Michael Kors gets billionaire status

On Tuesday, Michael Kors became a billionaire. The designer’s company stock price skyrocketed almost 20 percent, pushing Kors over the billionaire line. Forbes reported:

While two years ago he had over 15 million shares of Michael Kors stock, today he only owns about 4 million shares in the company he founded. At today’s price those are worth about $360 million.

Kors, of course, has his savings and other assets which amount to about $650 million not including his apartment in New York or luxury cars, according to The New York Times.

Kors dropped out of The Fashion Institute of Technology earlier on in life, but this obviously did not hold the designer back. He was a judge on the television show Project Runway for 10 seasons. The Michael Kors company went public in December 2011 and his earnings have climbed since.

Other fashion names that have made the billionaire list are Tory Burch, Stefan Persson (H&M), Ralph Lauren and Sara Blakely (SPANX).

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