Tory Burch is determined to dominate the accessible luxury category.
The company's latest tactic? Bringing in a slew of key industry players to serve on the board of directors.
But what exactly is a board of directors?
Well, it's a group of well-heeled and highly-experienced individuals who offer advice on the direction of a company. If a company is faltering, the board will help steer it back. If a company is doing well--as Tory Burch is--the board will help them expand on that success. J.Crew CEO Mickey Drexler, for example, serves on the board of directors at Apple.
Usually, most of the people on the board of directors do not receive a salary from the company. Instead, their advice affords them shares and other perks. If, for some reason, Tory Burch goes public or is bought by a conglomerate, the board members will be compensated.
The presence of Senk and Lee on the Burch board means that the company--which is partially owned by Tresalia Capital, a private investment firm based in Mexico City--is serious about growth.