Diane von Furstenberg brands Tory Burch’s ex-husband, ‘nasty’ and ‘bizarre’ as the fight over her multi-million dollar fashion empire continues
By Sara Nathan and Sadie Whitelocks
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Support: Diane von Furstenberg, pictured, has slammed Tory Burch's ex-husband Chris, branding his behaviour as 'nasty' and 'bizarre'
Diane von Furstenberg has slammed Tory Burch’s ex-husband Chris, branding his behaviour as ‘nasty’ and ‘bizarre’.
Last month he launched a legal battle against his former partner, claiming that her eponymous fashion label was damaging his rival design business, C. Wonder. He also insisted that the millionairess would be nothing without him.
However his antics have infuriated a number of industry insiders. Ms von Furstenberg told Vanity Fair: ‘What I find bizarre and nasty, and can’t possibly finish well for him, is that he is… hurting [her business] by sabotaging it, by copying it. I don’t understand.’
In a pointed attack on his ex-wife, Mr Burch claimed that he was the brains behind her highly successful business.
He noted his extensive contributions to Tory Burch from his experience in start-ups and as a venture capitalist to raise $10 million from outside investors to start the company in addition to his initial investment of $2 million.
‘When it came to sourcing and product development and accounting and business finance and capital raising all that I had to do,’ he said.
But Anna Wintour joined Ms von Furstenberg in defending Ms Burch, stating that she was the driving force behind the brand and over the years she never had any communication with Mr Burch.
The American Vogue editor said: ‘The person who has been at every single appointment over the years is Tory.
‘Tory is the one who has always talked to us about her aspirations, and her ideas for growth, how she saw the brand, asked advice on people she might want to bring in.
‘It’s always been, as far as we’re concerned, 100 per cent Tory’s business, and we’ve never had anything to do with Chris.’
Legal papers filed by Mr Burch, who plans to get rid of 28.3 per cent stake he owns in Tory Burch, believes the board of the company is hindering the success of his new rival chain C. Wonder.
At war: Chris Burch (left) is suing the company he founded with ex-wife Tory (right) over claims that her board is hindering the success of his new rival chain C.Wonder
The Burches in happier times
And Mr Burch’s lawyer Andrew J.Rossman told the New York Post: ‘This action will set the record straight… Up until now people have heard a great deal of misleading information that this lawsuit will clear up.’
In the Vanity Fair piece, Chris Burch insisted that he would not sell 100 per cent of his shares – declaring it is ‘too good a company. It’s like nothing I’ve ever seen.’
He said: ‘In any business, one plus one equals a hundred. [Tory Burch] never could have existed without me, and it never could have existed without Tory.
‘It was a combination of my experience and Tory’s vision. That’s the truth.”
Contributing editor Vanessa Grigoriadis writes that, according to a
source, Chris Burch has borrowed $50 million against a portion of his
stock in the Tory Burch business and other assets.
Mr Burch – who according to the article needs liquidity to fund his
ideas, investments and enormous office in the Flatiron district - says:
‘I have been trying to sell my shares for over a year now and want
nothing more than to move on from this arrangement and focus on my new
brands like C. Wonder.’
Barclays Capital was hired last year to conduct a sale of a minority
interest in the company, including all or a portion of Chris’s shares.
Mr Buch is believed to want to float Tory Burch on the stockmarket and
for the company to have an I.P.O – however his ex-wife doesn’t want to
right now.
Defence: Anna Wintour, pictured, joined Ms von Furstenberg in defending Ms Burch, stating that she was the driving force behind the brand
Apart from his initial investment, his representative maintains that Mr
Burch was involved in negotiating store leases, website design and
identifying factories to make the products.
A representative from Tory Burch says that Chris never had a day-to-day
role in running the company, other than raising initial capital,
interviewing some employees, and sourcing furniture in the early years.
Mr Burch adds: ‘What I want and what Tory wants have to come together. I
will walk away from the business after the sale, but it’s really
important to me that this business be brought to extraordinarily
talented people who can help [her management team] get it to the next
level.
‘Tory is the mother of my children. I want to see her happy and successful.'
Tory Burch recently admitted that she took a huge ‘risk’ in setting up her eponymous label eight years ago.
In an interview with Harry Smith for NBC’s Brian Williams’ Rock Center, the 46-year-old designer– who has turned her dream into a $330-million-a-year international fashion empire - revealed: ‘I had never been to business school, I had never been to design school, and it was a risk.
‘It was putting myself out there in a way that was opening myself up for criticism.’
The striking blonde mother-of-three added: ‘I’m a sensitive person, so it was hard.'
Ms Burch studied art history at college and after graduating she took a series of jobs in fashion and marketing, including at Harper’s Bazaar magazine. She also worked alongside Ralph Lauren and Vera Wang.
When asked if she knew what women want, Ms Burch replied: ‘Oh gosh, that’s such a hard question.
‘I know what I want and I think that some of the things that I want translate to what women want. I would say I learned along the way.’
Mother to sons Henry and Nick, 14, and 11-year-old Sawyer, Ms Burch recently admitted she never expected things to get this big.
When she started, she had a five-year plan of three stores..But her clothes are now worn by A list stars ranging from Taylor Swift to Oprah Winfrey and First Lady Michelle Obama.
Last year, she added 18 new stores to her 46 Tory Burch shops worldwide and it was predicted that her 2011 revenue would jump by an eye-watering 52 per cent.
An industry source said: 'He sees this as [having] power over her. He’s mad as hell that she’s as successful and powerful as she is. It’s time for him to sell his shares and get out of her f*****g life.'
The December issue of Vanity Fair is out now.
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Diane Von Furstenberg used to be such a stunning lady........what has happened.?
- wellinever , Bristol, United Kingdom, 02/11/2012 11:33
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