Michael Kors' Net Worth

Michael Kors, an American fashion designer and entrepreneur, boasts a net worth of $600 million. As the chief creative director and honorary chairman of his eponymous brand, Michael Kors, he has played a pivotal role in shaping modern luxury fashion. With a career spanning several decades, Kors has built a global fashion empire known for its timeless designs, luxurious accessories, and jet-set lifestyle branding.

Michael Kors Net Worth	$600 Million
Date of Birth	August 9, 1959
Place of Birth	Long Island, New York
Nationality	American
Profession	Fashion Designer, Entrepreneur

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Company Sale

In 2003, Michael Kors sold a controlling interest in his company to investors Silas Chou and Lawrence Stroll for approximately $100 million. Today, he retains about 5% ownership in his namesake company, which now has a market capitalization of $10 billion. In 2014, Kors briefly became a paper billionaire as the stock price of his publicly traded company, KORS, soared. At that time, the company was generating over $3 billion in annual revenue and $700 million in profit. However, as the stock price declined by more than 50% in subsequent years, Kors’ net worth dipped, moving him out of the billionaire ranks. Despite this, he continues to serve as the Honorary Chairman and Chief Creative Officer of Michael Kors Holdings.

Under Kors’ leadership, the company made significant acquisitions, including the purchase of Jimmy Choo in 2017 for nearly $1 billion and Versace in September 2018 for $2.1 billion. Following the Versace acquisition, Michael Kors Holdings was renamed Capri Holdings Limited, reflecting its expanded portfolio of luxury brands.

Early Life

Michael Kors was born Karl Anderson Jr. on August 9, 1959, in Long Island, New York. His exposure to the fashion industry began early, as his mother, Joan Hamburger, worked as a model. When his mother remarried Bill Kors, Michael was five years old, and his surname was changed to Kors. He also chose to change his first name, becoming Michael David Kors.

From a young age, Kors showed an interest in fashion, designing and selling clothes out of his parents’ basement during his teenage years. He attended John F. Kennedy High School in Bellmore, New York, and later enrolled at the Fashion Institute of Technology (FIT) in New York City. However, he dropped out after just nine months to pursue his career in fashion.

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Kors began his professional journey at Lothar’s, a boutique store in Midtown Manhattan, where he started as a salesperson and quickly rose to the position of designer and visual display head. His talent caught the attention of Bergdorf Goodman’s fashion director, Dawn Mello, who invited him to present his collection to the store’s buyers. This opportunity led to the launch of his Michael Kors women’s fashion line in 1981, which debuted at high-end retailers like Bergdorf Goodman, Bloomingdale’s, Neiman Marcus, Lord & Taylor, and Saks Fifth Avenue.

Building a Fashion Empire

In 1990, Kors expanded his brand by launching the KORS label as a licensee. However, financial difficulties led to the company’s Chapter 11 bankruptcy filing in 1993, forcing Kors to close the licensing partner for his label and temporarily halt production. Despite this setback, Kors rebounded, launching a lower-priced ready-to-wear line for the French store Celine in 1997. He left Celine a few years later and introduced a menswear line in 2002.

In 2004, Kors introduced the MICHAEL Michael Kors line, which included women’s ready-to-wear apparel, handbags, and shoes. This line complemented the original Michael Kors Collection label, helping to expand the brand’s global reach. By the end of 2016, the Michael Kors brand had over 770 lifestyle stores worldwide, as well as flagship boutiques in New York, Beverly Hills, Palm Beach, Chicago, and Southampton.

Ad Campaigns

Michael Kors has dressed countless celebrities, enhancing his brand’s visibility and appeal. Notable fans include Reese Witherspoon, Nicole Kidman, Lupita Nyong’o, Kate Middleton, Angelina Jolie, and Hillary Clinton. Michelle Obama famously wore a Michael Kors dress for her first official portrait as First Lady of the United States and again at the 2015 State of the Union address. Other stars like Alicia Keys, Viola Davis, Kate Hudson, and Olivia Wilde have also donned Kors’ designs for major events.

Kors’ advertising campaigns often reflect the “jet-set lifestyle” that his brand epitomizes. Photographers like Inez and Vinoodh, as well as Mario Testino, have shot these campaigns, featuring models like Bella Hadid, Ugbad Abdi, Rianne Van Rompaey, and Binx Walton in luxurious, exotic locations.

Personal Life

Michael Kors married his long-time partner, Lance Le Pere, on August 16, 2011, in The Hamptons. The couple met in 1990 when Le Pere interned at Kors’ company. Today, they reside in a penthouse apartment in Greenwich Village, New York.