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They obviously over embellished a little, but after seeing the September issue which is a documentary about the magazine, she definitely is not "nice."
The woman who wrote the book that became the movie was fired and had only worked with her for a few months.
So she claims. At the time actresses didn't want to get into fashion so she took models and turned them into major celebrities. You can't deny that she has the power to make or break a brand or a style or a model with the literal snap of her fingers. It's purely amazing the amount of power she controls.