Transcript for Juicy Couture Founders: It's Heart Breaking To See Our Baby Turn Into a Lower End Brand
And speaking of iconic brands I sat down with two women -- returned 200 bucks. It will multi million dollar business -- most people -- -- from juicy -- picture right. It's it's incredible lessons that you've taken with you from all of these years of expanding and developing the brand what would you say between the two -- the number one -- Product is -- It's all about product ultimately you have to have an amazing product that someone wants to buy. And you have business the story goes -- -- 200 dollars when you started juicy that's right region. Well I went to -- A 100% correct we have 200 dollars when we started Travis genes which was our first business. And what we did is we kept taking that money and reinvesting in reinvesting it and when we moved into GC we just reinvested that same money. And we just -- and we never actually went in got. -- about financing from anyone we never spent money and a big business plan. -- -- plan was to start internal plan we just did it in in very sort of. Trouble -- anchor and organically we really invested in our -- we drove the van to pick up the -- and taped up the boxes. -- we did everything. There was no -- that was too -- for -- lot of people are starting businesses. It vision as glamorous I'll be running it and there will be all these people who are important for me now you are -- that is yes we work I mean there wasn't a task that was two down and dirty. That we wouldn't do I mean we really did everything. And we ran the business we were presidents of Juicy Couture and still it was about 600 million dollars. And then you made the decision. To say well we've sold way before that but -- -- sold to Liz Claiborne Paul Sharon and Angelo rants and let us believe that acts like the business was ours and we were. We were able to make all the financial decision. What are the smartest things you did in the beginning was he started sending out juicy picture clothing to celebrities and then -- were photographed wearing it which is something. You know you -- some of the first ones the trailblazers to do -- -- -- -- labels doing because you have instant -- FaceBook and Twitter in the second that somebody is photographed. Britain's air tight end it -- commonplace -- people did not send celebrities close but we were lucky we were in LA. All the -- new juicy and celebs want it -- And that's a lesson I mean that's something for every onto nor. We didn't because we just have money for an advertising budget we actually didn't really know marketing was when people started telling us would you sign in charge of marketing I have. But we did it because we didn't have money and we that's a great idea and it was -- Things changed you were no longer in control. And the business went from being you know juicy picture or worn by Madonna and Brittany -- -- lower and lower market I. It's heartbreaking. I have to say that and that's something that I really believe both of us wanted to towel. We want to tell our tail in a way that people that people that want to do what we did have to know that everybody dreams about selling your business. For a lot of money it's a pot of gold -- what you kind of dream about as a little guy at some point. But there's there's a downside to the downside to it is that either you're going to be -- -- or how much -- you might lose your name. Or he might have to watch your baby be something that lacks the DNA. The authenticity that you put into it and see it turn into something that he might not like. Which is -- probably that you're putting that DNA back yes it's a new -- -- -- you tell me more about what it is it's. A casual luxury collection it's what we love it's got -- Southern California vibe really cozy amazingly she clothes. That you just want to Wear every day. We don't believe -- disposable clothing we love close to last we'd like to use really good applications. And we look we're doing. What are the price points for example -- jackets leather jackets you're wearing what the price points and this is the very tippy top extreme and the collection so this jacket would retail for probably 11100 dollars but the bulk of the collection are. Teachers have started ninety in -- begin 120. And the -- start sat I think one's money it's it's reasonable -- it's a really good place. And let -- play and I play out. And play carry an -- or not a holiday but the majority and you know as part of our. Philosophy was making in our backyard and making an LA and giving -- her community in. Our very first GC label was made glamorous USA. And it's I think it's important when you're starting a business we believe that fairy tale thing that if you make -- with love. If it's authentic. -- -- -- -- -- We cared. We -- that it was made that miss USA that people feel when it by the product and how do you plan to compete with some of the other labels in your category for example some of the more -- items that you have who could be competitors with lululemon which has gotten very popular. -- London is true athletic Wear what we're doing -- athletic -- translated into fashion so it's a little bit different that in the book we also say that. Competition is healthy. -- rising to do better things to think of a better way to make a products making it. More amazing I think competition is fantastic and this last question the number one thing. That you would say anybody out there who's trying to reinvent themselves lost it. -- persevere believe in yourself and surround yourself with the teen who. Who really believed to I mean for us we didn't do it alone we had a great team of people who really drank the Kool Aid and we feel like. You just have to surround yourself with people that you love being fearless. And take a hard look at what you might want -- -- reinventing I think you have to do that.
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