Celebrity: Tory Burch

Tory Burch is an American fashion designer, businesswoman, and philanthropist who serves as the Chairman, CEO, and Designer of Tory Burch LLC. Her luxurious designer brand has won several awards, and she herself was named one of the most powerful women in the world by Forbes in 2015. Beyond her success in the fashion industry, Burch is also dedicated to empowering women through her ‘Tory Burch Foundation.’ By supporting female founders, she helps women to achieve their dreams and make a difference in the world.

Early in her career, Tory Burch worked as a fashion copywriter and assistant at Harper’s Bazaar before moving on to PR and advertising roles at well-known brands like Ralph Lauren, Vera Wang, and Loewe during Narciso Rodriguez’s tenure. Looking back on those experiences, Burch reflects that each one contributed something valuable to her approach to running and building her own company. She often encourages aspiring entrepreneurs to learn from every job, even if it isn’t their dream role, and to take away something meaningful from each experience.

Tory Burch began her journey in fashion with a $2 million gift from her ex-husband, retail tycoon Christopher Burch. She used this seed money to start designing clothes in her kitchen and plotting out her new brand. Soon enough, she earned a critical celebrity endorsement and saw her sales figures skyrocket. Since launching her label in 2004, Tory Burch has grown her business into an international apparel and accessories brand. Her products are now sold in over 250 Tory Burch boutiques as well as more than 3,000 department and specialty stores around the world, generating an estimated $1 billion in sales.

According to Burch, many people initially doubted her vision for the brand. While she values other people’s opinions and enjoys gathering information, she ultimately believes in following her instincts and trusting her own judgement. As she reflects on the early days of building her company, Burch emphasises the importance of believing in yourself and staying true to your gut, even in the face of scepticism.

Despite receiving advice to the contrary, Burch chose to open her own store from the very beginning. She saw this as an opportunity to showcase her brand’s identity in a physical space that reflected her vision down to the smallest details, from the music playing to the candles burning. Burch wanted to create a memorable experience for her customers from day one, and it paid off: on the store’s opening day, the original Tory Burch boutique at 257 Elizabeth Street saw nearly all its inventory sell out.

In addition to her fashion empire, Burch is also dedicated to philanthropic efforts. In 2009, she founded the Tory Burch Foundation, which supports women’s empowerment and entrepreneurship in the US by providing access to capital, education, and digital resources. The foundation’s efforts received a significant boost in March 2019, when Bank of America pledged an additional $50 million to its program for women. This doubled the bank’s earlier pledge made five years prior.

We Need Female Entrepreneurs

In my experience, women entrepreneurs have a unique perspective that allows them to approach challenges and opportunities differently from men. As a female entrepreneur myself, I have observed this difference firsthand – not necessarily better, but distinct.

Women entrepreneurs often bring unique perspectives and experiences to their businesses, which can lead to innovative ideas and approaches. As Burch mentioned, Coco Chanel, Estee Lauder, and Oprah Winfrey are just a few examples of successful female entrepreneurs who have made their mark on the world by leveraging their unique perspectives and experiences. These women serve as role models for the next generation of female entrepreneurs, inspiring them to follow their passions and pursue their dreams.

The Global Entrepreneurship Monitor reports that there are currently 126 million women running new businesses, with an additional 98 million leading established ones. However, despite the number of women entrepreneurs, many do not reach their full potential. In the United States, for instance, women own nearly three out of every ten businesses, yet they employ only 6% of the country’s workforce and generate barely 4% of business revenues.

In only seven countries do women take part in business at rates equal to men.

To create a more balanced and equitable workplace, it’s essential to support and empower female entrepreneurs by providing them with the resources, mentorship, and opportunities they need to succeed. This includes addressing issues such as the gender pay gap, access to funding and capital, and the lack of representation and diversity in leadership positions. When we work together to create a more supportive and inclusive environment, we can help female entrepreneurs overcome the barriers and challenges they face and drive positive change in our society.

Investing in businesswomen will boost the economy for everyone.

Not A Passing Trend

Narrowing the gender gap in employment not only benefits businesses but also has a significant impact on the global economy. According to research, closing the gender gap could increase global income per person by as much as 20% by 2030. However, the benefits go beyond the economic impact. When more women are in leadership positions and running successful businesses, they serve as role models for other women, encouraging them to pursue their own dreams and aspirations outside of traditional gender roles. This leads to a more diverse and inclusive workforce and helps to break down gender stereotypes.

In addition to the social benefits, investing in women has a positive impact on communities and families. Studies show that women in emerging markets tend to reinvest up to 90% of their earnings back into their families and communities. This includes spending on education, healthcare, and other essential needs, leading to overall improvements in quality of life. Therefore, investing in women and supporting their entrepreneurial endeavours is not only good for the economy but also a vital step towards building a more equitable and sustainable future for all.

Tory Burch Foundation

In 2004, Tory launched our company with a concept and a small team, starting the development from my own apartment. As we grew, I faced the challenges common to women entrepreneurs, including balancing work and family responsibilities and accessing financing. These obstacles led me to establish the Tory Burch Foundation (TBF) in 2009, with a mission to support the economic empowerment of women entrepreneurs. Through our work with businesswomen worldwide, we have identified three key priorities that are essential for enabling women’s success in entrepreneurship.

First and foremost, access to capital is crucial for women entrepreneurs. However, women face various challenges in obtaining financing, such as a lack of collateral, gender bias, and discriminatory regulations. To overcome these obstacles, financial institutions must think creatively and work in collaboration with other organizations to create more opportunities for women. For instance, initiatives like Coca-Cola’s $100 million partnership with the International Finance Corporation can provide more women with access to the necessary resources to start or grow their businesses. By investing in women’s potential, financial institutions can help to level the playing field and enable more women to achieve their entrepreneurial dreams.

Second, supporting nascent businesses is crucial for their success. As an entrepreneur myself, I have always recognised the value of having mentors and trusted advisers from various industries to provide valuable insights. Unfortunately, many women do not have access to such support networks, which can explain why there are fewer opportunities for women to pursue entrepreneurship compared to men. By providing mentorship and resources, we can help women entrepreneurs overcome obstacles and unlock their full potential.

A growing number of organizations and groups are recognizing the need for building networks and communities for women entrepreneurs. These networks can provide vital support and guidance to women who may face unique challenges in their business journey. At TBF mentoring events, we have witnessed firsthand the tremendous value of these connections. Our entrepreneurs often develop meaningful relationships and networks with other women they meet at our events, from diverse backgrounds and industries. Whether you’re a restaurateur or a clothing designer, building these connections with like-minded women can help you overcome common obstacles and learn from each other’s experiences.

Third, women require access to entrepreneurial education. While successful business concepts can be developed in various environments, research shows that women tend to doubt their abilities and fear failure more than their male counterparts. However, with proper training and education, women can gain the confidence necessary to see their innovative ideas through. It is important for organizations to provide accessible and affordable training programs and resources that help women overcome these barriers and develop the skills necessary to succeed as entrepreneurs.

The Tory Burch Foundation is dedicated to empowering women entrepreneurs by providing them with access to capital, education, and digital resources. Through our programs, women can gain access to the right kind of small business funding to manage, grow, or scale their businesses, as well as participate in our fellows’ programs, initiatives, and events like the #EmbraceAmbition Summit, which aim to challenge gender bias and promote women’s leadership. Our digital resources provide helpful tools to support entrepreneurs in their business ventures. We believe that by empowering women with the tools and resources they need, we can create a more equitable and prosperous future for all.

It’s not about charity, it’s about helping to empower women to help themselves.

Support Women

Fashion designer and entrepreneur Tory Burch is not only the CEO of an internationally renowned clothing line bearing her name, but she is also a philanthropic force driving the ‘Tory Burch Foundation.’ This foundation aims to support women business owners and their families, making Burch an inspiration for many aspiring women entrepreneurs.

The Tory Burch Foundation is committed to empowering women and women entrepreneurs by providing them with access to capital, education, and digital resources. Every donation we receive directly funds programs for women, allowing us to support more women and help them achieve their dreams. If you want to join us in this mission, you can donate via the link provided and make a difference in the lives of women entrepreneurs everywhere.

The Tory Burch Foundation empowers women and women entrepreneurs by providing access to capital, education, and digital resources. Every dollar you donate directly funds programs for women. Helps us support more women, donate vial LINK.

Shop the Tory Burch Foundation Collection: 100% of net proceeds benefit the foundation’s work to empower women via LINK.

Tory Burch shares the following insights on work, life, & fashion.

Goal setting… If it doesn’t scare you, you’re probably not dreaming big enough.

I love what I do because… It’s the perfect balance of being creative and entrepreneurial.

Never be afraid of…  Change. It’s usually hard but often is essential.

When starting a company, you must…  Have a unique idea, absolute focus, and the tenacity to follow through.

The best business advice I’ve received is…  Always be transparent and straightforward.

Never underestimate… The importance of being an information gatherer and doing thorough research.

On success… There are many things you can do overnight, but there is no such thing as an overnight success.

On fashion… When I think about fashion, I think women will never lose that appetite for fashion.

On building a global brand… Buckle up & know that it’s going to be a tremendous amount of work but embrace it.

My greatest talent is… Recognising talent in others and building a fantastic team.

My biggest challenge is… Balancing work and family.

I overcome that challenge by… Prioritising. My boys and stepdaughters come first.

I hope to one day… Build the Tory Burch Foundation into a global organisation.

On entrepreneurs… Being an entrepreneur isn’t just a job title, and it isn’t just about starting a company. It’s a state of mind. It’s about seeing connections others can’t, seizing opportunities others won’t, and forging new directions that others haven’t. 

On “quick” fixes… We may live in an age of instant messaging, instant gratification, and Instagram, but there is no way to short circuit the path to success. It takes hard work, tenacity, and patience.

On learning … Even if you’re not yet an entrepreneur, you can be entrepreneurial in everything you do. If you view each step as an opportunity to learn something, there is always something you will take away from that experience.

On the journey… Remember: if the most unique ideas were obvious to everyone, there wouldn’t be entrepreneurs. The one thing that every entrepreneurial journey has in common is that there are many, many steps on the road to success. 

Tory Burch: WWW.TORYBURCH.COM

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“Thank you, Tory Burch, for sharing your extraordinary journey with the world and your words of wisdom. You are an inspiration to all who aspire to dream big and empower women. Your dedication to supporting women entrepreneurs through the Tory Burch Foundation is truly admirable.” – Demi Karan, Heels Agency

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