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Together, Ralph and Ricky have two sons, Andrew and David, and one daughter, Dylan. Oprah says she admires the way the Lauren children, now adults with their own careers, were raised.

"I think taking care of the children and raising children who have a sense of grace and are kind, and have their own sense of ambition, is the hardest job on earth," Oprah says. "I think it's particularly difficult when your children have access to everything."

Ricky says they learned most of their parenting skills from their own mothers and fathers. "They were good people, they worked hard, they had values that we learned from them," she says.

Ralph agrees and says he and his wife also made sure to spend as much time as they could with their children. "When we [went] away, the kids were with us," he says.

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