Michael Kors became a billionaire today as shares of the luxury-goods company that bears his name surged the most in almost two years after posting profit that topped analysts’ estimates. The clothing designer, who owns about 2 percent of Michael Kors Holdings, saw his estimated net worth cross the billion-dollar mark on Tuesday as the company’s stock price rose more than 17 percent
The stock took off after an earnings report on Tuesday that blew past Wall Street’s expectations. The company said profit rose 77 percent in the recent quarter, and it added that it had increased its profit forecast for the coming year
The stake owned by Mr. Kors rose in value to about $390 million, according to Bloomberg data. He also holds cash and other assets worth about $650 million, the data shows. Or to put it another way, Mr. Kors’s net worth rose by about $34 million on Tuesday
Kors studied fashion design at the Fashion Institute of Technology in Manhattan. He unveiled his own womenswear line in 1981, and held his first runway show three years later. Mr. Kors benefited tremendously from the initial public offering of his company in December 2011. With the shares on an upward trajectory, Mr.
Kors has sold an estimated $715 million of stock
He joins a small club of billionaires in the fashion world, including names like Tory Burch, Sara Blakely (Spanx), Renzo Rosso (Diesel Jeans), Nicolas Puech (Hermes), Domenico Dolce and Stefano Gabbana (Dolce & Gabbana), and the Cassegrain family (Longchamp) have all made the cut. They join the ranks of established fashion moguls like Miuccia Prada, Ralph Lauren, Gerard and Alain Wertheimer (Chanel), and Giorgio ArmaniTory Burch and Sara Blakely, the creator of Spanx, according to Forbes
Well Done to Mr. Kors! :)
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