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Even in my book, I wrote this part called one hundred dollars Off Days, where my goal is to build my business on.
My off days, just my off days, because.
I was working five days a week on my job two days a week on my dream every single day, my goal is to go out and sell four T shirts. I'm selling T shirts for twenty five dollars, so I'm trying to sell four T shirts. I'm trying to make one hundred dollars on each off day. So my boy's like, nah, you got to grind, man, you gotta work every single day. I know myself, I'm low key lazy. I work hard because I'm kind of lazy. I want to get to a point where I got to do nothing, work smart.
Yeah, yeah, I mean that's what lazy people say. Yeah.
My goal is I'm focused on. Whatever happens throughout the week is extra. But my goal is on my off days, feel it would work. If I can put time into my job, I can put time to my business. So I started hitting these these hundred dollars each off day. So I called my boss, like, yo, can you only put me on four days a week instead of five? Because I knew if I could make two hundred dollars on two off days, if I had three off days, I can make three hundred. And that joyt started to hit.
So long story short time I quit my job. I was like working a day a week. So I like, so I teach people to transition out of their job. Let's set these small goals and build from there.
So can you talk about that because that's important as far as it's all about strategy in life. And it's like you never just want to jump out the window and anything, So can you break that down a little bit to transition out of your job? I liked that idea?
Was it, like I'm thinking myself, like, was there any fear in that? Like or how did that play on your mind? Like I'm doing this, I'm out.
I don't know.
It wasn't really It wasn't really a fear because it happened so gradually, you know what I mean. It's like with this podcast, you drop one episode, then two, then three, and it starts to build. So I'm trying to make on my just two my goal is to make two hundred dollars a week. If I can't sell eight T shirts in seven days, you know what I mean. Like, so it was it wasn't like a fear of oh I got to go quit my job.
That would be scary.
I'm just trying to make a couple more dollars to like, go to the club and hang out and put something on a bottle. I still wan't going to buy it myself, but I want to be a person that could chip in. So it wasn't really a fear, especially because since I was a kid, I've always been trying. The hard part was sticking when I'm only making two hundred dollars a week,
or sticking when I'm not really making any money. Instead of saying, yo, you know what, I think I'm a tuy real estate because t shirts don't work.
It was just me.
So the hard part was just staying in my lane and you know, just stay in one course for a while.
It goes back to your and I looked at you your page The life cycle of a good idea. Yeah, this sounds like the life of everybody goes through it too, you know what I mean, Like, can you break down that process? Because I'm sure there's a lot of people that have ideas and they make it to the first age of excitement, but they never make it to the last dage.
Oh never.
So I came across this presentation. I was on tour with ET twenty seventeen, and I think like a few hours before I was supposed to turn in my presentation.
I just I was like, yo, I got it.
The life cycle of a good idea is excitement. Everybody gets excited about the idea. But then you got to move to where you got to start evolving the idea, which is not as exciting as when you got the id and you get to tell everybody and you see the vision. Yo, this goal was take me out of my job. So excitement, then evolution, then engagement. So after you evolve it, you got to engage people. That get scary because you got to actually approach people and make
a sale and buy in. You got to get people to buy in. But then with engagement comes resistance. You'll automatically have those people to say, yo, I don't want to buy it, and then you have to make a decision. And the decision is either get excited about something else or move into expansion. But the trick is taking each stage with you. So if you're excited and you move to evolution, you got to be excited while you're evolving the idea. And some people move from evolution to engagement,
but they stop evolving the content. So once you start to hit resistance, if you're still engaging people and evolving. You're asking people, Okay, why aren't you buying this? Because you're still evolving it. You're still trying to get better, meaning you're still engaging.
You're assessing it.
You're assessing, and then you make a decision to just don't get excited about something else, fight through it, take all that data, get re excited about the same concept, retool it, keep engaging, go through the resistance.
And then you expand.
You said something important and Shotty comes from a sales background, and you come from a sales background.
You said A sales starts when somebody says no. Oh for sure. In my mind, I'm like.
Yeah, somebody said no, it's next to the next person. What's the importance of that, Like, what's the philosophy bond that I mean?
When you go into a shoe store, obviously somebody comes up to you and they're like, can I help you? And you always say no, I'm good, Like we're trained to say no. The actual set the game starts when they say no first. So I was expecting, yo, you want to buy this T shirt? And they say no. I'm like, all right, man, what I gotta go to the next person? But then I realized that one of my mentors said, yo, make them tell you no twice. So I'm like, yo, would you like to make buy
this T shirt? And they say no, I'm good. I'm like, yo, are you sure? Look at this, like look at that, like this this, this will be with your shoes, And for some reason I started converting, Like people like, oh, all right, yeah, you're right, let me get it right. So now you know fast forward. I was able to
leave the cheesecake factory and jump into the Kiaks. I make you tell me no to you walk away because Yo, I've converted on the third sale, I mean the third no, the fourth no. And sometimes people will buy because they tired of you ask it and they know you're not gonna let them go. Look I got all right, cool, just give give me that one here ticket tell you no more than once.
Yeah. Now the sales is we talked about that a few times on the podcast is something that most people are extremely afraid of because nobody likes to talk to strangers. Like we conditioning as kids not to talk to strangers, like that's the first thing they tell you, don't talk to strangers, and that carries over as an adult, and it's like to walk up to somebody, especially to try to ask them to buy a product and to spend money with you. It's like it's terrifying for most people.
But I always say, like, if you can actually sell, do sales. I recommend anybody that wants to be in business to do at least one year of sales selling something. I don't care, whether it's life insurance, whether it's knives, whether it's the cell phone cases. You got to if you could sell something a it takes a fear away and you'll realize that the worst thing in the world is not a no. It's not like people say no,
you're still living, like you know what I mean. It's like you got to develop stick extend to be an entrepreneur.
I got a clients shouts out of my man saying he came on our coaching call. I have a call in the mornings, and he said, Man, how do I take my business to the next level? And my COUSTU was like, Yo, how many people do you ask to buy your service? He said, Man, not that many. I said, YO, give me a number, like how many people do you actually ask? He said, well, uh, not a whole lot. Bro, how many did you asked yesterday? He said none. I said, that's the problem. So this is what I want you
to do. Because he's afraid to ask for the sale, I said, or he's afraid to attest. He's afraid to like, like get into sales. But what I told him was I just want you to ask three people a day.
That's your goal.
I don't care whether you buy or not, because the pressure is in their answer. But if you condition your mind and say, yo, my goal is not to make a sale. My goal is to just ask five people every day so I can go to the store and say, yo, I don't want to bother you, my coach, make me do this. Would you like to buy this T shirt? Okay, that's one. Hey mom, I know I ain't talk to you in a little while. I never I've asked. I never like try to sell you anything. But let me
get my number out. And if you can start to get your number out three sales, five, Just make five calls. Make your goal. Make your goal of the work, not the reward, because the reward is scary because if you don't get it, you're disappointed. But what you can't control is the work. That's the only thing control, So is there.
It's like a fine line between persistence and annoyance, because I could imagine like, yo, get this, get this, get this, and it's like, all right, is there a fine line there?
To make a seale, you gotta be kind of annoying a little bit, Okay. I mean at the end of the day, you got to ask curtain people. It's going to be somebody you want to get on the podcast. They say no, next time you're seeing it, you need to ask them again. It's only our inside. We feel like we're being annoying, but sometimes people just forget or and I learned this at the cheesecake factory.
Is so dope.
People want to they want to eat cheesecake, but they want you to convince them. They want to do it. But the right thing to say is no because it's high in fact calories. But they really want me to ask, They really want me to convince. They feel good strong will because they're saying no because they're on the diet.
We got this new one. They'd be happy when I convince them no.
It's the no thing is extremely important and it's important for people to understand how to take things personal and you know, I just living in New York. I was on the subway years ago, and I just did like an observation. It's like people, these guys handing out like free newspaper, they're free to any anybody that's like coming through the turnstile, and every single person was like no, I'm gonnay.
Look.
They was just and I'm thinking to myself, like it's free. It's a free newspaper, why not take it? But it's like they're just conditioned that he's trying to sell me. He's not even trying to sell, it's giving it away, and it's like no. It's like the same thing. It's like a pretty girl, Like you might want to dance with a pretty girl, and before you even she's like no, but was like you didn't even look at me. But
she's just used. She's conditioned to say no. So I say, I have to say, like people in general are conditioned to say no, So peeling back that layer and saying like, well, why it's free, it's a free newspaper. You don't want to take it. I mean, like, let me get the note out of the worst and you're not going to convince everybody. But some people, once you just get that first layer, Like, if you can get past that first layer, it's like a home run after that.
Yeah, I think how you how you do anything, is how you do everything. So if if you're attempting to make a sale and they say no, if you're working on a product and you just can't figure it out, like these mics, you just couldn't figure out how to get it working, you'll probably stop at that too and
just get another mic. Right, But once you develop a certain a certain level of persistence, once you develop that trade, that carries to everything, you know what I mean, Like if you can be if you can be persistent in a in a sales transaction, you could be assistant and getting that person interested enough enough to date you or trying to close that deal. I believe how you do anything, how you do everything.
So you sound like you're gonna be the host on Bachelor Man.
So what are some steps, Like you said you coach people to become entrepreneurs in nine to five What are some steps. I'm sure there's a lot of people that may listen to this podcast that have nine to five jobs and want to become entrepreneurs. Like, what are some practical steps that people can take.
I think the first step is just set a goal, and I don't care what the goal is. Ideally, if you're new in entrepreneurship, you don't want to set a sales goal or a reward goal. You want to set a work goal. So your work goal might be starting out from six to seven, every single day, I'm going to work on this product or this project, whatever it is I'm doing from six to seven. If you got a podcast, from six to seven, I'm reaching out to people to be on my I don't care what they say.
Their answer doesn't have anything to do with me, but for me to hit my goal from six to seven. Because that works on consistency. You get more comfortable reaching out and you're putting a whole bunch of people in your pipeline. For this particular scenario, I guess we're podcasting. But the first step is to set a consistent goal that you can hit because you can't control if somebody
buys or not, you know what I mean. So I think the first step is if you have a business, you set some work goals, and out of those work goals, if you get comfortable in that long enough, then you set some small reward goals and you just do that consistently. My goal is to sell one a day, whatever the product is. Let me just sell one a day, and you do that often enough, you'll get tired of.
That, now, you know what. I'm glad you said that, because that's something that I learned early on in business when I was first came into business, right, and I learned that you can't. People make the mistake all the time because they say, Okay, I want to make a hundred thousand dollars, and in order to do that, I need to make two thousand dollars a week, right, And it's like, okay, I'm gonna make two thousand dollars a week. I'm not going to work two weeks out of the year.
So if I make two thousand and fifty weeks, I make a hundred thousand dollars. But that's not really an attainable goal because it's like, what does it take to make two thousand dollars a week? Right?
You don't know, He's never done it.
So it's like, if you're selling a product, right, you might say, Okay, I need to sell ten of these whatever they are in order to make two thousand. But even saying all right, I'm gonna sell ten products, that's really not a good goal because how are you going to sell ten products? You gotta dig deeper to say, Okay, in order to sell ten products, I know I need to speak to one hundred people exactly. So the goal is not to sell ten products. The goal is to
speak to one hundred people. So now get down even deeper and it's like, okay, well, how do I speak to one hundred people. I need to get twenty five referrals. I need to go to five networking events. I need to cold call one hundred people. That's the formula for me to speak. My goal is to if I speak to one hundred people, I'm going to sell ten products. I'm going to make two thousands. But a lot of
time people do it backwards. They say I'm gonna make two thousand, they get frustrated because it's June and they haven't made any money, and it's like they just quit.
Yeah.
The question is like, how long did you think it was going to take to be successful?
Kanye West? That's uh, our brother.
We can't throw him away.
He Kanye West. He went to his concert.
I go to a lot of I've been to a number of his concerts. I remember the first time I saw him. He was opening up for Usher on a Confessions tour. That's how far back he went. To his most recent concert. Yeah, I was at the Jesus Is King. We told that story alive.
Yeah, I went. I went to Sunday Service.
Man, he went to Sunday Services because we was at Complex. Call me, Mike Jamore you we was at Complex con in l A and Long Beach and he had his show and you bought tickets to the show for all of us.
Yeah, man, and he.
Was about to go is in Inglewood, and and you got in the uber and nobody else got it.
Listen, let's paint this picture. It was like three o'clock. I'm like, yo, the show starts at at four. Like, I'm calling this uber right now, Guys, it's a forty five minute ride to Inglewood.
Y'all coming with me? And everybody's like. I was like, I'm calling the uber. We all walked outside. I got in the uber. I looked back.
I saw y'all standing on the curve. I said, I'm closing this door, and it's gonna be a one man journey, and I looked and y'all took two steps backwards, and I closed the door and I said, I'm going.
Yeah, no the fact shout out to ye no disrespect, no disrespect.
Yeah, they left me.
Y'all just wasn't in vis. You gotta be mentally prepared for that.
And I'm not mad at it.
I told you when I and I doubled back, I came back, I was like, you know what, some things you need to experience by yourself.
I kind of I needed that. Man.
It was an emotional moment. Shout Sunday shot. Yeah, you went by yourself, but shout out the complex content. I was pvent. But I say that to say, we're gonna talk about Virgil Ablo. Yeah, right. And Virgil if you if you don't know, is he just recently took the head.
Job at the hell designer of Louis vaittan.
Louis Vaitton, I think the men's line, the Louis Vuitton, right, and yeah, so's he's big in fashion obviously, but before that, he has a brand called off White. Yep, off White, if you're not familiar, is huge. Just it's it's one of these things where all of the rappers where all the athletes wear it and it costs a thousand dollars for a T shirt. It's crazy. It's like, you know, Off White, It's like a thing. But so I mentioned
Kanye West because Virgil comes from Kanye's tree. So when we talk about Kanye's tree, we talk about his musical tree, right, people that have come from him. So the Big Shans of the world, the John Legends of the world, kid Cuddies of the world, these are all people that come from Kanye's earners.
What's up?
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Treat we can put Drake in there. No no, no, we can't put Drake in there. No no. We can't play with Drake like that. But so so shout out to the six God, so so so d so. But music is crazy. His branches is crazy in music, but even more impressive is his fashion. Yeah, so people, I would say more impressive. The people come from under Kanye in fashion is Jerry Lorenzo.
Yeah, fair God, Fair of God.
Virgil Ablow, who we just talked about Off White yep, dn Ce, who worked the Jordan brand yep and what else did he do?
He still has it and he has the rs VP shop. Yeah, he has a couple of deals he did. Uh, he did a deal with the NBA where he likes in some of this stuff.
Yeah, and Virgil and Kanye actually moved to the all of them. They literally for like six months and they interned at Louis Vautan. So it's crazy. So Louis Vuitton don actually now Louis Vuitton did. Yeah, he got his whole name from that whole vibe. So what happens? Okay, So Virgil starts a company called Off White right, and Off White blows up. Off Fight becomes a really big thing, and it's one of those things, like I said, where everybody's just it's like you got to get an off White shirt.
It started before like he built the buzz because he had that there was like this pirate's vision that fashion line that he had done, but it was he was putting it on other pieces of cold and so you might see a Champion sweatshirt, but it had like the Pirate stuff on it. So push your tea obviously, that makes sense.
Right.
He's part of that that crew, that conglomerate at Kanye conglomerate. So they was wearing it and then that Pirates became a big thing like Jay Whiz and that was big, and then somebody saw the light in him.
Yeah, that's a fact. So Marcelo Braun's Berlin Burlin, Marcelo Marcelo, Yeah, you got Marcelo Burlin recruits him to come to Italy, right, and so Mark he owns the New Guard group him, he has two partners, which is a fashion conglomerate, right, So he takes him to Italy and he shows him their manufacturing factories. Like so yeah, we started laughing because
it like when Kanye. Remember when Kanye was on Sway and he was like he was talking and nobody really understood what he was talking about, and he was like, I can't produce at this level. I can't produce, and they like why would you, Like were you talking about? And He's like, yo, got.
Dance to sweat, They only gonna give us tea shirts and hat.
And so he was like and even Sewman was like, what do you Nobody really knew what he was talking about. He didn't really do a good job of explaining when he was talking about. But he was just saying like he didn't have the factories to produce, and it just didn't go over well. Right. But it's crazy because it's like when Virgil, they said, when he when he went there and he saw the factories. I don't know what they put these factors like magical fits like Willie Walker
in the Chalcoling factory. So he saw these factories and he realized that he couldn't compete down later type vibe. So he sells his company. And you know what's crazy is that shout out to Dapper Dam. But when Dapper Dam was on the Breakfast Club, when that's what really started this whole vibe. Dapper Dam was on the Breakfast Club and Charlemagne kept pushing them like, yo, why don't you just own your own joint? Like why are you working for Gucci? You've done so much for this company.
You brought the street with and conture together, like create your own, create your own things. So then he kept pushing them on that, and then that was like, well, who what black designer owns their own outright, like on high level, on a very high level. And he was like off white Virgil, And then he was like does he does? So then Charlamagne was like, well what does that mean? What are you saying? He's like, I'm not saying anything. He's like, through your research.
I promise you, Like as soon as I saw that, and then one week later this whole story.
I was like, yo, I'm doing research and then we found this.
I'm like so surprised. It turns out that he doesn't own off white. New Guard Group owned off white right majority state. So what happens is that he sold it to the New Guard Group. All right, it happens all the time people sell that company. But what makes this interesting is that he still has control over it in a certain way because he kept the licensing right. So this is very important. This, this is this is where
the story gets interesting. So he sold the company to the New Guard Roup, but he kept the licensing rights. So what happens is that New Guard was in control of development, distribution, and manufacturing, so they they watch everything everything right, But but he was in control of licensing them. In order for them to put it in any store or to sell it effectively, they have to rent the licensing rights from him, and then they split. They don't they didn't say what their agreement was as far as
the split, but they split. Let's just say hypothetically it's fifty to fifty split. And so he still makes money, but he's not actually doing anything which actually works out for him now just he could focus and to see his energy on running Louis Vatan.
Yeah, and that's the beautiful thing about licensing and trademarking is that he can do it with this one and right now, this group that this deal that he has with New Guarden, we'll talk about who they sold it to, is that this one's exclusive. But the next time, and like we said, we don't know the terms of the money in the contract. We don't know the terms of the years either. But as soon as this deal is done, he can license to New Guard, he can license to this person.
He could I mean, he can do it as many times or with whoever he wants.
So the licensing thing is extremely it's an interesting conversation, especially when it comes to fashion because people don't fully understand, like you know, who's huge in fashion, so this you never really think about it like this and shout out the prince down Now another ey L alumni he was. He was in a store I think like a month ago. He did a whole Instagram clip about this. But Disney licensed their characters out all the time, all the time,
especially fashion. They're real big and fashion. So we talked about like back in the day with Iceberg with Goofy, Goofy with Goofy, and Goofy was on all the sweaters. They're not using Goofy, just saying I want to use Goofy. No, you can't do that. It's a selling You got a license it.
So they did.
They had Mickey too. I remember they I remember the sweater. Mickey had the one. So they had Mickey, they had Goofy Peanuts. They also licensed that. But it's like they have to pay to use those characters.
Yeah.
And the crazy thing is like, so when you go in the mall, because you see especially now it's Holliday time, you see a bunch of shirts with Snoopy, Mickey, especially Mickey Mouse, Mickey Mouse Mini Mouse. They're huge. You never really tried, you never really paid attention.
Right.
But if you go and you look at the tag, they're not going to say Disney.
Right. You could go in Old Navy right now and find the Mickey Mouse T shirt or Urban Outfitters.
And all of these, all of these different companies that put those characters on it, they have to pay Disney, right, So they license their characters out on Fashion, they license other stuff out to the music. Yeah, they like Netflix, right, Like the movies before they started their own streaming service, all of the Marble catalog was on Netflix.
Right.
Netflix is paying Disney big money, big money to use this.
It's the reason why now like with Disney Plus that all like Black Panther's not on Disney Plus yet, or like Star Wars, The New Hope is not on Disney Plus yet because the licensing agreement hasn't run out. As soon as it does, that'll be on Disney Plus. Netflix will never see another Disney product.
Yeah. So it's the same thing with fashion and some of your top favorite designers. They don't own, right. You think they do because it's the name, because it's the name, but larger corporations like the New Guard Group, they own it, right, So this happens all the time. Also, we talked about as far as even in real estate.
So Trump is a guy in New York City, you know, like especially maybe ten years prior to today, when you drove down the West Side Highway, it was nothing but buildings that said Trump Tower, Trump Tower, Trump Tower, Trump Tower. He doesn't own the building, the land itself. He just licensed his name to put on the building, which in turn people associate with the lifestyle. It's like, this is high luxury. I'm living in the Trump Tower. I have money,
I have high luxury. There's a certain lifestyle that comes with it.
Yeah, he did that probably the best, honestly. I mean, hate it and love it. But you gotta always look at a business case study, right, You got to take emotions out when you're looking at business. So whether you know,
politics is very divisive. So whether you love them, whether you hate him, whatever, you gotta look at the business model behind it, right, Like all of this stuff from his ties, a lot of his golf courses, all of those buildings, those Trump Tower, very few of those does he actually.
Owned the casino too.
He licensed his name people pay him because he built the brand around Trump, the name Trump, and now it's like, okay, just the name on itself, I can make money via value. So this is what makes the Virgil deal interesting because it's like, okay, like we said, people sell their companies all the time. We talked about Kylie Jenner recently selling fifty percent of our company. So he sold the company, but he also is making money on the back end because he licensed it right.
And that's one of the things they said, especially in fashion, if anyone's trying to start something, owning the trademark is probably the most valuable thing you can have in fashion because that lives on forever. Like this least agreement that you might have eventually they're renting, but that lives on forever. As soon as that agreement is done, you can find seven different partners to now license with, and then that lives on in perpetuity. It's like keep that he you
know what he does. He owns his masters. We always talk about music. Yeah, Virgil owns his masses.
But so but now what happens is that so now guard Croup gets brought happens Okay, so Virgil has to deal with new Guard Group, right, and he sells him a percentage of a large percentage of the company, but he keeps the licensing agreement. Right. They do all of the work, they manufactured, they distributed, they do everything. He gets paid and they have a good relationship, I'm assuming, right, But now new Guard Group gets brought by G three,
which is another fashion conglomerate company. So now this way it becomes a little complicated because it's like, Okay, it's like a record label. We have Mickey facts only saying he got dropped by one record label or the record label got acquired by another record label. Right, So it's like you might have a good understanding with an executive at RCA, but now yeah, so now it's a whole different, you know, relationship. So it's the same thing with this, right.
So it's like, Okay, you might not be on the same page, right because now you got the company that you sold it to got acquired. So I'm assuming that you know, obviously, Virgil was seasoned, and I'm assuming he has a good counsel and he's around good people that's give him good ice, and he's knowledge with himself. So now what you do is you put a termination Clauset.
A termination provision really, So it's like what that means is like if a brand, if the company decides to put out stuff that does not represent the brand any further, then he has the right to say, you know what, we don't want to do business anymore since you've sold it the company and we lost our agreement. If you can't match what we are expectations going forward, if we're not a high luxury brand and going forward we end up in like a TJ Max or something, our deals terminated.
Yeah, it's very important. So that's very important because you always gotta I always give the analogy of like when you go to the movies, like before a movie starts, they always say, like, visit an exit right when you're on that point when you get on a plane, before the plane takes off, they tell you where the exit rolls are and they tell you like the procedure like if if an emergency happens, right, So if you really on point before you go to any building, you always
got to recognize the exit before you cause it's like getting out is more important than getting in. You have to you have to identify an exit preparably before you even get in. Right, because you don't want to get somewhere and you don't know, then you got to kind of like uk around the room with the exit. So if you like presidents, right, they already mapped out the exit strategy before they actually getting out the secret services job. So in business is no different. Before you do a deal,
you got to figure out the exit strategy. Hopefully it doesn't go bad, but you always got to think what if it does. Right, It's like it's like in a prenumptial agreem when you getting married.
What's that.
Hopefully Hopefully hopefully you never have to use it, but just in case fifty percent chance that it, you know, it doesn't work out, you know, you got to your walking papers already established. So that's extremely important for entrepreneurs. And this is a very high level case, but any level of business ship partnership, whenever you are doing business with somebody, you always got to have an exit built in because if not, now you get.
Screwed, Yeah, you get stuck or drop yeah n G.
Three. So they also own Donna car right, So that Donna Karen stories is interesting as well because.
It's like the flip side of the Virgil situation.
Right right, She didn't.
She didn't license her name, right, she didn't license her name, and she got acquired.
She actually got acquired by lvm A.
Lvm A shot the Wall Street Trapper. We talked about that in episode.
LVMH, and they just did to deal with Tiffany's. They just bought Tiffany's for sixteen billion.
LVMH one of the largest companies in the world.
The largest high fashion, one of.
The largest, well Apple is the largest, right right right, I'm my fashion fashion Yeah, so LVMH, I said, we talked about that in episode forty four Wall Street Trapper. But they own Louis Vuitton, Hennessy, Moat, a bunch of different stuff Tiffany's. Now they own a long list of high fashion and just high lifestyle items. So she sold, she sold her company to them in two thousand for four and fifty million.
That's a lot of money.
But that that took out the game, right, but they still use her name.
She sold her brand and her entity, so Donna Carratt International, which encompasses DKY and everything else that comes with Donna Karen.
But now so they sold did to G three, another G three acquire in twenty fifteen for six hundred and fifty million, so they made two hundred So they made two hundred mil.
But during that, like when they sell it, she steps down, right, So she steps down from her position. I think when she sold it to LVMA, she stayed on its head designer twenty fifteen.
She steps down. So now she has nothing to do with the brand.
No, she's done, but the brand still makes money.
The brand is super profitable, like last year I think five hundred and seventy million in profit. She gets none of it, and she has no say in a brand that has her name, Like she could walk into any store to say Donna Karen and it's like wait, they made that, and she can do nothing. Even though it has her name on it, she can't use it.
That's interesting because, like I said, a lot of times people don't fully understand, like when they just see headlines in the news. But these are things that I think any entrepreneur can learn from because it's like, Okay, he's so it's a very savvy move that he did where he sold the company, but he kept the licensing right right, So now he's still gonna make money in perpetuity as long as he keeps that.
Agreement, the next deal is gonna be silly.
And yeah, as long as the company keeps growing, he can renegotiate next time and get even more.
Yeah, because that's the thing.
It's like when you see this is an exclusive deal, so like you'll see off white like they just did the Ikea drop. Did you see that they put the off White Ikea furniture?
Nah? It was crazy, So like that sells out like that, Like the brand just grows once this deal is over.
Whenever it is, like, can you imagine the lineup of people who are coming to knock on that door to use the license.
It's gonna be ridiculous.
He could do it, like right now it's exclusive if he can only use through new Guard, But I can't imagine, Like what's gonna happen when he's a free agent and it's like, yo, who wants to use the license.
He's gonna be out of this world.
You know.
Sometimes you get paid on front in the back end.
Yeah, man, and the little Eviton stuff is moving crazy.
Yeah, that's a fact. That's a fact.
So yeah, we get him more on your leisure that's a fact. Make it happen us get on it. We got to make that happen.
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