America's most iconic designer, Tommy Hilfiger, a global brand with ever expanding international appeal, launched his first flagship store in New York last night. Stars in attendance to fete the 58-old designer included January Jones, Russell Simmons, Mary-Louise Parker, Alicia Keyes, and Naomi Watts.

The flagship's dazzling 22,000 square feet of high and affordable fashion is comprised of four floors, each with a unique style--from Americana to rustic chic--to represent the diversity of the Hilfiger brand. With adorable touches ranging from a wall of chatty-teeth toys and old school video games in the basement to a collection of colorful metal butterflies streaming down a wall in a section of brightly colored dresses, the Hilfiger flagship is an F.A.O. Schwarz of fashion. The Abercrombie & Fitch flagship up the street, with its long line of European tourists queuing throughout the day, now has some competition.

Walletpop sat down with Mr. Hilfiger to discuss what it means to open a major store during the city's deepest recession, at a time when no one is shopping. Hear what he has to say and what advice he has for aspiring young designers, and to the industry when it comes to going green. For a look at his Spring fashion line, go to AOL's Stylelist.com.