Co-founders, 3.1 Phillip Lim
Age: Both 37
Rank change: New
Both born in Asia but raised in the U.S., Lim and business partner Zhou joined forces in 2004 to start fashion label 3.1 Phillip Lim, now seen as one of the smartest new fashion launches. Zhou uses her network from earlier forays in the import-export and fabric businesses to get the best terms from factories; Lim's designs look like high fashion but are priced slightly lower. Since the debut of its women's line in fall 2005, the label has opened four flagship stores around the world, added men's, kids', and footwear collections, and expects revenue to hit $60 million this year.
NEXT: 37. Jason Kilar - Tie
Last updated October 14 2010: 1:25 PM ET