0:00

This show is produced and hosted by Mark Webber. The

0:03

show is sponsored by G three of Parow. The views

0:06

expressed in the following program are those of the sponsor

0:08

and not necessarily the opinion of seven tenor or iHeartMedia.

0:14

Who is Mark Weber. He's a self made business executive

0:18

here to help you find your success from the New

0:21

York City projects to the Avenue Montaigne in Paris. His

0:24

global success story in the luxury world of fashion is inspirational.

0:29

He's gone from clerk to CEO twice. Mark is classic

0:34

proof that the American dream is alive and well, here's

0:38

your host of always in Fashion, Mark Weber.

0:41

Mark Weber, I never gave much thought to what's next

0:45

until I did. One of the best statements ever made

0:49

on the future is I planned for the worst and

0:52

hope for the best. Caution and concern can save you

0:55

or your business. Another I admired. You can't reminisce about

0:59

the future. You can't look back and learn from that

1:02

which hasn't happened yet. You must plan for the future.

1:05

We get paid to see around the corner. Problem is

1:08

it's quite difficult without a crystal ball, but none the less,

1:11

we need to be soothsayers. That's a person who's set

1:15

to see into the future, but back to the future.

1:17

Illustrated how hindsight could be twenty twenty. Have the answers

1:21

in advance, and you be a genius, the richest man.

1:23

In the world.

1:24

But we don't get tipped off in advance. Yes, I

1:28

never planned until I woke up and realized all of

1:31

life is a plan. You can try to replan, but

1:34

they're no do overs. There's no road map. The greatest

1:37

generals that have ever lived have been quoted as saying,

1:40

the best paddle plan only less till the first shot

1:43

is fired. Said professionally, no plan of operations reaches certainty

1:48

beyond the first encounter with the enemy's main force. You

1:51

can ply this to life. You go to school, you graduate,

1:55

you get a job, you work hard, you find a

1:57

significant other, you have children, and you create the life

2:01

cycle for their lives. In business, your plan, execute, replan,

2:06

re execute. They are no guarantees. The one lesson I've learned,

2:10

the one lesson we've all learned. No matter how brilliant

2:13

the idea, no matter how strong the brand, no matter

2:16

how brilliant the product or the creativity of the marketing

2:20

it takes people. People are the ultimate resource in a business.

2:24

Brilliant plans need brilliant people to develop them, and people dedicated,

2:29

hard working, loyal people to the point. In order to

2:33

have a thriving company, your people, your associates, need to

2:37

be happy. Your need is to motivate them and then

2:41

retain them keep them in the company. You do it

2:44

through compensation, commending them on jobs well done, motivating them,

2:49

and ensuring that the company messages and goals are clear

2:52

and selfishly ensure that all key executives want to stay.

2:59

Having said this, well run companies ensure that people assets

3:03

are protected. Well run companies I love that phrase. More

3:07

on that later. The most senior or critically skilled people

3:12

in the company have contracts, then your HR team and

3:17

senior managers should understand it's okay to lose people as

3:20

long as you lose them to yourself. Make sure the

3:24

openings are there when they exist. The future is clearly

3:27

spelled out in positions delineated, and that whenever possible, you

3:32

promote from winning. And lastly, your board if there is one,

3:38

your lenders, if you have them, your shareholders want to

3:42

ensure a documented succession plan is in place. If your

3:47

CEO leaves, it gets hit by a truck, how will

3:50

the company go forward? Who will succeed him? It could

3:54

be the president, chief financial officer, the head of marketing,

3:56

could be anyone that may be the most critical decision

4:00

in the plan. Should our CEO leave, we have to

4:03

be prepared to go to the outside to find the

4:06

next one. A well crafted succession plan includes a backup

4:11

plan for every significant operating job in person. Now, succession

4:17

plans don't always work. Sometimes people really get angry. I

4:22

have a clip I want to play for you.

4:24

You're my kid brother, and you take care of me. Do you have to think about that? Do you ever

4:30

once think about that? Save Fredo off to do this,

4:34

Save Fredo off to do that. Let Fredo take care

4:39

of some Mickey Mouse nightclub somewhere. Save Freido to pick

4:43

somebody up at the airport. I mean your older brother, Mike,

4:47

and I was stepped over. Ain't the way I wanted it.

4:53

I can handle things. I'm smart, like everybody says like dumb.

4:59

Let's smart and I want not. Everyone will be happy,

5:03

particularly if the succession plan links. Everybody has high visions

5:08

of where they are, and it can lead to mayhem.

5:11

But this is the way it works. Now, those of

5:15

you who know the show know me. You know this is where I usually introduce Jesse, my co host, Jesse Weber.

5:20

He's not here again. He's busy. He work in twenty

5:22

four to seven, so he's not gonna be with us tonight. However,

5:26

I'm gonna go it alone and I want to talk

5:28

to you about succession plan, my own personal succession plan

5:31

that you might find interesting. Back in my PVH days,

5:36

my CEO was a young man. He was basically I'm

5:40

fifty four years old, and he started to talk about retiring.

5:44

I thought he was a Nazi's the CEO of the company.

5:46

I'm the president of company. It's running well. We have

5:49

a great chief financial officer. We're running the company. He

5:52

doesn't come in every day. He lives a life. He's

5:55

on the strategic side. Why would you possibly resign? Why

5:59

would you give that up? He says, I have other things I want to do. I said, I don't believe

6:02

He says, well, don't believe me, but I'm going to be leaving. And the more we spend time together, the

6:07

more he was driving home the point that he was

6:09

going to retire early and I was the president. Where

6:12

did that leave me? On top of which him and

6:15

I grew up together, and I was concerned. So one

6:17

day we're having a conversation and he said, uncategorically, Mark,

6:22

you better get ready. I'm getting serious. I'm going to

6:25

retire and move on, and you're going to be my replacement.

6:30

And I said, how do you know that? He says,

6:32

because I'm going to insist. I said, how do you

6:34

know that? I said, Look, if you're serious about leaving,

6:38

which I don't understand, if you want to stay here

6:40

for the rest of your life, I'll be your number two president. I'm happy. I love working with you. That's

6:45

fine with me. But if you decide to leave and

6:49

I don't get to become the CEO, I want to leave.

6:52

I don't want to be stuck here with someone new. I don't want to be stuck here thinking that the

6:56

company didn't think I was good enough to have the number one spot. After all this slime, I need to

7:01

be taken care of. So what does that mean? I said,

7:04

I want a provision in my contract that says that

7:07

if I'm not made the CEO, I can walk off

7:09

into the sunset with you, and I henceforth called it

7:13

a sunset contract. And he looked at me and said

7:16

one of the dumbest things I ever heard in my life. Sindmy,

7:19

what are you talking about? Mark? This makes no sense.

7:23

If you can't get the CEO job, then you'll just

7:26

behave poorly and they'll fire you and you'll get your contract.

7:30

And I looked at him, I said, did you just say that to me? I've been here for twenty five years.

7:35

I look at this company as if it's my own.

7:37

I treat the money as if it's my own, my heart,

7:40

my time, my life, my family invested here. And you're

7:43

telling me that should I not become the CEO, I

7:46

should behave like Peck's bad boy and hope to get fired.

7:50

That's what I want to do with my career. Unacceptable.

7:53

I want a contract that illustrates if I'm not going

7:55

to be the CEO, I can leave. I think it's

7:58

fair for the amount of time I've been here, for the contribution I make to the company, He said, let

8:03

me talk to the board. The board had a compensation committee.

8:06

I don't know how the conversation went, but Lo and Behold.

8:09

A week later, he came back and he said, you're

8:11

going to have your sunset contract. Namely, if in fact

8:16

I leave and the board doesn't name you CEO, you'll

8:21

be able to walk off into the sunset. You'll be

8:23

able to get your package and leave and go with me.

8:26

And I thought that was amazing, and I won, and

8:29

I wanted using my brains and it was the right

8:31

thing to do. And after all is said and done,

8:34

in this life, you always have to plan. You always

8:38

have to have a succession plan. So what is a

8:42

succession plan? I'll tell you what it is. It's not

8:45

a Chinese menu. Contract is not a Chinese menu. You

8:48

don't get to pick what you want from column A or column B. A succession plan outlines every single critical

8:57

role in the company. And you might wonder why am

9:03

I talking about this tonight, which, by the way, the show is called succession. And I'll tell you why. You

9:08

know what got me thinking about this? Twice former person

9:11

in Trump was almost assassinated. Where would that have left

9:15

us as a country? And then the vice presidential debate

9:20

talk about succession? Hold that thought. If you're a family business,

9:25

I've found family business is very interesting and very peculiar.

9:28

No matter what happens, family members run the business. But

9:31

if there are three children, does the oldest get it

9:35

and the eldest what happens if the eldest son is

9:38

an idiot, or for that matter, what is the eldest

9:42

woman is an idiot. I'll tell you what. One of

9:45

the things impressed me most and my travels around the world.

9:48

In Hong Kong, the woman, if she was the most capable,

9:52

got it over the sun. They didn't fool around, they

9:54

passed it along. I'm not so sure that's the way

9:56

it's done here in the United States Corporate America, the

10:00

seriousness in which a planned discussion for succession is planned

10:06

and put and set in stone. The first thing you

10:10

have to ask yourself is what I was saying before

10:12

about contracts. The top most executives in the company have

10:16

to have great contracts. You want them with the company.

10:22

You want them to know that there's a future, and there's a story and told and should they get fired,

10:28

they have a severance package. But here is the key.

10:31

There's always a non compete that mirrors the severance package.

10:38

So if you are a president of the company and

10:41

you get fired for not cause, if nothing, you did wrong,

10:45

cause generally is about legal things. You did a bad job,

10:48

you can get fired, it doesn't matter. You still get your severance. But if you have two years, then you're

10:53

going to sign a non compete that says you can't

10:55

go to a competitor for the next two years. Now,

10:59

some come copanies will list every single company in the

11:02

industry that you're in to try to avoid you getting

11:05

a job anywhere. That's not valid. Can't stop a person

11:10

working forever, but they say, hey, I'm going to pay

11:12

you for two years. I don't want you working in this industry. So you have to be smart when you're

11:16

negotiating a package. My severance package, the only thing it

11:19

included with companies that we considered taking over and buying

11:22

the rest I was free and clear. I refused to

11:26

sign a severance package and a non compete that would

11:29

keep me out of the industry forever. The second thing

11:33

that a good succession plan does it protects the executives,

11:37

the CEO, the president, and sometimes the chief financial officer.

11:41

In my case, the first thing they did after nine

11:44

to eleven they brought a consulting firm who specialized in security,

11:48

and they told us to build special rooms as bunkers

11:51

in our houses, so gofa bit something happens, you had

11:54

a room that was impregnable, that had its own air system,

11:58

its own water supply, conditioning, and food that they would

12:02

detail on what need to do. They wanted you safe.

12:06

The second thing that probably nobody thinks about when it

12:09

comes to a good succession plan is the senior VPS,

12:15

the executive VPS, and certainly the CEO and president can

12:21

never be on a flight together. We were not allowed

12:23

to fly together because God forbid something happened to the CEO.

12:29

The president needed to be available. In my case, I

12:31

was the successor to the CEO. I had to be available.

12:35

So nobody thinks about that, But there are detailed things

12:37

that go involved in each of those things. It also

12:40

includes a detailed job description of every position held in

12:46

the company and who that success it would be. If

12:50

you were a vice president in the warehouse, they wanted

12:53

to know if you disappeared, was there a vice president

12:56

available to pick up the place and walk right in.

13:00

If not, the HR team was told to have a

13:03

list of potential candidates should we need to press a

13:06

button to fill those positions. This was a very detailed, heart,

13:10

well thought out plan, and having said that, it was

13:15

presented to the board and generally speaking, an entire board

13:19

meeting would be set aside for the discussion of succession.

13:23

And when it came to the CEO to the president,

13:26

I was asked to recuse myself, which means you walk

13:29

out on your own volition, recognizing that it's confidential information

13:34

that in this case, because you're involved, the board might

13:36

not want you to hear. And what got me thinking

13:39

about it is the presidential election, as I started to say, politics,

13:45

It's always been said, but very few people think about

13:49

the vice president as a heart beat away. That's what

13:53

it is, a heart beat away that if something would

13:56

have happened to Trump, or something would have happened to

13:59

whom I wanver is President Biden. Now there's a succession plan,

14:04

believe it or not, it's the vice president and then

14:06

the Speaker of the House, Nancy Pelosi, or was Nancy Pelosi?

14:13

Mike Johnson? Is that his name? Anyway, There's never been

14:17

a time in our country where our populace was more

14:20

aware and evolved with the country than it is right now.

14:23

Whether it's a combination of the Internet, social media, Opinion

14:27

News twenty four to seven. We're all involved in the

14:31

government now, we're all invested citizens, and we're all aware

14:36

of what's going on in this presidential election. And let

14:40

me state it upfront before I tell you what I think.

14:43

I have tremendous respect for each candidate. For that matter,

14:48

anyone who runs for office and wins has my respect,

14:52

even if I don't like them personally, even if I

14:55

don't like their policies. I was trained to respect the

14:59

office that they hold. Kamala Harris is a woman. I

15:05

don't care. Woman makes no difference from me. Is she capable?

15:10

Is she strong decision making? Does she get what's important?

15:15

I'll come back to that. I want to play a

15:17

clip from you from a movie I saw when I was thirteen years old. It was a comedy. It was

15:21

called No Time for Sergeants Andy Griffin anybody who knows them.

15:25

But I remember how young I was when I saw

15:27

this movie because it left an impact on me, and

15:30

I'm gonna play it for you.

15:31

I want you to turn around very slowly and look

15:34

very carefully this time and tell me exactly what you see.

15:42

I see or Cornel, Yeah, a captain, that's all.

15:53

And the captain's a woman nation.

15:56

I don't notice whether it's a man.

16:00

Or what.

16:02

All I see is a captain, that's all.

16:05

Look. Having a woman president is historic. Having a black

16:09

woman president is even more historic, and that is wonderful.

16:12

But I could care less. I want the best person

16:16

in the office, and if she's crazy on the left,

16:20

I don't want her. Trump an acquired taste, his own

16:27

worst enemy. Everything that comes out of his mouth is questionable.

16:31

So many people hate him, so many people dislike him,

16:35

so many people don't want him to be president. But

16:38

I have a problem. He did get the job done.

16:41

He did have a lot of great ideas. He did

16:44

make things happen, he did have strength. Now, obviously I'm

16:48

leaning towards him based on the way I'm saying, but

16:50

it doesn't matter. I'm only one vote you get to decide.

16:54

But back to succession, no one knows what life brings.

16:57

Remember I said it, I respect all. But what really

17:02

got me thinking about succession was the vice presidential debate. Now,

17:09

I was pleased as there was cordiality. I was pleased

17:12

that they shook hands, they respected one another. It's the

17:16

way debates should be in reality, I thought Jad've answers

17:20

a far right religious Yahoo. Turns out he's a brilliant,

17:25

accomplished served in the Marines for his country, and he's

17:28

a humble human being. The reality was in succession, I

17:33

saw him as a president, and I thought that was

17:36

important considering we're discussing a heartbeat away. On the other side,

17:42

Tim Walls, a self described knucklehead with buffoonish behavior. I'm

17:49

not making this up. He said it himself. Oh and

17:52

he admitted he was a liar and a truth changer,

17:56

this own version of the truth. And when he got caught,

18:00

he could have answered this whole thing in Tenement Square.

18:02

He could have said, I wasn't there for Tenement Square,

18:05

but I was there in the summer when the riots

18:07

were still going on and the problems were still going on.

18:10

But he made it come out differently. And I'm told

18:12

he did the same thing with his service record. Look

18:16

at you never come to it, But can you really

18:19

see that guy as president? A heart beat away. That's

18:23

what got me thinking about succession tonight. But we are

18:28

always in business life, politics and now this we have

18:34

to consider succession back in a minute, always in fashion.

18:40

As one of the world's most celebrated fashion designers. Carl

18:43

Lagafeld was renowned for his aspirational and cutting edge approach

18:47

to style. His unique vision of Parisian shit comes to

18:50

America through car Lagefeld Paris. He has women's collections, men's collections,

18:55

ready to wear, accessory, shoes and bags. The fashion house

18:58

Carlagafeld also off is a ring of watches I wear

19:01

in premium fragrances. You can explore the Carlagophil collection at

19:05

carlagofilpowers dot com. But it's more than that. I, for one,

19:09

love to shop. I love going around and seeing what's

19:12

happening and what catches my attention, what would make me

19:15

feel good to wear now. I don't wear the women's

19:17

wear obviously, but I can appreciate it and they look amazing.

19:21

If you want to look right, you want to have clothes that fits you well. You want to look like

19:25

you're wearing something that's very expensive, that's exclusive for you

19:30

and yours. You can find it at very affordable prices

19:34

at Macy's Orcarlagofel dot com Paris. The women's ready to

19:37

wear fashion is extraordinary, as well as the handbigs and

19:40

the shoes. I for one wear men's clothes, unlike my

19:44

appreciation of women's clothes. I'm a modern guy. I want

19:48

to look current, I want to look the way I want to feel. I go out at night, I'm in

19:52

black and Carlagofel is my buddy. Calls are great. They

19:56

fit great, and they have little tweaks and touches, whether

19:58

it's a stripe on the sleeve, button at the neck,

20:01

or on the shoulder. There's a lot of details that

20:03

go into Carl Lagafel because he's always been, he always

20:07

had been one of the world's great designers, and this

20:09

legacy and goes on and on. I can't speak enough

20:12

about it except to say to you, you want to feel good about yourself. You want to know that you're

20:17

dressing properly. You want to clothes that fits you well.

20:19

Carl lagafeld Paris at Macy's Orcarl Lagafel dot com. A

20:25

favorite brand has always been ISOD. My company at one

20:29

time bought that brand. The CEO of the company handed

20:32

it to me and said, you better make it work. And I put everything in my career to make Isaod work,

20:38

and I fell in love with that brand, and to

20:40

this day it is one of the most exciting endeavors

20:44

I've ever got involved with. ISOD is an incredibly strong

20:49

golf brand. If you play golf, if you play tennis

20:53

for that matter. They make a great polo shirts. I

20:57

mean great. They're fit perfect. The material is unique because

21:03

it's a PK fabric, that waffle weave you see, and

21:07

it's made of a blend of cotton and microfiber that

21:10

allows you to stretch. And very often they are treated

21:15

with solar protection as well, so they stretch, they're comfortable,

21:20

and they breathe well. And one thing about ISAC they

21:23

always fit. They'll never tug on you. You put it

21:25

in your waist, they'll fit you great. The colors, patterns

21:29

are sensational. Now I will also tell you ISOD makes

21:32

great shorts and great golf pants. You're a golfer and

21:35

you want to look good. You don't have to think about how do I look. You want to think about

21:40

how you play, not how you feel. ISOD is the

21:43

brand for you. I know I was there when it

21:45

was created. The strategy behind that brand is brilliant. It's

21:48

one of my favorite brands. Will I talk about it?

21:51

I should tell you about the men's sportswear. ISOD wasn't

21:54

enough being a golf brand. It wasn't enough being just

21:57

great polo shirts with logos, without logos, incredible branded story

22:01

and history. ISOD makes salt weather programs. They have great

22:09

printed woven shirts, short sleeves that look excellent with colors,

22:14

excellent with shorts, excellent with cotton pants of which they

22:17

also make this whole salt order relaxed line from ISO,

22:21

whether it be fleece, cotton sweaters, knit polos, woven shirts

22:27

and pants of a range of colors and fabrics that

22:31

are perfect for a guy wants to go casually in

22:33

the spring and summer of this year. And here's the thing,

22:37

ISOD is affordable. Everyone listening to me talk about this

22:45

brand can afford to buy it and know that there

22:48

are a lot of other brands that also have a

22:50

look like ISOT. Although I don't believe it's fun as

22:54

ISOD is. The brand has a lot of energy in it,

22:56

but at the price points no one can compete. You

23:00

can find Isaac at your leading retails and online at

23:04

isad dot com. Talk to you later, guys. I wish you.

23:08

I'm very happy spring in summer, and I help you

23:12

by telling you if you were isaid, you're going to look great.

23:15

Welcome back to Always in Fashion. Here's your host, Mark Webber.

23:20

Tonight, I'm discussing succession, the future, Who's going to be, whom, Who's.

23:27

Going to be?

23:27

What? What got me thinking about it was the vice

23:31

presidential debate, which was scary when you consider these folks

23:37

are a heartbeat away from the presidency. Nobody pays any

23:40

attention to the vice president. You listen to all the pundits,

23:43

they'll say nobody votes based on the vice president. Nobody

23:47

even gives it a second thought. And yet it's scary

23:50

because you never know what life brings. You pick from

23:54

those two candidates and ask yourself whether or not either

23:57

one of them would be a good presidential candidate. God

24:00

for bit, you know, we're talking about the most powerful

24:04

position in the world, the leader of the world. And

24:07

not only that, they're clearly I're gonna be decision making

24:11

policies for the rest of our four year policy if

24:14

something should happen, so it really matters, and that is

24:18

what they say. Words matter. And while I'm atter, I

24:22

want to talk about the rich paying their fair share.

24:27

I've told you that I used to be important. Then

24:30

I no longer am, and I guess, Jesse, if you

24:34

see us, say stop whining. You're still important. Your family

24:37

thinks you're important. You're always important. I used to be important.

24:42

I had huge jobs, considering I grew up in the

24:45

city projects. To get two CEO jobs, I think it

24:48

was pretty huge. And to work for one of the

24:50

largest companies in the United States in the paril sector,

24:52

and then the largest luxury company in the world. I

24:55

used to be important, and I don't think I am now.

24:59

But I tell you what that importance had done. It

25:02

taught me a lot of stuff. And when someone talk stupid,

25:06

get the rich to pay their fast share. Billionaires and

25:09

millionaires that have to pay their fast share. It is

25:12

the dumbest, stupidest lie in the world fair share. I

25:18

made a ton of money and everything I made was

25:23

tax through the roof. I've worked for a public company

25:27

who published my salary. They gave me the check, they

25:30

took my taxes out of it. I had no deductions

25:33

other than when anyone else had. At the time, I

25:36

guess I was in the thirty six thirty eight percentile,

25:40

and that's just for federal tax New York State tax.

25:44

I was seeing less than fifty percent of my money.

25:48

You think about it. Person works, they make one hundred

25:53

dollars and at best they get fifty dollars for their effort.

25:57

Don't tell me the rich don't pay them have fair share.

26:01

Of course, we pay our fair share. Now, this is

26:04

where it gets stupid, and where they bend the truth

26:08

and they try and work you up. I always work

26:13

for a public company. I guess the honesty is during

26:17

those days, I would be afraid to start my own business.

26:22

How do you do that? I mean, we'd even begin,

26:25

And yet these brilliant entrepreneurs figure out how to build businesses.

26:31

You could be a plumber. You went to plumber school.

26:33

You have your own business, you hire your own crew,

26:36

you work your own hours. You have to make customers happy,

26:38

and you build a business on your own. And that

26:41

plumber has to have a truck, he has to have equipment,

26:46

he has to have people to do his bills. He

26:49

needs staff, he needs plumber's assistants. He's making an investment

26:53

in his business. It's not like me. I go to

26:56

work and I show up, I get a salary. That

26:58

plumber has to do a lot, has to invest his

27:01

own money to establish himself in the plumbing business. In

27:06

this world, in every world, when you're paying your taxes,

27:11

you're allowed to deduct your expenses. If you're Louis Viton

27:18

and you invest thirty five forty fifty one hundred million

27:22

in advertising that brand to make it interesting to people.

27:26

You're allowed to deduct your expenses if you have a

27:31

store and it does one hundred million dollars on fifty

27:35

seventh Street, to pick a number out. It's not free

27:38

and clear, one hundred million dollars. You have to pay

27:40

your rent, you have to pay employees. Your profit is

27:43

based on what's left over, not the total number. And

27:48

because you're investing and you're taking a risk, corporations are

27:55

taxed at a different rate than individuals because it makes sense,

28:00

it's only fair. Which brings me to capital gains. That's

28:05

where the billionaires make their money. That's where many millionaires

28:10

make their money in capital gains. What is capital gains?

28:14

Before I go there, I would tell you any time I've ever been in my position and an entrepreneur showed

28:19

up by my doorstep to offer me a service, to

28:22

sell me something, to talk about me, all we talked

28:25

about is whether they get the courage to start on

28:27

their own. You think about all the immigrants, and I

28:31

am in favor of legal immigration, not illegal immigration, but

28:35

whichever the case may be. Think about the risks they

28:38

took to come to this country, how they were willing

28:41

to do anything, to be in a caravan, to walk

28:44

through the jungle, through the woods, through the course rivers,

28:48

to come here to start anew It's really an extraordinary

28:53

set of experiences. If you ask an immigrant, weren't you

28:58

afraid to start your own businesusiness rather than get a job,

29:02

they'd look at you and say to you, after what I went through to get here, how can I be

29:05

afraid of anything else in my life? Fascinating? Don't tell

29:10

me the rich don't pay that their share. Entrepreneurs are

29:13

investing their own money, which brings me back to capital gains.

29:17

I have two choices in theory what to do with

29:19

my money. As to you, you could have put it

29:22

in a bank or treasury bill, but it's guaranteed by

29:26

the government. You put it there, it gives you a

29:28

return and no matter what happens, you get your money back.

29:32

A stock, however, is a risk this country is built

29:38

on selling companies to the public market. I own Apple shares.

29:43

I'm an owner of Apple. I own a portion of that company. I invest money and I wait and I

29:49

wait and I wait, and the stock can go up,

29:52

the stock can go down. But the government recognizes that

29:57

I'm taking a risk and to you move the economy

30:01

along to understand how it helps hire workers give people jobs.

30:06

The government understands that you are taking a risk investing

30:10

in companies, and for that, we're going to give you

30:14

a special tax break, which at the moment is between

30:17

twenty and twenty five percent instead of thirty six percent.

30:21

It tacks you at a capital gains rate to recognize

30:24

the fact that you are taking risk. That's where billionaires

30:28

make their money. They're not taking salaries, and if they do,

30:31

they pay the same tax as you do. But if

30:33

they invest in their company, like Elon Musk, and he

30:37

decides to sell this company, and the rule with capital

30:40

gains meaning you'll get a benefit on the tax rate

30:44

if you hold it for more than one year. You

30:46

buy a stock Apple tomorrow goes up ten points and

30:49

you sell it, you're gonna pay regular tax on that.

30:51

But if you buy a stock and you hold it for a you're gonna pay capital gains twenty percent a

30:56

lot less big companies create jobs. All entrepreneurial companies create jobs.

31:03

What are these puntings saying there'd be no country without entrepreneurs.

31:08

Jobs aren't created by the government. Well, there's a lot

31:12

of jobs, but none of them make money. They're a

31:15

service sector to the country. So please, guys, I'm telling you,

31:21

nobody gave me anything in life. I came from the

31:23

city projects. I worked hard, I worked smart, I got lucky.

31:27

I made money. I paid my taxes the same amount

31:30

as any one of you. I want to be an

31:32

Uber driver, I gotta pay Uber, I gotta pay for gas,

31:37

I gotta buy a car. I have to pay for

31:39

maintenance on that car. So if you come in my

31:42

car and I charge you one hundred dollars, I didn't

31:44

make one hundred dollars. At least fifty or sixty percent

31:49

of that one hundred dollars goes to other people, or

31:51

it goes to costs. So of course I only pay

31:54

tax on the forty dollars that's left. Oh wake up,

31:56

don't be dumb.

31:58

Always in fashion, spent a.

32:00

Lifetime of my career building the van Usen brand, and

32:04

I am so pleased that they're back with us now

32:07

talking about suits. Men were dressing up again and it's

32:12

become cool to wear a suit. Suits can be won

32:15

on multip occasions in multiple ways. You could wear a

32:18

suit formally to go out at night or to an event.

32:21

You wear a suit to the office with or without a tie. If you look closely, now fashion trends suits

32:27

are being worn with turtlenecks or mark next. The choices

32:31

are endless and every one of them looks right. You

32:35

could really really look the part. I believe that packaging

32:39

yourself is as important does the products you package, and

32:42

wearing a suit is one of those things that make

32:45

men look their best. Venues and invented a new idea.

32:49

It's called the cool flex suit. It's been engineered with

32:52

stretch technology, giving you the most comfortable fit and mobility.

32:57

It's wrinkle resistant fabric, it's cool moisture WICKI it makes

33:00

it perfect for all occasions. As we discussed just now,

33:04

this new style of looking sharp while feeling cool and

33:07

comfortable is amazing and I'm so excited that the van

33:11

Using company is involved in this new technology and is

33:15

embracing the whole idea of dressing up. Let's not forget

33:19

van Usen made it's name with dress shirts. It's only

33:22

proper that the suit business follows strongly in its way.

33:26

You can find van using Kolflex Men's stretch suits at

33:29

jcpenny are online at jcpenny dot com. Guys, they're great.

33:34

You should go look at them. D Knwhy Donna Karen,

33:37

New York. Donna Karen began her career as one of

33:41

the finest, most successful, powerful women in the fashion industry.

33:46

She developed a collection aimed at the luxury market for

33:50

women on the go, women who were powerful in their workplace,

33:54

women who had lives that extended beyond the workplace, and

33:57

her clothes went from day and tonight. An extraordinary collection.

34:01

But the interesting thing Donna Karen had a young daughter,

34:04

and she had friends and they couldn't afford to buy

34:07

the Donna Karon collection, and Donna invented dk NY Donna Aaren,

34:11

New York. It's an offshoot of the Donna Karen collection.

34:14

The same concept a lifestyle brand. Now we talk about

34:17

lifestyle brands, what does that really mean? Simply what they say,

34:21

there are brands that follow you throughout your lifestyle. You

34:24

get up in the morning, you start to get dressed Donna Karen dcaan why as intimate apparel, as hosiery, as

34:30

all those products. You're getting dressed for work. You get

34:33

accessorized shoes, handbags, and it takes you through the day.

34:37

The remarkable thing about DK and Y clothes for work,

34:39

they work into the evening. The dresses, the suits, the pants,

34:44

the sweaters, the blouses, extraordinary clothes at affordable prices that

34:49

go from day in tonight. Part of your lifestyle is active.

34:53

You have weekends, you have events, you participate in sports.

34:57

Donna Karen's casual clothes did that under the DK and

35:00

Y label. A vast array of casual sportswear that make

35:05

women look great as they navigate their busy lives. Whether

35:09

you're going to soccer games for your children or whether

35:12

you're going out to the movies, whatever you want to do,

35:15

DK and Y, Jenes dc HY sportswear is there for you.

35:20

That's what a lifestyle brand is. And I need to

35:23

mention DKY Activewear, which is extraordinary, the leggings, the sports bras,

35:29

the sweats. You can wear DKY active Wear certainly in

35:34

the gym, certainly when you're working out at home, and

35:37

certainly if you want on the street, because it's that

35:40

well done. The quality of k Y is nothing short

35:43

of exceptional. And why shouldn't it be? Because it was

35:46

born from the idea of luxury made affordable for women

35:50

of America. Dk and Why a true lifestyle brand that

35:55

takes you from day and tonight, from the week into

35:58

the weekend. DCN Why you can find DCNHY and Macy's

36:03

DKNY dot com.

36:05

Welcome back to Always in Fashion. Here's your host, Mark

36:09

webber So.

36:10

On the subject of stuff, which is where I am

36:13

right now. There are a bunch of things that got on my mind. I just discussed taxing the rich. I

36:18

have a question for everybody. Why isn't anybody talking about

36:22

astronauts trapped in the International Space Station. Isn't that crazy?

36:29

We put these two people up there and we can't get them back, and no one's screaming, where's NASA, where's

36:34

Elon Musk. I've been told that Elon Musk might be

36:37

coming to help them out, but you would think we'd

36:40

be talking about this. It's hard to believe. It's amazing

36:45

how hard it is to believe you want to talk

36:48

about heroes and brave people. Oh my gosh. I mentioned

36:52

well run companies before. There are uncertainties in every business.

36:58

They're uncertainties and changes that happen that people have to

37:02

figure out what to do with to take the luxury

37:05

industry right now, luxury industry is taking a bath. It's

37:09

getting hit fairly dramatically. For one of the reasons is

37:13

is there is a move towards silent luxury, stealth looks.

37:19

There's a move towards buying great looking products without logos,

37:23

not bragging about who you are. You look at Laura Piano,

37:27

Nobody knows you're wearing Lorda piano unless there's another Laura

37:30

Piano person there who appreciates the quality, understands the looks.

37:34

Luxury industry is under attack. Another thing that has happened

37:40

is that luxury companies have driven their prices up. I'm

37:44

told to as much as fifty percent or more. And

37:47

some of the cork items that you would heretofore buy

37:51

something that costs one thousand dollars now costs three thousand.

37:54

And the world is changing because at one thousand dollars,

37:58

there's a lot of people who had saved their money

38:01

to purchase that one handbag and feel good about themselves

38:05

when they walk around carrying and put it over their shoulder.

38:09

It's not as easy selling three thousand or five thousand

38:12

dollars handbags. So I'm told what's happening is their numbers

38:17

are holding up, but they're selling less units. So they're

38:20

relying on a smaller group of people to buy and

38:23

spend more on the same items that they were spending

38:26

on before. We're losing that entry level person into the

38:29

luxury business, and it's starting to have an impact in general.

38:33

Of course the board. So what do you do? I

38:37

remember the last time we had a major recession that

38:40

the world went to crazy, not COVID, when we closed

38:43

the country, The question was what do you do? Even

38:48

during COVID, what do you do? I'll never forget. October seventeenth,

38:54

I think two thousand and eight, I get a call

38:58

from the Manning Gen, director of EL. He was in Paris.

39:01

I was in New York. I remember I was walking

39:04

on the street and I just tourned into the the

39:07

LVH compound on fifty seventh Street in Manhattan, and I

39:11

was in the lobby and he said Mark, we're very

39:13

concerned with the recession that's taking place in the country

39:18

and the world. We wanted to talk to you about

39:21

what you're seeing going on in America and what you

39:23

think about it. And I'll never forget what I said

39:26

to him is, yes, you should be concerned. The best

39:33

retailers are going to buy less. There's going to be

39:36

less opportunity to save money. Everything will be at a premium.

39:41

And you have to manage your business well. And I

39:44

said to him, well run companies thrive in difficult environments.

39:52

And he said, what does that mean to you, Mark,

39:55

I said, the first thing you need to consider is inventory.

40:00

Inventory is the lifeblood of the company. How much you

40:03

sell or how much you don't sell is the key

40:07

to your business. How much markup, how much you make

40:11

on the items you sell versus whether you lose on

40:13

those items you sell or as what makes or breaks

40:17

a business. At a time like this, everyone should clean

40:22

out their inventory. Now. In my case, mister managing director,

40:26

we've been talking about this recession for the last six months,

40:30

and I reduce my inventory levels across the board in

40:34

the company. Was it easy.

40:36

No.

40:37

In the case of the Donna Karen Company, Donna Karen Kampany,

40:40

what are you doing? Why are you buying less? The

40:42

designers dcyn Why Mark, I don't understand you're making the

40:46

line smaller. The production people saying, I usually buy one

40:49

thousand pieces of this item. You're telling me it only

40:51

buy five hundred. I said, yeah, that's exactly what I'm doing.

40:54

And every single division in this company is going to

40:57

buy less because I believe six months now every retail

41:01

in the world is going to buy less. And I was right. I said to him at the time, here's

41:06

a way of looking at it, mister managing direct I said,

41:10

there are things that you should do. There are things

41:14

that would be nice to do, and there are things

41:18

that you must do. You have a business. You better

41:22

pay your electure bills. You want the lights to come on.

41:25

You have an office, you have retail stores. You have

41:28

to pay your landlord, otherwise he's going to lock you out.

41:31

I don't know that i'd be opening new stores right now.

41:34

I know I wouldn't. I'd wait. I don't know that

41:36

I would renew any lease higher than what I paid

41:39

for it at this time. But I would deal with

41:42

those things that only you had to do. And the

41:46

things that made me feel good are the things that

41:48

you should do. No if advertising wasn't proven. You know,

41:53

I've talked about this before. John Wanna make a famous

41:56

businessman famous retailers said, I know fifty percent of my

41:59

average tising works. I just don't know which fifty percent.

42:03

None of us know what works. Well run companies thrive

42:07

in difficult environments. Unless I was sure that an advertisement

42:13

or an expenditure would directly relate to increased sells or

42:17

to sales that I needed to capture, I wouldn't spend

42:20

the money anymore. Because well run companies must thrive in

42:24

difficult environments. Back in a minute, always in fashion, then

42:30

using for over one hundred and fifty years now has

42:32

been a mainstay in American fashion. This brand that was

42:36

invented for dress shirts was given to coal miners when

42:39

they exited the mills dirty and dusty. The Phillips venues

42:43

and company Phillips families there to give them fresh, new

42:46

shirts that they could wear at home and feel their best.

42:49

Over the course of time, venues and dress shirts grew

42:52

and grew and grew to suit shirts and ties for

42:55

the dress up, and now sportswear has become a dominant

42:59

part of the using collection. You can find these products

43:03

including sweaters, polos, quarter zips, trousers, and even the best

43:09

of fashion has to be preserved. I don't know if

43:11

I ever mentioned to you the advent of the men's necktie.

43:15

There's nothing better in a men's necktie business than the

43:19

business lunch because guys we go out, they'd have their

43:22

lunch that have their salads or their beef and potatoes

43:25

and snow stout about it. They would always stain their

43:28

die and therefore the business grew and grew venues. And

43:32

today doesn't want to make money on your hardships. They

43:34

want to do it and prevent you from having to go through that. And they invented stain shield. It's the

43:39

technology that was invented to protect your favorite items. The

43:43

stain Shield collection provides extreme defense against water based stains

43:48

by causing spills to beat up before they can be

43:51

absorbed into the fabric. This collection, by the way, in

43:54

addition to regular fits, is also often in all body sizes,

43:57

including big and tall. You can find Vanues and Stainshield

44:01

and the great venues in style sports were at Vanues

44:05

in dot com. That's Vanusen dot com. As one of

44:08

the world's most celebrated fashion designers, carl Lagafeld was renowned

44:13

for his aspirational and cutting edge approach to style. His

44:16

unique vision of parisianshit comes to America through car Lagofeld Paris.

44:21

He has women's collections, men's collections, ready to wear, accessory,

44:24

shoes and bags. The fashion house Carlagofeld also offers a

44:28

range of watches, I wear and premium fragrances. You can

44:31

explore the car Lagofl collection at car Lagofelparis dot com.

44:35

But it's more than that. I have for one, love

44:38

to shop. I love going around and seeing what's happening

44:40

and what catches my attention, what would make me feel

44:44

good to wear Now. I don't wear the women's wear obviously,

44:47

but I can appreciate it and they look amazing. If

44:50

you want to look right, you want to have clothes

44:52

that fits you well. You want to look like you're

44:54

wearing something that's very expensive, that's exclusive for you and yours.

45:00

You can find it at very affordable prices at Macy's

45:03

Orcarlagofel dot com Paris. The women's ready to wear fashion

45:07

is extraordinary, as well as the handbigs and the shoes. I,

45:10

for one, wear men's clothes unlike my appreciation of women's clothes.

45:15

I'm a modern guy. I want to look current, I

45:18

want to look the way I want to feel. I go out at night, I'm in black and Carlagafel is

45:22

my buddy. Carls are great, They fit great, and they

45:25

have little tweaks and touches, whether it's a stripe on

45:28

the sleeve or button at the neck or on the shoulder.

45:30

There's a lot of details that go into Carlagafel because

45:34

he's always been, he always had been one of the

45:36

world's great designers, and this legacy and goes on and on.

45:40

I can't speak enough about it except to say to you,

45:42

you want to feel good about yourself. You want to

45:45

know that you're dressing properly. You want to clothes that fits you well. Carl Lagafeld Paris at Macy's Orcarlagafel dot com.

45:54

Welcome back to Always in Fashion. Here's your host, Mark Webber.

45:58

On a personal something drove me crazy this week. I'm

46:02

a homeowner. You know I mentioned plumbers before you want

46:05

to say, I say, I used to be important. You know it's important now My plumber, my electrician, my heating

46:11

and air conditioning people, those people are important. Those people

46:14

are incredibly important. Something goes wrong, what do you do?

46:17

What do you do? I'm at the end of the season, like everyone else. I've been running air conditioning all along,

46:22

and I had to switch to heat, or at least

46:25

make sure in order to keep my warranties. I had

46:29

to make sure that I made official adjustment. And they

46:32

come in and check my air conditioning and heat. So

46:37

they come in and after the workman is there for

46:40

around a half hour, he says, I'm afraid I have

46:44

some difficult news to you. You have two boilers running

46:46

your house. You need them because you have a big house.

46:50

One is the main, the other is the they call it the slave helps the main, and both of them

46:57

are in trouble right now. Ye that it's a relatively

47:01

new unit, he said. I know it should have lasted

47:03

much longer, but it doesn't. And I have to go

47:06

out in the market and try and find parts. I said,

47:09

why are in the market? He said, Well, the company

47:11

that we installed this from you went bankrupt, so we

47:14

have to go out and try and track down parts. And the problem is, let's say we find him now,

47:20

what's going to happen to the next time, and there'll

47:22

be a next time. I suggest you have to replace

47:25

this units. I said, what about the other one? He said,

47:28

that's also bad news. It has to be replaced. If

47:31

not now, it'll be six months from now, and it could come at the worst possible time when it's cold outside, freezing,

47:36

and these things aren't generating the heat that you need

47:39

for your water or your house swell. I have to

47:42

ask you a question. You guys told me to buy

47:45

this brand. Are you responsible or I am? And after

47:49

clearing his throat, he said, well, you should call the owner,

47:51

but of course not, we're not responsible. We install this

47:54

in good faith, wear and tear. I don't know what

47:57

to tell you. Then he tells me the price, and I thought my head would go through the roof. I

48:02

bought a system, put it in this house ten years ago,

48:05

the entire system. I have six processes outside, I've got

48:09

six inside. I got all this going on, and everything

48:12

has turned over in the last ten years. And the

48:15

cost of this is crazy. And what are you supposed

48:18

to do? You know what I did? I vented how

48:22

can you do this to me? Ba ba b b b b b b b And you know what I

48:26

gotten for it? Nothing. I'm on plumbers tonight. If I

48:30

knew what I knew now, maybe I would have been a tradesman. While I'm on the subject of stuff and

48:35

I'm off the subject of succession, those of you who

48:37

still listening want to learn how There's a few things

48:39

I have to make sure I get off my chest. I was with one of my son's friends the other

48:43

day and I asked him, does your company match your

48:48

four oh one K contribution? And he said, I don't

48:51

invest in four o one k. I started screaming, are

48:55

you out of your freaking mind? But before I really

48:58

get great, do they match it? And yeah, they match

49:00

it up to six percent. A four oh one k

49:04

a company gives you free money. You put your money in.

49:08

You put fifteen thousand dollars a year, and what is

49:11

a four oh one k? The government says you do

49:14

not have to pay any taxes on the income that

49:17

fifteen thousand dollars makes until you retire in your seventies.

49:21

You get all of those earnings free of charge until

49:27

you retire. Now, from the government point of view. Thank

49:30

you when I'm making the least amount of my money.

49:32

When I'm retired and I'm not making money, that's when

49:35

you want to tax me. That's when you should leave me alone. I spent my whole life paying taxes, which,

49:39

by the way, you want to talk about taxes, rich

49:42

don't pay the fair share. I live in a nice neighborhood.

49:44

I pay taxes on my house some crazy number, and

49:48

of the crazy number, I don't want to say it,

49:52

ninety percent is school tax I'm like hymen Roth and

49:56

the Godfather. I'm just a retiree living on a pension.

50:00

I'm not going to school. I have no children going

50:04

to school. I have no grandchildren living in this house

50:08

going to school. I have nothing to do with the

50:10

school system. And most of my taxes on my hom

50:13

are for schools. What's wrong with that system? Back to

50:18

four o one K. Anyone who doesn't find a way

50:21

to contribute to their four oh one K force themselves

50:25

to save money is a moron. Now you are a

50:28

more on for one or two reasons. Either you're spending

50:31

too much money or you're not taking advantage of one

50:35

of the greatest perks that God ever invented companies matching

50:40

your contributions, giving you free money, and the government telling

50:44

you don't have to pay anything. And while I'm on the subject of this and money tonight tax the rich.

50:50

I'm not sure my son's friend talks to me anywhere,

50:52

by the way, after I let loose on them. But

50:55

again it happens something else for someone else. The other

50:58

woman talking about bonuses. We're talking about you know, is

51:02

Trump good for the economy? What's going to be with

51:05

interest rates? And I happen to say, do you shop

51:08

with credit cards? She said yeah? I said, do you

51:11

pay your credit card bills off every month? And know

51:13

I just pay a small amount and just keep charging.

51:16

I went crazy. I went crazy. Do you know what

51:19

credit card interest is? It's like twenty percent or more.

51:24

That means like you're borrowing money from people who are

51:26

taking incredible advantage of you. Do you imagine you borrow

51:30

one hundred dollars you're based only one hundred dollars and

51:32

by the andy die, oh, I'm one hundred and twenty dollars.

51:35

It's crazy. I'll tell you what. All of you out there,

51:39

anyone who wants to borrow money from me, call me up,

51:42

I'll charge you twenty percent. I'll do it with you.

51:46

The problem is you have to give me some collateral.

51:49

You have to sign over your children, or your house

51:51

or something that really has value to me. But the

51:53

reality is charging you twenties percent, I go to jail.

51:57

So how come the credit card companies can do that

51:59

I want? I don't know. Tonight is a lesson in finance,

52:02

I suppose, or succession. Hopefully you're learning from what I

52:06

have to say, If not, replace me. Jesse's here and

52:10

he'll do a better job than I will. That is