Michael Kors Is Fashion’s Newest 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.

PHOTOS: Michael Kors’ Chic and Starry Night for a Cause

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.

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