As her husband was confessing his misdeeds on national television in June of 1994, Princess Diana took sartorial revenge at a gala in London. In a stunning display of royal moxie, she wore a form-fitting black silk dress with a plunging neckline and a thigh-high hemline. Behind her, a black chiffon train billowed like smoke from a detonated bomb.
Princess Diana made fashion history that night. Far from shrinking into the shadows, she seized the spotlight defiantly, giving notice that she would not be shamed by her husband. The future King of England suddenly had a powerful adversary. Diana’s weapon of choice? The little black dress, or LBD.
The LBD will soon celebrate a century as a fashion staple. Designed by Coco Chanel in 1926, it has been a constant in every woman’s closet ever since. Before that, black typically was worn only for mourning or by household staff. Coco’s version – short, simple and chic –became an instant classic.
It’s possible such a statement dress was born out of necessity. A century ago, women were economically and politically powerless. Coco Chanel relieved them of their corsets and equipped them for battle. The little black dress was armor for the modern woman.
Today, there is a new kind of armor. Quite simply, it is knowledge. A century after the launch of the LBD, women are educated, experienced in business and eager to forge their own destinies. Knowledge is power.
Naivete, they have learned, is dangerous. History offers women many cautionary tales. Despite her brilliance, Coco Chanel owned only 10% of her iconic perfume company, Chanel No. 5. Her financiers owned the remaining 90%. Had Coco better known how to structure and finance her venture she might have been the billionaire and not her money men.
Today’s woman understands that a financial, legal or tax misstep can be ruinous. Thus, ignorance is the more fearsome faux pas. She understands how to buy expertise. The most savvy women assemble a team to attain their goals: lawyers, financial advisors, CPAs.
She needn’t know how to create a structured note or build a dynasty trust. But she knows who to hire to protect her assets. Statistically more likely to survive her spouse, today’s woman will be forced to live with the estate plan he crafted if she doesn’t take part in its design. Isn’t knowledge a stunning fashion statement?