Based on the way she runs her third fashion label since the 1980s, it's clear that Tracy Reese has learned from the fashion industry's mistakes. 

Called Hope for Flowers by Tracy Reese, the 5-year-old brand prioritizes responsible design and production, as well as positive social impact in its home city of Detroit. Reese, who formerly led brands Tracy Reese Meridian and Tracy Reese, has, for the first time, chosen to self-fund her brand. Plus, she's producing fewer collections than the 10 per year she once deemed necessary. 

But she's kept at least one business practice alive: selling through retail partners. "Wholesale is the bigger part of the business," Reese said on the latest episode of the Glossy Podcast. Currently, Hope for Flowers by Tracy Reese sells through Saks Fifth Avenue, Anthropologie and around 30 specialty stores across the U.S.

On the podcast, Reese also discusses the NYC fashion landscape before e-commerce and the reason designers should avoid chasing trends.