Shhh! Vera Wang's Business Secrets

"I adore the challenge of creating truly modern clothes, where a woman's personality and sense of self are revealed. I want people to see the dress, but focus on the woman."

Vera Wang, one of fthe greatest and most powerful names in fashion, would probably not have climbed to the top of her industry if it hadn’t been for failure. Her schoolgirl dreams of becoming an Olympic figure skater and representing the United States never materialized, and her application to become editor-in-chief of Vogue was rejected. But she has turned personal disappointments into an extraordinarily successful business venture. An icon for couture fashion and a super smart businesswoman, she has thrived in a fiercely competitive industry to head up a multi-million-dollar global enterprise. Her name adorns everything from bed sheets to wedding gowns, stationery to fragrances. And it’s all been achieved without any formal design training. So how did she do it?

Queen of the ice

The daughter of well-to-do Chinese immigrants, she grew up on the Upper East Side of New York. When she was 7 years old her father gave her a pair of ice skates, and the sport became an all-consuming passion. She skated competitively, practicing every single day, and took part in the 1968 and 1969 U.S. Figure Skating Champion- ships. But by the time she was 19, the competing demands of training and college proved to be too much, and she failed to make the Olympic team. She turned her back on the rink and focused her attention on the second biggest love of her life—fashion. She had been exposed to it from an early age, as her mother wore designer clothes from Paris and took her daughter on frequent shopping trips to the French capital.

Down to business

For several summers Wang had been working as a salesgirl at Yves Saint Laurent and had caught the eye of a fashion director at Vogue, who told her to get in touch as there would be a job opening for her. Wang stayed there for nearly 17 years, and flourished in the environment. Within two years she had become the magazine’s fashion editor and eventually worked her way up to senior fashion editor, all the while learning the ins and outs of the industry.

When the job of editor-in-chief was given to her friend Anna Wintour she decided to leave, and went to Ralph Lauren to design accessories. She loved her work, but it wasn’t her name that was going on the products, and she was coming to the conclusion that the corporate world was not for her anymore.

The proposal

Falling in love transformed Wang’s life in more ways than one. It was while planning her wedding to businessman Arthur Becker that she hit upon the idea that would make her fortune. Being a natural born fashionista, she was frustrated at not being able to find a truly great wedding dress. She wanted something that was simple, elegant, and fashion-forward, but couldn't find it, and so she paid a dressmaker to create a gown based on her design.

Wang realized that she had a winning business idea and that there was a niche waiting to be filled. With the financial backing of her father, she opened a bridal salon at the Carlyle Hotel on New York's Madison Avenue in 1990.

Unbridled success

Her original lines were a mixture of gowns by European designers, as well as her own collections, and she quickly established a reputation for refined and tasteful bridal wear. Within the first week members of the Kennedy clan had stopped by, and they were followed in swift succession by a cavalcade of Hollywood starlets. Wang has a celebrity client list that reads like the starriest red carpet in the world, and includes the likes of Jennifer Lopez, Holly Hunter, Victoria Beckham, Uma Thurman, Jessica Simpson, and Sharon Stone.

Despite her initial successes and the reputation her label was gaining for its use of colors, rich fabrics, and elegant designs, the fashion media was not swept off its feet. Many observers openly questioned her talent and made snide remarks about the financial support that she had received from her family. But she would not be distracted, and for better or for worse she continued to forge ahead, challenging herself to achieve even more.

Branching out

Wang always knew that she was more than a bridal gown designer. And just as Ralph Lauren had expanded from his original tie collections and Chanel developed from her signature cardigan jackets, so Wang made the decision to branch out.

Her first big license was fragrances, although she was initially skeptical because of the abundance of designer scents already on the market. However, they performed well and she has since expanded into ready-to-wear lines, jewelry, eyewear, shoes, linens, tablewear, fine stationery, and much more.

Vera Wang collections are known for being high end, and she potentially risked diluting the brand by entering into a partnership with Kohl's. The department stores are at a lower end of the market, but the decision has proved to be a smart one as it allowed her to create clothes with a huge company, flex different creative muscles, and reach out to a whole new audience without affecting the image of her luxury lines. -P.A.

Business secrets to steal

It's more than just fashion sense that has kept Wang at the top for so long. Here are some of the secrets to her success:

Love what you do - With more passion than a bride on her wedding night, Wang has been living and breathing fashion for as long as she can remember. "If you heart's attached to it, then your mind will be attached to it," Wang once told an interviewer. "When you have a passion for something then you tend not only to be better at it, but you work harder at it too."

Spot a gap in the market - Wang spotted that there was no bridal brand name, and so set out to create her own. She has built a brand that customers feel they can't live without.

Innovate - Bridal dresses tend to veer toward the realms of fairytale and fantasy. Wang's innovation was to make chic and classic gowns. She has continued to make bold strides throughout her fashion lifestyle brand.

Find a mentor - Through her work at Vogue Wang came into direct contact with many of the world's top designers. She saw them as mentors, and soaked up as much knowledge as she could about clothing and fashion.

Ignore the critics - From the start Wang was a target for the critics, who accused her of riding on daddy's funding. But she did not give up, and used these attacks to spur her on to be bigger and better. This was not for their sake, but to prove to herself that she was capable of greatness.

Have discipline and dedication - When Wang was an ice skater she practiced every day of the week. At Vogue she was a devoted employee who worked around the clock under constant pressure. She brings the same dedication to the company that she chairs and pays attention to even the smallest details.

Ignore setbacks - In a TV interview on CNBC's Conversations with Michael Eisner, she cited failure as one of the factors that contributed to her incredible achievements. "It helps you look at life more realistically...If you don't succeed at every single thing you do there are good lessons to be learned there."

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