This is what we call keeping it real: “In a civil deposition last July Phat Farm’s Russell Simmons provided some unusual insights into fashion marketing. Mr. Simmons told of “the amount of hype that goes on when I discuss the value of Phat Farm,” according to the transcript.”It is how you develop an image for companies.
So in other words, you give out false statements to mislead the public so they will then increase in their mind the value of your company,” Mr. Simmons said. In February 2003 Mr. Simmons appeared on CNBC saying that Phat Fashions was “doing $350 million” in sales. In fact, Phat Fashions’ revenue for 2002 totaled only $14.3 million, according to court papers and the company.” [NYT]

Russell, darling, exaggerating your revenue by a 1000% is one thing, but telling a court reporter about is just not cool!

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