Michael Kors Net Worth
Michael Kors net worth: Michael Kors is an American fashion designer who has a net worth of $600 million dollars. Michael Kors was born Karl Anderson, Jr. in Long Island, New York in August 1959. Kors was exposed to the fashion apparel industry as a child with his mother being a model. He started designing and selling clothes as a teen and dropped out of the Fashion Institute of Technology in New York City. He got a job at Bergdorf Goodman and he shortly thereafter got his own collection. He launched Michael Kors at stores including Goodman, Bloomingdale's, Neiman Marcus, Lord & Taylor, and Saks Fifth Avenue in 1981. He was actually bankrupt in 1993 but was able to claw his way back. In 1997 he launched a ready to wear line for Celine. In 2002 Kors launched a menswear line. His lines include the Michael Kors Runway Collection, the MICHAEL line, and the KORS line. His clothing has been worn by Jennifer Lopez, Heidi Klum, Catherine Zeta-Jones, and Michelle Obama. Kors acted as a judge for Project Runway on Bravo. Time Magazine selected him to their list of 100 most influential people in the world in 2013.
Company Sale: In 2003 Michael sold a controlling interest in his company to investors Silas Chou and Lawrence Stroll for around $100 million. Today he owns around 5% of his namesake company which has a market cap of $10 billion. In 2014, Michael was a paper billionaire thanks to the soaring stock price of his now-publicly traded KORS. At the time the company was doing over $3 billion in annual revenue and around $700 million in profit. Unfortunately, over the next few years the stock dropped over 50%, and therefore dropped Michael from the billionaire's club. Today he serves as the Honorary Chairman as well as Chief Creative Officer for Michael Kors Holdings. The company bought Jimmy Choo in 2017 for nearly $1 billion. The company bought Versace for $2.1 billion in September 2018. Upon closing the Versace deal, Michael Kors Holdings will be renamed Capri Holdings.