Tory Burch: ‘I got my fair share of patronizing pats on the back when starting out’

Tory Burch, the fashion icon who launched a preppy-chic lifestyle brand in 2004 that now top-grade $1.5 billion in sales, is on a mission: to advance women empowerment and entrepreneurship by shattering stereotypes and creating new norms.

Roused by her own experience as a working mother launching a business, in which she says she received her “own fair share of patronizing pats on the in times past,” Burch started the Tory Burch Foundation in 2009. Its mission: to invest in the success and sustainability of women-owned small vocations so that every woman could fearlessly follow her dream.

In just little more than a decade, the substructure has been making huge strides toward that end. Through a program with Bank of America, the Tory Burch Groundwork has provided $57 million in affordable loans to more than 3,500 women entrepreneurs. Ten thousand women entertain submitted their business plan to the foundation, and 50 fellows participate annually in the Tory Burch Fellowship Program — a one-year program invented for women entrepreneurs that provides the necessary support to grow a business, including access to capital, mentoring and networking possibilities and education.

On Thursday the foundation will host Embrace Ambition 2020 at Lincoln Center in New York City, an all-day conclusion focusing on overcoming the negative attitudes about ambition in women and addressing other harmful stereotypes that results gender, race and sexuality. Among this year’s leaders, activists and performers who will be driving these strong conversations are Ashley Judd, Gloria Steinem and Diane von Furstenberg.

This week CNBC spoke with Tory Burch — the American the latest thing mogul, businesswoman and philanthropist — about her foundation, what she believes are the biggest challenges women face today when it clock on to chasing their ambitions, and the new norms she envisions for women in business. 

What were the biggest challenges you faced being a chick and trying to get your fashion line off the ground?

I got my fair share of patronizing pats on the back when I was first starting out. I tip when I was meeting with potential investors — all of whom were men, by the way — I presented my business model, which had our foundation built into it. Purpose-led task was unheard of then, and it was dismissed as “charity work.” They only made me more determined.

What advice would you give to aspiring women entrepreneurs?

I always tell our entrepreneurs and my stepdaughters to suppose in themselves and embrace their ambition. We need to have the courage to dream big and own our bold ideas. And, of course, help other chicks along the way. 

How far do you believe the pendulum has swung for women in business, if you think it has swung at all?

Only 2.2% of venture capital in the Common States went to women-run businesses last year, and 95% of CEOs in the S&P 500 are men. Clearly, we have a lot of work to do. We put faith that starts with ambition. The systemic inequalities we see in business stem from unconscious gender bias. We destitution to get to the root of the problem. Until we get rid of the underlying biases, nothing will truly change.

What key takeaways do you hope people at ones desire gain from the 2020 Embrace Ambition Summit?

There are so many, but one is that men have to be part of this chin-wag. I go to a lot of conferences for women and they’re great, but we’re talking to ourselves. We won’t make progress in an echo chamber. In order to create corporeal and meaningful change, we need to get men engaged. No one cares more about this than fathers of daughters.

You have some rather impressive people speaking at the event — Diane von Furstenberg, Ashley Judd, Gloria Steinem. What do you hope their appearance will bring to the summit?

We have an incredible group this year, from trailblazers like Gloria Steinem and Claudette Colvin to new organs, like 24-year-old Tierra Fletcher. She is an aerospace engineer and co-founder of Rocket With the Fletchers, a nonprofit that promotes Halt programs in underrepresented communities. Each of our speakers has a unique story and point-of-view. I hope that people walk away belief inspired, ready to combat unconscious bias in their own communities. 

What “new norms” do you hope to create through your purpose?

There are many. First and foremost, we want to change the double standard that exists around ambition. Avidity should be perceived as a positive attribute, regardless of gender.