It has changed over the years when it comes to Womennili there are sources out there and accessing um, you know, financial help and assistance, whether

it's starting a business. And I think about your summit right it's now it's third year. The conversations around double standards and stereotypes. How is all of this evolving and and fingers crossed getting better? Yeah, I mean, first of all, the summit we do every two years, UM and so it's going to be I think we the first one was in two thousand eighteen, so this will be our third summit. Um But but I think, um this the

system and program wasn't right. Initially. We had to figure it out and we needed to sort of crack it and realized that women. We needed to find the women at the right time in the cycle of their business and when they actually needed the loan. So once we did that, we saw the enormous need and just the program that Lorie just mentioned, I can't even tell you. I think there are a thousand of applicants seven seven Salvin, that the need is enormous. What are the types of

businesses that are applying? We are the types of people who are applying, give us an idea of of of who they are. Laurie where he really runs the gamut, and it's from all over the country. I mean, you know, we see an Alaskan fisherman, We see cosmetics businesses, we see architects, um doctors. Even a company called Barraby, which is super exciting is weighted blankets. Yeah, that's one of

our fellows, um In. But I think straight across what the programmed Tori is talking about our Fellows program is our signature program, and the women in that program are extraordinary and all of them they are. I mean, what's also amazing about these women businesses? And it's so wonderful because that's who Tori is. I mean, when she started her company, she started to really start a foundation. But that's what we're seeing women do. There's always a double

bottom line. They're giving back in an extraordinary are ways and they're they're becoming so pivotal in their communities. And so it's really our honor to help those kind of businesses thrive. Well, what is it Tory too about that? I was talking to Um on a panel at Milkin, the creator, the founder of Figs, and it's just interesting that, like from the get go, women think about, Okay, so what's my gift back to the community, and just got about thirty seconds and then we'll come back and do

some more just quickly. When I first started the business, I was told never to mention purpose and business in the same sentence. And clearly today businesses aren't innovative without purpose. Women understand that better than anyone. And so when when you talk about the entrepreneurs we work with, it's the number one thing they're thinking about is how do they create positive change? Hey want to get right back to

our guests. We are talking with Tory Birch, founder, designer and executive chair of Tory Burch, and the President of the Tory Birch Foundation, Lori Fabriano, both on the phone in New York City. We're talking about the upcoming event Embrace Ambition, and on June fourteenth, so it's next week. I want to talk more about the event and get an idea of what UM folks who are interested can

can anticipate from it. But Tory, I've got to say, we're bloomberg and I'd be remiss if I didn't ask you on a day, month, year where we are NonStop talking about things like inflation, the health of the consumer, the uncertainty of the outlook. UM, how concerned are you? What are you guys seeing in your business when it comes to the health of the consumer, What about inflation, what about supply chains? Give us a snapshot if you would, I mean, listen, it's been a journey I would. I

would say, UM, COVID obviously was extremely tough. We had a record year last year and then we see the first quarters, it's a lot tougher and and but but that's it's still very optimistic and we we don't see um. We we obviously are very concerned about inflation and all that's coming to supply chain issues are extremely challenging, but we're taking one at a time and and our business is still extremely strong. Tory, how have you managed the

supply chain? I mean, what changes have you had to make as a result of difficulty getting components, as a difficulty in terms of shipping. Very luckily, many years ago, about eight years ago, I really wanted to diversify with where we produce things so we weren't dependent on one area, and I think that has helped us a great deal. Um. So we really really manufacture all over the world, and when one country is down, we're moving supply chain to

the next. Well. And when you think about things like labor, are you getting all the workers you want, whether it's in stores and so on, um or if you are, are you finding you have to pay up for it? Well we are. We are not having trouble hiring people, are having the people we need right now. And you know, I think time will tell what the toll that inflation has in store for us. What do you mean by that? You're not saying yeah, go ah, well, we just don't

we we are not. We are not seeing the full impact that I think that's going to becoming our way. So we are preparing the best we can with the unknown, which we I think do know that will get will get much worse. Well, how do you prepare, as you know, executive chairman of the company, how do you prepare for

for what the unknown is? I mean the concept of less is more, less of everything, and everything was more integrity, making sure that our teams are in great shape, really that they're they're doing doing well, but but focusing on on product and innovation. And I think that that's something that people are still are still shopping, they're still wanting to dream, and that's something, um that we hope will not change. I love what you said about less is more,

and I do wonder. I have a nineteen year old and she's very strategic and what she buys, she checks where things are made. She wants to understand the company and doesn't shop a lot, but what she buys is as a mother who pays for it the last right. So I'm like I think that the consumer has changed, and what's exciting for us is a purpose driven company is resonating and super important for for the world and people that are buying products they want they want more

to it than just a product. All right, can I ask you? And then we're going to move back to the summit. So, Tory, we've talked with you about going public. You've told us that you know that's never your fun. Is it really completely off the table? I mean, I get the benefits of being a private company. I see it all the time, public versus private. But I'm just curious. Well, listen, I can never say never to anything. I don't think

you can. But I think being private is a luxury, is something that I truly love, and I think that we um have no plans whatsoever to think in a different way. All right, So let's go back to Embrace Ambition summit. It is coming up June fourteenth, which happens to be my brother's birthday. Flag Day. Yeah, so talk to us about LORI come on back in on our conversation, the conversation do you want to be having at this event that are so relevant and you have certainly household

names celebrities. You have people that maybe aren't so well known but should be your Billy jan King, which we were marveling about on our planning call this morning, that later this month is the fiftieth anniversary of the passing of Title nine. I mean just iconic, LORI absolutely so

we do. We have two icons coming, Dolores Herta and Billy Jane King, and we're doing that because we're also just trying to call more attention to the fact that history is one is demonstrates one of the biggest biases there are when you look at history books, women are in a supporting role or they're not there at all, and that is so not true to what actually happens.

So now a lot of outlets are correcting that, a lot of people are correcting that, But there's still little girls in school not hearing about all the amazing women like Billy Jane King and Dolores her To and many many others. So it's important to us that we keep highlighting these icons. But in addition to that, we're looking at some of the toughest issues that are facing us today and how biased impacts those issues. Um, be it capital punishment, be it gun safety, be it how we

exited Afghanistan. There's a number of important conversations that need to be had, even though sometimes they're difficult. We're gonna talk about what systematic racism is and it's impact. We're going to talk about the increased violence and bias against Asian Americans. So uncomfortable topics, um, but once that we

have to have if we're going to have any progress. Laura, you also have the trans rights activists Chase Strong GEO, who people probably know if they follow from the A. C. L u Um talk to us a little bit about about Chase. So Chase is in my mind, one of the heroes in this world. A Chase is actually not going to be at the summit because he needs to be imports that day. So he has found as somebody as wonderful as the Perez who is coming from Texas to talk about what's going on with laws that are

impacting transgender children in Texas. And we're gonna have an amazing young woman, Rebecca who is trans who's going to be talking about her journey as well, and Tique Milan will be facilitating that discussion. Uh and yes, and another huge thing that's happening in America right now that we feel we need to talk about. You guys really do cover so many of the things that we actually talk about a lot big issues. Hey, Tory just got about

thirty seconds left here. What do you hope once the summit, the conversations are had, what do you hope people walk away with? You know, one thing I love about our summit is that we have these difficult conversations, but we give ways to action change and that's something that I'm hoping people will walk away with it. If we can take change one step at a time and everyone there start to look at it that way, we can have

real progress. Well, both of you, thank you so much, good luck with the event, and look forward to uh seeing some of those conversations and some of the coverage of it and really sparking other conversations certainly around the country and around the globe. Tory Birch and the president of the Tory Birch Foundation, Lori Fabriano, check out the Embrace Ambition Summit June two. That's going to do it for us on Bloomberg Business Week, tim quite a week inflation.

I'll see if the pizza price has gone up tonight inflation, have a safe and good week, and everyone