Michael Kors has officially become a billionaire after shares in his company rose to $89.91.
The American designer has officially joined the ranks of the world’s most wealthy after shares in his company, Michael Kors Holdings, climbed by 17.3 per cent to $89.91.
Bloomberg is reporting that he has raked in over $700 million since the initial public offering in December 2011.
The company had already broken records, becoming the US’ biggest fashion IPO when shares rose 20 per cent on the first day of trading.
The former ‘Project Runway’ judge joins the likes of Domenico Dolce, Stefano Gabbana and Miuccia Prada in the fashion billionaire club.
Michael began his career when he dropped out of the Fashion Institute of Technology to create a line for a store called Lothar’s in New York City. He then launched his own womenswear line in 1981 and becoming one of the leading designers in the world.
The 54-year-old fashion star was recently honoured with the 2013 Award for Artistry of Fashion by the Couture Council of the Museum at the F.I.IT.
He said: “Let’s be frank, I don’t have the traditional background that most designers have. I never worked for another designer picking up pins, I didn’t finish school. I am a nightmare at the sewing machine.
“The ethos of my design philosophy has always been rooted in reality, not in pure fantasy … I always believed the minute you think you’ve made it, you’re done. Well, guess what, I’m not done.”