Nearly half a century ago, a ritzy boutique opened at the corner of Rodeo Drive and Dayton Way in Beverly Hills and quickly changed the rules of the retailing game.

The store was Giorgio Beverly Hills, and it featured a yellow-and-white-striped awning outside and a reading room, pool table and oak bar inside -- along with, of course, a jaw-dropping array of designer duds sought after by Beverly Hills mavens and Hollywood A-listers.

In 1981, Giorgio the scent was introduced. It became a global sensation, despite the fact that many people found it cloying. In 1987, Hayman sold the fragrance to Avon Products for $165 million and changed his store's name to Fred Hayman Beverly Hills.

At the dedication Wednesday evening, Hayman looked dapper in a dark pin-striped suit, striped shirt, red tie and yellow cashmere scarf draped over his shoulders. "I'm deeply, deeply moved," he said of the reminiscences from guests who included Beverly Hills Mayor Nancy Krasne and author Judith Krantz.

Krantz, whose blockbuster 1978 novel, "Scruples," was inspired by Giorgio Beverly Hills, spoke of finding in the boutique a club where people could meet and chat for hours. "It was high-spirited and frolicsome," she said.

"At Fred's, you could go in in tennis clothes and dirty sneakers and spend $4,000 if you wanted," she said, adding: "I owe my career to my darling Fred Hayman. Had Giorgio not existed, my career might not have existed."