Existing users please login

 

Home / Personal Finance

Game Plan

Fashioning a Dream

 
Nancy Colasurdo
FOXBusiness
     
    Game Plan 276

    With Mercedes-Benz Fashion Week and all its glitzy hoopla swirling around New York this week, Stacy Morganstern Igel is a fashion designer whose story is about ultra-clear focus since childhood and lots of hard work. Sounds dull, right?

    Au contraire.

    The walls of her 34th Street studio are filled with framed covers of magazines that have featured her clothes as well as celebrities who have worn them. She just finished a shoot of her Spring 2009 line with the co-host of MTV’s TRL, Lyndsey Rodrigues. Her line is in the current issues of Lucky and Seventeen magazines. 

    With the new season premieres last week of TV shows like Gossip Girl and 90210, she is closely gauging product placement and what pieces of hers might get some air time. On the day I was there to interview her, she was expecting Kimora Lee Simmons to drop by.

    "I've been like a hamster in a wheel the last seven years," said the 31-year-old creative director of Boy Meets Girl, her signature brand that features a logo of a boy and a girl in silhouette. Morganstern Igel's first brand, Deesh, was in every "major," which in fashion speak means department stores such as Nordstrom (JWN), Macy's (M) and Bergdorf Goodman.

    When Morganstern Igel refers to the last seven years, she means the part of her story that begins roughly around Sept. 11, 2001, the day she was supposed to launch her line, and culminates with this year's dream-come-true purchase of her brand by Oved Apparel, a partnership she hopes will get her back to the "major" stratosphere. However, the piece that comes before that is worth mentioning to anyone who wants to feel validated about what goes into achieving a persistent goal.

    It goes like this. At age three, Morganstern Igel was outfitting her pre-K classmates with “makeshift designs and home-made charm bracelets.” When the theme persisted, her entrepreneurial mother ran with it.

    “She wanted me to learn every angle,” said Morganstern Igel. That meant developing hand-sewing skills at ages six through eight, learning to sell by working at the Gap (GPS) in sixth, seventh and eighth grades, going to trade shows with her mother (who manufactured lumbar support products), learning an invoicing system and taking a trend forecasting class.

    “I wasn’t allowed to just sew,” she said. “I was fighting it then, but I’m thankful for it today.”

    Morganstern Igel kept the theme going in college. Unlike most students in the design program at the University of Wisconsin-Madison who focus on one thing, she triple majored in fashion design, retail and business. While in college, she had summer internships in New York with Donna Karan and Elsa Klensch, and one in London with Zandra Rhodes. Once out of college and back in New York working for Elie Tahari, she learned about things like fitting and the “craziness” of working until 2 a.m. Then, in need of a more corporate atmosphere, she jumped to Izod, where the norm was working until 9 p.m. instead of midnight.

    “I started to think, ‘Can I do this on my own?’” said Morganstern Igel. “What I realized is, along with everything else, you have to have a lot of moxie and guts. So I asked to work four days a week so I could get my own business started on that one day.”

    As her plan for independence progressed, she decided to leave Izod. She got her Spring 2002 line ready for the Workshop Show in Chelsea Market on Sept. 11, 2001, which was of course cancelled in the wake of the terrorist attacks. As it turned out, the American flag ribbon Morganstern Igel had incorporated into her design with July 4th in mind caught the attention of buyers at Bergdorf Goodman when the show finally happened in October.

    “My mom was helping me show and sell,” she said. “I remember her turning to me, so excited. Bergdorf Goodman is her favorite store in New York.”

    What followed was a whirlwind of working out of her apartment, finding out that you need to be able to produce what you sell, and learning the hard way that managing doesn’t mean becoming too friendly with your employees or assuming they have the same level of commitment to the company that you do.

    “My employees were older than me. I was not ready to be a manager,” Morganstern Igel said about her launch.

    But her line was ready for bigger and better things. In an early 2005 episode of Gilmore Girls, the character of Lorelai wore a short-sleeved, heather gray T-shirt with the Boy Meets Girl logo in black on it.

    “Nordstrom picked up my line because of that shirt,” says Morganstern Igel, who describes her clothes as couture comfort and chic basics. “That was a moment. I found out the power of the press.”

    While Sarah Jessica Parker had worn one of her tank tops in a Sex and the City episode, the logo wasn’t showing, so it didn't have the same impact. But Boy Meets Girl bags, hoodies, T-shirts, dresses and the like reflecting what Morganstern Igel calls the “edgy, demure, eclectic” female, have been spotted on Eva Mendes, Teri Hatcher, Kelly Ripa, Anne Hathaway and Hillary Duff, among others. Her wares have been seen on Heroes, America’s Next Top Model and MTV’s The Hills.

    Now, Morganstern Igel is more equipped than ever to meet demand, thanks to Oved Apparel’s acquisition of Boy Meets Girl. Oved is one of the largest makers in the apparel industry (i.e., Mecca, Akademiks, Modern Culture).

    “They’re more men’s specialty and hip hop, but they’re getting to know the women’s market because of me,” Morganstern Igel said. “I’m finally at a point where I can use a lot more of my creative and people skills.”

    To further a vision that is 28 years old and counting.

    Nancy Colasurdo is a practicing life coach and freelance writer. Her Web site is www.nancola.com. Please direct all questions/comments to FOXGamePlan@gmail.com.

     

    Fox Business Video


     

    FOX Translator

    Detach

    No data currently available.

    No data currently available.

    No-Load Funds

    Some mutual funds want you to pay for the privilege of them (or your investment adviser) taking your money to invest. It's called a load, and it works like a cover charge to get into a nightclub. Luckily, there are such things as no-load funds. As the name implies, shares of these funds are sold without a fee paid to a broker or investment advisor.

    The entire amount you invest in no-load funds goes to work for your returns. On the other hand, with load funds, right off the bat you're charged commission (not to mention other fees incurred over the life of the investment). Let's say, for example, you invest $25,000 into a load fund that charges a 5% commission. This costs you $1,250 off the top, bringing your actual investment down to only $23,750.

    The often-cited horse race analogy argues against investing in load funds. Here's the logic behind it: Would you place a bet on a horse that had to start a race 200 yards behind the others? Well, maybe you would if you got a tip from a sketchy, trench coat-clad man in a dark alley. However, under most circumstances, it's not smart to put your money on that handicapped horse.

    But some argue that at times that man in the trench coat (aka your broker) knows more about the horses than you do, and has a better shot at picking a winner. Also, sometimes these fees are unavoidable because some funds are available only through investment advisers.

    Cost-benefit analysis can help determine when a load fund is worth it (in other words, when it will score you a load) and when it is better to "do it yourself" and avoid the fees. Load-fund fees range depending on share class and can cover a variety of costs, such as paper work and fund management.