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Brooks Brothers CEO Claudio Del Vecchio talks to Bloomberg TV’s “Street Smart” show about the brand’s current business strategy, including the upcoming steakhouse, which he says was inspired by his grandmother’s kitchen.

The hosts’ questions are on point, and include asking Del Vecchio if the more fashionable clothing risks alienating “the traditional East Coast customer.” He replies that the company needs to both have the new as well as “what we’re known for.

“When we made mistakes in the past,” he also says, “it was forgetting the traditional customer we had to try to get a new one.” — CC