The 2013 holiday season proved to be a very successful one for Michael Kors (NYSE: KORS), as they reported a 51 percent rise in North American sales for its third quarter. Just this week Michael Kors reached billionaire status when the shares of his company rose over 17 percent, which made him $34 million wealthier in a single day.
He holds a reported 2 percent stake in his company, which is now estimated to be worth a little under $400 million. His stake plus his personal assets are valued just over $1 billion. This surge has him joined with other acclaimed fashion designers in the billionaire realm, such as Ralph Lauren (NYSE: RL) and Tory Burch. Michael Kors is expecting to close out the 2014 year with revenue between $3.18 and $3.19 billion.
Who is Michael Kors?
Michael Kors is a New York based fashion designer and was previously a judge on Bravo’s Project Runway. He launched his original line in 1981, but a bankruptcy filed in 1993 forced Kors to close down his line until he was able to get back on his feet. In 2003 he began to focus on his personal brand again and now has full boutiques around the world as well as being featured in most department stores and discount retailers.