One of the things I've probably absorbed when I was in business school - and didn't know I was learning it - was about life cycles, that things begin, and they peak, and then they decline. So whether you look at life cycles of fashion, or you look at life cycles of things that people buy, designs, everything is in a life cycle. Getting out of the apparel businesses and into beauty and lingerie, those were very big bets, but they were very deliberately thought about and tested over time.

Humans are pack animals. In Biblical times, the great market cities in Europe or the United States, people want to be with other people. And in a way, the more that we're isolated, whether we're living on farms and we're only talking to our cell phone, the greater the need we have for group experience. So while people are saying that no one is going to go shopping because it's just inconvenient, and it's not as easy as buying online, why are people going to concerts? Why are people going to museums? Why are they going to sporting events?

I think a lot of people would assume that my job is more about supermodels and naked ladies and all that, and no, it's just really about fashion, merchandise and customers. So the obviously sexy parts - you get to go to the fashion show and all that stuff. It's really just business. That's my story. I'm sticking to it.

If your life lease, your existence was canceled tomorrow, what would you wish you had done? What are the things you would like to impact? Start on those and you can change the world. Maybe you can only make your neighborhood a little bit better, or make someone's life a little bit better. Isn't that the kind of purpose?

I think leaders lead themselves, but leaders have ideas and maybe they're visionary ideas. Probably today, people would say Steve Jobs was a visionary because he invented this little gadget, the cell phone. But he didn't invent cell phones, and he didn't design the cell phone. He just took a couple of ideas and put them together, and no one else put those same ideas together as successfully as he did. But he had something that he was trying to do that intrigued him, and he could do it very well.

My view is that everything begins with the customer. If you know the customer, then you can match the merchandise and then you can market it. The marketing is kind of the icing. The foundation is the cake. That's the merchandise. Then the question is, "Do the customers want cake, or do they want cupcakes or donuts. What is it?"

Entrepreneurs, guys that start businesses, grow with them. It's more painful than it would appear.