Ralph Lauren created one of the most recognizable fashion brands in the world, but he's not hung up on labels, he tells Jane Pauley in an interview on "Sunday's Best: Celebrating 40 Years of CBS Sunday Morning," a one-hour primetime special to be broadcast Friday, Sept. 14 at 8:00 p.m. ET/PT.

In a rare interview at Lauren's sprawling Colorado ranch, the designer talks with Pauley about his childhood, his move into fashion, the 50th anniversary of his company (which today is valued at over $10 billion), why he changed his last name as a young man, and much more.

The creator of Polo also tells Pauley, "You don't have to wear a label to be important."

Jane Pauley with designer Ralph Lauren on his Colorado ranch. CBS News

In fact, he doesn't feel the need to wear his own label either, even for a television interview. "This shirt, I bought at Kmart," Lauren said. "This is living proof of what I believe in – I love the aging of it. I love the rips. I love it all. And I like the way I look in it."

So, Pauley asks, why did he chose to wear it?

"I wanted to look great," Lauren replied.

The interview is part of the "Sunday Morning"'s primetime special, which also features interviews with supermodel Chrissy Teigen and her husband, singer John Legend; Academy Award-winner Robert Redford; Louise Brown, the world's first test-tube baby born 40 years ago; and highlights from the broadcast's four decades on the air.

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