Speaking at Wharton right before his namesake company agreed to be bought by Phillips-Van Heusen, Tommy Hilfiger was asked if he would like to be a luxury brand.

“Absolutely,” he said in the keynote address. “But I’ve been forced to deal with reality throughout my life …. I have focused on being an affordable premium design brand — which, in this economic slide, has served us very well.”

Watch the keynote address here.