Hugo Prince was frustrated. Despite handing over the reins of Prince Enterprises to Hugo the previous summer, John Morgan Prince had been fighting his son on every single change he wanted to make, from upgrading the spa on the top floor of their flagship Chicago store, to opening new stores in the Ala Moana Shopping Center in Hawaii.

John Morgan especially hated the idea of Hugo creating what Hugo called “an affordable millennial shopping experience” along the lines of Nordstrom Racks. “I have no wish to turn Prince’s into a discount store,” John Morgan said haughtily. “If people can’t afford our goods, they can shop at Target.”

“And they will,” Hugo had shot back. “Since they can buy labels like Zac Posen and Lilly Pulitzer and Jason Wu.”...

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