Michael Kors Is Fashion's Newest Billionaire
Shares of the American designer's namesake company soared nearly 20 percent on Tuesday, making Kors a bona fide billionaire.
When Time released its annual 100 most influential people in the world list in April, Zac Posen penned an homage to fellow designer Michael Kors, writing: " Michael is poised to become fashion's next billionaire." And nearly a year later, that statement has come true.
Kors has become fashion's latest billionaire, as shares of Michael Kors Holdings Ltd. rose 18 percent to $90.39 on Tuesday, Feb. 4, at 12:08 p.m. in New York, reports Bloomberg. Having collected more than $700 million selling stock since his namesake company went public in 2011, it's considered fashion's most successful public offering to date. The 54-year-old designer owns roughly 2 percent of the company, a stake valued at about $390 million.
The American fashion icon — who served as a Project Runway judge from season one to season ten — started his label in 1981, after dropping out of New York's Fashion Institute of Technology. Since then, Kors' line — seen on the likes of first lady Michelle Obama and actresses Olivia Munn and Hilary Swank, to name a few — has expanded from women's ready-to-wear to include a menswear collection, two diffusion lines (MICHAEL Michael Kors and KORS Michael Kors), watches, fragrances and beauty products.
When reached by Pret-a-Reporter, a spokesperson for Kors declined to comment on the news.