Featuring Vera Wang: A Worldwide Fashion Icon

Photo Courtesy of The Business of Fashion

There are tons of successful entrepreneurs that started late in life, but still managed to thrive nonetheless. Vera Wang dreamed of becoming an Olympic figure skater as a teen, but that career never took off. At age 39, she began designing clothes professionally, and now, at age 71, she ranks at #76 on Forbes’s America’s Richest Self-Made Women list.

Before Wang ventured into the business world, she was a competitive figure skater who fell short of her Olympic dreams. Afterwards, she was hired at Vogue magazine as an assistant. In 1972, she became the magazine’s youngest ever senior fashion editor.

After spending 15 years at Vogue, she left the company when she was rejected for the position of editor-in-chief. Instead, she went on to fulfil another one of her dreams: becoming a fashion designer. Being a native New Yorker, Wang had spent her life at the forefront of fashion. So, in 1987, she was appointed to be design director of Ralph Lauren.

In 1989, Wang was planning her wedding to Arthur Becker. However, she ran into a problem. She was around 40 years old at the time, and she found that there was a lack of bridal gowns for older women. Everywhere she went, the dresses were overdone with frills and lace, and nothing was as simple and elegant as she had hoped for. She ended up hiring a dressmaker to make a custom gown, which cost $10,000.

This point in her life marks her first steps in entrepreneurship. After she designed her own wedding dress, Wang opened up a bridal boutique, and soon launched her own fashion line. Now, she no longer worked for a company; she started her own.

At first, Wang started with her single bridal boutique. She did not have a bridal background, and so she decided to bring something new to the industry and push the boundaries of bridalwear. Wang’s brand, Vera Wang, reflected her visions of the ideal bridal dress and accessories. She aimed for a sophisticated, feminine and modern approach to bridal designs. Wang claimed that she tries to bring a certain “edginess” to her collection, with bridal gowns in palettes of black, white, and shades of red.

After creating a successful brand, Wang allied with Men’s Warehouse and David’s Bridal, two of the biggest bridalwear retailers in America, in order to promote and expand her fashion line. Besides wedding gowns, she designed tuxedos to appeal to a male audience. Also, she teamed up with retail company Zales, which sells her collection of engagement and wedding rings.

Wang’s clever marketing strategies do not end here. After taking over the bridal industry, she followed Calvin Klein and Ralph Lauren in making perfumes and other accessories. Through numerous licensing agreements, Wang’s name has become associated with things like stationery to bedding.

One of her most significant partnerships is with Kohl’s, where she built an entire lifestyle brand: Simply Vera. It covers clothing, shoes, jewelry, cosmetics, eyewear, perfumes, and more, which are available only at Kohl’s.

With so many different business lines and partnerships, some business relationships may not be as beneficial as others. After Wang expanded her brand to Asia, specifically Shanghai, there was a controversy about the bridal fee for trying on wedding gowns. This issue was a bit damaging to the company’s image, and since then, Wang has abolished that practice.

After creating and expanding a huge brand name, Wang has forever changed the world of fashion. Her non-traditional wedding gown designs are immensely popular, and are changing how wedding dresses look today. In fact, celebrities like Kim Kardashian, Chelsea Clinton, Alicia Keys, Victoria Beckham, and Mariah Carey have all worn Vera Wang gowns on their wedding day.

Wang has also designed custom gowns for Ariana Grande and former First Lady Michelle Obama. At the 2018 Met Gala, Ariana Grande wore a custom Sistine Chapel gown designed by Wang. As for Michelle Obama, she wore a stunning black mermaid gown that Wang designed specifically for the former First Lady’s China State Dinner.

Building her brand brick by brick was not easy, but in the end, it paid off. Wang’s fashion line has become a well-known luxury name, with an overall retail value of over $1 billion. Her wedding gowns range from prices of $2,900 to $23,000, with custom dresses possibly costing even more.

Vera Wang is a great example of someone who never gave up after being rejected. She rose to fame and riches despite starting her career late in life. Wang’s story of success teaches a great number of lessons. She once said, “Don’t be afraid of failing. I think not trying is worse than failing. Have the courage to try. Otherwise, what are we here for?”