DVF!

33:05I would pick any fabric that wasn't being used. And I started it. Aegon is in May. He comes to Rome on the way because he finished his internship and he had a job in September. So he had the whole summer out. So he's going with a friend of his to go to a trip to Asia. And after that, he was going to spend the holiday in Sardinia. He says, meet me in Rome. I meet him in Rome. We meet in Rome. and he takes me shopping, he buys me a beautiful jumpsuit, and he said, tonight I've organized a dinner with all our friends, blah, blah, blah, and this restaurant, and he gives me a ring, a ring that he has designed.

33:54And yes, vaguely we talk one day we should really get married, but it's all very vague. So you could say it was an engagement, but you could also say it's not an engagement. Nevertheless, that night, I must say, before he left and I spent the night with him, I did say to him, tonight I will make you a son. Okay? But it was very much of an erotic thing. It wasn't something that I really meant. He goes on his trip. I go back to it. I go back to the factory. The man who owned the factory, Ferretti, he has a Lamborghini. And you know how Italians drive. and we go from factory from craftory in his car and he drives like a maniac.

34:39He drops me in Milan and in the middle of Batsa San Babila, I faint. Everybody thought I was dead. And they said, I'm dead, I'm dead. I said, no, I'm not dead. I was not dead, but I was pregnant. Okay? So you did make him a son. I did. I did. I did. I did. and I didn't used to tell that story but now I did and not only I made him a son I made him a good son a great son anyway so so to make the story short I I I mean I go I mean I didn't want to get married and I thought everybody would think I did it on purpose blah blah blah so I offered out the suggestion and he sent me a telegram absolutely not organized wedding July 15th, Paris.

35:33I said, really? So anyway, so I went to the man who owned the factory and I said, listen, I am pregnant, I'm getting married and I'm moving to America, but I absolutely need to be independent. So please, will you allow me to make samples and give me good terms? Okay. So he said, absolutely. And this man is one of the most important person in my life because he allowed me to do this and to make samples and I would pay him after I got paid and whatever and so in a sense I was financed by him only because I had good terms which is why I've always told designers I said don't take money for just money take go to the manufacturer go to the people who make the clothes because those are the people who are the most interested for you to be successful.

36:25So that's, I'm telling you that because for the listeners who would listen to that, they may remember that. Okay. So that was my first. So I can go through the whole thing. If you, anyone is interested, they can read, listen or read my book, The Woman I Wanted to Be. I tell everything. Then it became a huge, I'm trying to make it short, a huge success overnight. I mean, you know, within two or three years, I was making 25 ,000 wrap dresses a week. I mean, it was insane. And then, of course, because my salesman didn't want to diversify, the manufacturer didn't want to diversify, I knew there were too many wrap dresses around.

37:09Every woman in America had one, two, ten, twenty. And so the first hurdle is that all of a sudden, And one day, everybody marked down the dresses. And so there was a saturation. But at the same time that there was a saturation, I also need the security 24-7 in the warehouse because there was so much in demand in the street, you know. So that time, I licensed my dress business to Puritan fashion, who is Andrew Rosen's father, who at the time had calventine jeans. So it was a big thing. He had calventine jeans and DVF dresses. At that time, I started a cosmetic company. So my dress business was a license.

38:00Okay? Then I built this huge cosmetic company. Then, again, when it was built, I am a manifester. I know how to manifest things. I know how to build things. I don't think I am a good CEO. for sure, but I am a chief manifester. Okay? So, and then, so that went to that. And then what happened? And then I sold a cosmetic company. And then at that time, my children went to boarding school. I went to Paris. I fell in love with a writer. I went to Paris for four years, five years. And then I came back. And then when I came back, that was difficult. because I felt like I had lost my identity. All the products that carry my name were licenses.

38:48They weren't really listening to me. And I felt like I had no identity. It was very weird to a point that I got cancer. I got cancer at the base of my tongue, which I think has to do with the fact that I couldn't express myself. In any case, at that time, somehow I discovered QVC. So QVC was absolutely, I mean, this tacky network that would sell, you know, things. And I went there with Marvin Traub. You know who Marvin Traub is? Yep. Yeah, I know who Marvin Traub is. It was. Bloomingdale's. And so I, and they were dying to do something with me. And I thought they wanted to do cosmetic. No, they wanted to do clothes.

39:35But how can you sell clothes on television without thinking? But anyway, they were making me an office. So I said, let me think about it. And I went to Hong Kong to the silk manufacturers. And I came up with this concept of silk assets. And so there were five pieces, a big shirt, a pull-on pants, a tunic, I forget what, and a scarf, five pieces, in two prints and four coordinating colors. And I said, okay, so I'm going to make it because that's something you could buy without trying. and so we did that and that again was a huge success and did Barry own QVC at that time no I am the one who brought Barry you brought Barry to QVC I brought Barry at the time Barry and I were two losers at least we felt like it he had left Fox and I felt like I was a total loser and so we basically didn't have a job either or anything to decide for two people who had been, you know, wunderkind in their 30s and 20s.

40:47So when I went to QVC the first time, I told about that to Barry. And by the time I had my first show on QVC, and I killed it, I think we sold a million two in an hour or something. I went back to the hotel and I got flowers and Barry said, welcome home. He had taken over. Crazy. True power couple. The definition of power couple in the dictionary. But you know, it's in a weird way. And he's writing his memoir now. So next year, that's going to be some bomb. In a weird way, our lives have been very parallel. You know, I moved to Millimet Park District first, and then he came, and then I discovered those two young guys who had the dream of doing the High Line.

41:37We became the major funder for the High Line, and then he did the Little Island. And then, you know, for some weird reason, our lives are parallel, and we're always at the same time. And now it's, you know, today or after tomorrow, it's 25, no, what am I talking about? 49 years that I met him. So you've been friends for 49 years and married for over 20? No. First we were lovers. It was a big, huge love affair. Then we were friends. And then we were lovers again. And then we were married. Do you feel like that partnership, obviously it's your life partner, but in business, like how much are you two engaging with each other about that stuff?

42:29Not very much. Like giving each other advice or... Not in a weird way, not very much. Because I get impatient and he gets impatient. My son is, yeah, my son is more involved. So you can't answer the question from my Puck colleague, Bill Cohen. Was Barry ever really serious about acquiring Paramount this year? Or is it just a big head fake? No, I can answer that. Paramount is to Barry, is, Paramount will be in Barry's heart forever. Okay. You understand, he became chairman of Paramount at 32 years old. This was, so Paramount, and that's when he met me. So Paramount and the mountain of Paramount is in his heart forever.

43:14So, you know, it was a dream, but it was a dream.

43:24We'll see you next time.

43:50Hi, this is Jill Schlesinger, CBS News Business Analyst, Certified Financial Planner and the host of the Jill on Money Podcast. With the new year upon us, there's no better time to take control of your financial life. And the Jill on Money Podcast is here to help. It's your questions that make it possible for me to provide unconventional and I hope entertaining insights on your money and more importantly on your life. Follow and listen to Jill on Money wherever you get your podcasts.

44:23So when you had these sort of big changes in your business, then in the late 90s, it changed again. And you had all this success in the contemporary market. Like he doesn't know about the rag trade. He's not being like, yeah, you should do that or no. No, but he did help me like I would when I was negotiating with Rose, father of God, with Conrose. I mean, yes, he gets involved when he needs to get involved, but not really. Anyway, so how did that happen? So yes, after QVC, that was a success. So I'm feeling like I'm a pioneer again. But I know that QVC is not really what I want to do. I want to be, you know, I want to make clothes for people like me, you know.

45:13I mean, it wasn't. So then, oh, then I, yes, inventory was always something that I hated. And so I thought. Do you think inventory is the biggest problem in the fashion industry, not being able to manage it properly? Well, in my case, it certainly was something that I hate. So I always try to find shortcuts. So I thought at the time, it's so nice because you're so knowledgeable. It's easy to talk to you. At the time is because when I started, there were 1 ,300, 1 ,500 good department stores in America, right? When I slept around the country doing my personal appearances, all the department stores, they were privately owned.

46:02And usually it was the owner of the store who would pick me up in his car and drive me to the TV station and then drive me to the store. And they would call their clients patrons. You know, they were the heads of the community. Then what happened with the malls and with real estate and all the malls, the department stores had started to build branches. One branch there and another suburb there, another branch. And that's how they started not to be so profitable. And that's when the mergers happened. And then the mergers and more mergers. And before you know, there's three departments though, you know?

46:44And so at the time, my idea was when federated was at the time it was called federated. And then it all became racist. When federated happened, I thought, okay, you know, I was successful in home and beauty and in fashion, why don't I become a private label for one of these massive stores? I said, you know, I will design. I will, you know, help you source. We will work at that. But you own the inventory, and you pay me a commission on cost. And so I had this massive idea, which was a great idea. And so I remember Alan Questrom was the head of Federated. He said, great. And we start to negotiate.

47:31And I realized that for them, it was going to be a big investment. So I say, listen, this is what I'm going to do for you. I'm going to write a book. And that book was called Signature Life. And I will tell the story of until now. By the time the book comes out, we will launch the book and I can go to your stores and, you know, do personal And I'm going to buy this little house. It was, oh, anyway, a little house on West 12th Street, which used to be a studio of a painter. But before that, it was a military stable, carriage house. And I say, I'm going to, and then that will be the showroom. I mean, that would be the design studio, but also the showroom for your buyers, so your buyers can come and work with the designers, blah, blah, blah.

48:25I had it all wrapped up in series. We're about to sign. Mr. Questrom leaves his job and goes to Disney or some other job. And so then, anyway, my deal fell through. No, we don't think we want to do it. So I was really upset. So then I called Rosemary Bravo, who's then the president of Saks. And then became the CEO of Burberry, right? Right. And she always wanted desperately me to bring back the dresses. Before that, she had been my buyer for cosmetic. And she wanted so much, so much me to do the dresses. Yeah, you have to do the dresses. So I called Rosemary and said, you want me to do the dresses?

49:11Let's do the dresses. And that's when I started again. It was more or less 97, 98. And that's when Paula came in and Paula Sutter invented. She basically invented the contemporary because there was no contemporary. There was either Andrew and theory. That's right. And you guys. Yeah. So nice to have someone who's knowledgeable. It's fun. I'm a student. I'm a student of your history. Where did you work first? I remember, well, I worked at Forbes. That's where I first interviewed you. But then I worked with Imran for a long time. Yeah. So I've just been doing it. But I remember interviewing you when I was at Forbes so long ago.

49:59And an editor from the FT came. It was at your store. And she hand wrote her notes. We were all recording you on our phones. It's probably 2009 or 2010. And you let her hand write her notes. You were so patient. She would ask you a question, you would answer, and she'd spend all the time handwriting the notes. I'll never forget it. Oh, really? Because it felt so... Okay. Yeah, but you were so patient with her. It was incredible. So you and Paula had an incredible run, and I remember... So we had an incredible run. I mean, that was my second thing. It was a great run, and it was great. and it lasted really until 2014, I would say, more or less, or 13, I think she left.

50:49And then I was stupid because then I said, okay, now, but I mean, you know, we had 150 stories. I mean, we were really great. And then I said, now we should go on steroids, whatever. And then I met Silas Shaw and then he introduced me. He said he was interested and he introduced me to this guy. And then I made a deal with him. and then he spent so much money open so many stores and I started losing money and I didn't like that and when that guy came in Paul I left so that was that and then all that until well I mean that man didn't last because that wasn't possible and then that's it and then COVID and now and so now where am I now So now, for the last three years, my Chinese partner, I mean my Chinese distributor, took care of the business, but they started not to listen to the design.

51:50You see, DVF has a very specific, I mean it's very specific, and that's why I like the fact that they call this exhibition Woman Before Fashion. Because me, it's woman before fashion. I became a woman in charge because of my business. I make clothes for the woman in charge, which means that I don't mind making uniform for the woman in charge. Now, woman in charge, she can be four things. The same woman can have four attitudes. You could be a boss lady. You could be off-duty, right, when you're relaxed. You can be a diva when you go out and you think, and a hostess. For me, those are the four attitudes that a woman has.

52:36I give enormous attention to fabric because fabric is everything. Because it's how it feels in your skin. It's the quality of it. Fabric is first. Then you learn how to color the fabric and to print the fabric. Print is my strength. I mean, I make prints all day long. And because I photograph everything, all my inspiration comes from nature. the movement of nature, and then the silhouette. And the silhouette has to be effortless, easy. It has to look very simple, but yet have all the tricks of old-fashioned sewers, you know, the sewing people, you know, because you follow the body. So in other words, DVF has a very specific DNA.

53:28and these people the fabric were getting cheaper, they were trying to do all these things and I realized that if they keep the operation a few more years I will have nothing and I did refuse when COVID came I could have sold for hundreds, for lots and lots of money to somebody who would own the name, the archive and everything and I was done and I didn't want to do that So, all right. So then I go to Domenico de Sole. I invite him to lunch. I say, Domenico, you are the Pope of fashion. Tell me. I mean, I realize that, you know, this brand has value. It has asset. We have one dress that has been selling for 50 years.

54:16Nobody can claim that. Nobody has a dress that has sold for 50 years. And every 20 years is the 20 years old who discover it. We have a very specific design vocabulary. And also, more important than anything, I have a relationship with women for 50 years. You know, when I was 25, my mother was only 48, right? So I had her generation and some of the generation before. in my generation, my daughter's generation, my granddaughter's generation, I have touched so many women. And because, as you say, I speak very openly, people can relate to that, you know, because nothing is more inspiring than the truth.

55:04So I have this relationship. I had told, I met these people at YouTube the other day. I said, you don't understand, I'm the grandmother, maybe the great-grandmother of Influencer. I was doing social media before there was social media. So all of these assets is, so I tell that to Domenico and I say, what do I do in the business? Meaning who could take advantage of all of this? And then he said something I didn't want him to say. He said, you know, you should hire a CEO and have him do a plan. So I hired Gazziano Le Boni, who I had met, who's very nice and Italian, and I like it because he started again with the manufacturer.

55:50I like people who start with the product because it's all start with the product. And I like people who understand the product and who have touched it. And so he went to China and he came back and he said, you know what, you can't continue like that. And with them, it's going to be worth less in two years. And so I decided, okay, so I'll take it back. And now, starting in February, we will have the control of the product. We will have the product that will come out in February will already be the new product. And so control of the product and control of the narrative. and really focus very much on the digital and focus very much on the relationship with the woman.

57:04refresh your good vibes with Tic Tac. With the right vibes, it's... Oh man!

57:19...to...

57:23Now try! The different Tic Tacs from mince-frish to fructice-sues. Tic Tac.

57:36One thing I wanted to ask you about is the department store and the distribution element of it. And you have gone, you were wholesale, then you were a mix of wholesale. Then there was a stint in the mid-2010s where you were really focused on direct-to-consumer when you hired Jonathan Saunders. I remember seeing you at a WWD conference. I think it was 2013. And so maybe it was like right before or after Paula left. And I remember you saying to the audience, to the department store owners and the store owners that you need. You said, we need your help. This is not a partnership anymore, essentially, like that the dynamic and the power had changed.

58:25what do you think now like you've been through every single phase of this business for the last 50 years and experienced the highs and the lows like what do you think the next 10 years of the fashion business and the way consumers buy fashion is going to look like when I think of stores I think they need to exist but most people just go to try stuff on and then they buy it online So I'm curious what you think. Well, I, listen, first of all, who knows what the planet is going to be 10 years from now? There's no industry that you can actually predict. There's nothing that you can predict right now.

59:06Right now, well, I'm on the verge of my scenes, you know, praying for this election. And that's why. Talk to the woman. And that's why. Just talk to the woman. Talk to her. And follow her. and go on digital and do pop-ups and do some partnerships in stores, but on your way, in your, you know, it's crazy. Companies that you think they're so big and so, and they're cracking, you know. So, listen, do you think I would like to start now in my age? It's absurd. It's ridiculous. But also there's an advantage, and that goes back to being a survivor, You know, there's an advantage. I mean, the company has never been smaller than now, but there's an advantage.

59:57The name is completely virgin everywhere. I have no ties. I have no. And therefore, you can you can design your future in a way that is true to it. Just like us as individuals, the most important thing is to be true to ourselves. It's the same thing for a brand or for a business. As you're getting the brand back in order, are you thinking about legacy and succession planning? And how do you see the brand being set up 20 years from now? No, right now I am actually, I don't know if I said that before, I'm starting, I'm in the winter of my life. I hope it will be a long winter because I have a lot of energy.

1:00:44But I am in the winter of my life, and right now I am in Operation Legacy. I am, you know, I build a building for my archives, not just the dresses and the fabric and the collection of textiles, but the cultural archives that I have because I was photographed by everyone, illustrated by everyone. I mean, I have a zeitgeist of 50 years, you know, so I want to put all that in the foundation. The business, I want to set it up so that it's very clear what the vocabulary of the brand is, so that at some point, you know, who knows? I don't know, but at least the base. It's like being able to take a brand that's 50 years old and being another person.

1:01:37You may as well take advantage of me. I'm still alive. Let me put it in order, at least from the inception of it, and then we'll see. And then the third thing, which is very important to me, is this in-charge movement that I have started. And that also started completely by accident. You know, I used to say, I didn't know what I wanted to do, but I knew the kind of woman I wanted to be. I wanted to be a woman in charge. And I became a woman in charge. And I became a woman in charge because of a little dress. And because I'm a feminist and I fight for women, and I, you know, I mean, that's very important in me, and I help women and da-da-da-da-da.

1:02:21I, you know, and I've always celebrated International Women's Day when nobody knew what it was. And these International Women's Day are always women in charge. Then a few years ago, I started to think, what does it mean to be in charge? Is it aggressive? And then I thought, no, what it means to be in charge is a commitment to ourselves. It's owning who you are. You own your imperfection, they become your asset. You own your vulnerability, you turn it into strength. And that is the practice that I advise everyone to do all the time. When you're very, very high at your success, don't believe your own bullshit.

1:03:01don't be delusional and know that it can change. And when you're very low, know that, okay, it's distorted in the open, but it's because another one is meant to be. That's the thing. And then once you do that on a daily basis and you stay as true to yourself as you possibly can, then you start to think also about others. Because I believe, that's my new thing, that kindness is a currency and it compounds just like money and generosity is the best investment and I am determined to make kindness sexy because right now what is sexy is conflict conflict bring ratings, conflict bring whatever and I think that kindness can be just the same And then there are the four steps in charge, which is to connect and make a miracle.

1:03:56You certainly can do it. Make a miracle every day by introducing one person to a person they would have never met without you. It doesn't cost you very much just to write a nice email, and you'll be surprised how powerful your magic wand is. Step number two is to expand. Give quality time to people that you normally don't talk to. or haven't talked to. And you think you do it for them. But if you pay attention to what they say, it will expand your horizon. The third one is inspire. And of course, we know that inspire is about narrative and about storytelling. But what is inspiring in storytelling is not the success.

1:04:38It's the challenges. That is the anytime a friend of mine gets fired or gets a bad article or anything bad happened to them, I always pick up the phone and I say, remember, this will be the best anecdote when you write your book or you do your TED Talk. You know? Yeah. And then the fourth one is to help others. Anyway, so advocate is the last one. And so that's it. And so I want to turn this kind of movement, I want to turn it into a platform. I would like to make this global platform about insurance because it's not it's not selling me. It's selling every every person themselves. So it's very pure and it's very good.

1:05:27And I'm just in full incubation. I don't know what I'm talking about. Well, you've certainly lived your truth today by being very generous with your time. Can we do a quick Sun Valley round? Because everyone at Puck loves Sun Valley. We love writing about it. all the deals. I want to know, what do you do at Sun Valley, Diane? Oh, Sun Valley is a conference that's organized by Herbalon. I've been going there for 25, 30 years. I don't know. Is it mostly like hanging out and seeing people you know? Have you ever done a deal there? I don't make any deals there. I've spoken there. But all these conferences, you know, Google Camp and Amazon Camp 5.

1:06:11It's always very interesting. And but this is I mean, I would say that I go to Sun Valley because because of Bering. I don't know that necessarily they wouldn't invite me alone. I don't know at this point. I feel like you're you're part of the promenade of the way, which has become a story in and of itself. Especially, you know, that I mean, and you see people aging. I mean, I was a young person. I'm now an old person. I mean, it's really, yes, yes. But that's life, you know, that's time. That's the great, great richness of aging. Everybody talks about aging, but it's fascinating to age because first you have made it through this time and the experience and the thing you have seen.

1:07:04So Sun Valley, I don't know. I don't know what to say. Is it the best of those kinds of conferences? They're all different. They're all different. It's very much a banking world, you know? Yeah. Well, I find it interesting to see you all walking up and think about what you're talking about as you enter the lodge. Well, next time, let me know. I will. I'll text you. Final question, which is usually the first question we start off with. but we really got into it fast. What did you have for breakfast? Well, I have coffee. I have plain yogurt so that I can put my vitamin in it and swallow that. And I had a toast.

1:07:49Perfect. Not very interesting. No, I mean, I'm just obsessed with making sure people are getting enough protein, so it sounds like you are. No, what is the protein? Yogurt. Oh, is it? Yeah. Yeah, very high in protein. Diane, this was great. Is there anything else you want to say before we go? No, I think I've talked a lot. But it's nice. It's very nice to talk to somebody who I don't have to explain, you know, that you know all the players and you've been around. But I don't understand how old I am. I'm 42. And so you started at 16? I started at 2024, 23. But I just never stopped. You know, most people stop, as you know.

1:08:38I mean, it's the same thing in your business. Usually people give up. I just didn't give up. But Puck is nice. It's nice. It's very, it's provocative. It has a purpose. Tell the guys that I send that. I will. They're big fans. They were very excited that I was interviewing you. Yeah. okay so i will see you next time probably next year i'll see you are you going to be at the cfda's on monday no i'm going to europe tomorrow and i won't be back in the after thanks enjoy i voted already and i i fear what do you think is going to happen you know i really don't typically talk talk about it publicly but i am not i would say i'm not very hopeful at this point no no we'll see you know it it it i keep thinking about what happened in france and it sort of worked out there and so that gave me a little hope over the summer but we live in a very different country i don't understand why how can people vote for this is beyond i mean it's just so i think it goes back to our education system and there's critical thinking is not taught in schools and I do think that that is the core of it.

1:09:57But I mean, there are some educated people. Yes, that's true. I mean, that's just... Money. Money and also I think people are crazy and we're, you know, I don't know. It's, yes, money and power and all of that. But I do think the lack of the education system and how it is managed in this country. And that's an inequality in and of itself that has nothing to do with how much money you have. It's just about not being able to think about things in a 360 way. And most people can't. I don't know. It's really scary. All right. It was very nice to talk to you. Please come back from Europe, though. It was lovely talking to you.

1:10:50Thank you for taking the time. Congrats on the exhibition. I can't wait to go see it. And by the way, you look very pretty. Thank you so much, Diane. You must have worked out your life. Thank you. I feel a little bit prettier. You always look very pretty as well. All right. Goodbye. Bye. Thank you. Fashion People is a presentation of Odyssey in partnership with Puck, hosted by Lauren Sherman. That's me. Our executive producers are John Kelly, co-founder of Puck, Ben Landy, executive editor of Puck, Gabi Grossman, director of editorial operations at Puck, and Bob Tabador, executive producer at Odyssey.

1:11:29Edited, mixed, and mastered by Molly Nugent. Special thanks to the team at Odyssey, including J.D. Crowley, Jenna Weiss-Berman, Maddie Sprung-Kaiser, Josephina Francis, Hilary Schupf, and Kurt Courtney.