Michael Kors Net Worth

Table: Michael Kors Net Worth

Information	Details
Net Worth	$600 million
Salary	N/A
Birthdate	August 9, 1959
Birthplace	Long Island, New York
Gender	Male
Height	N/A
Profession	Fashion Designer
Nationality	American

What is Michael Kors’ net worth?

Michael Kors, an American fashion designer, has a net worth of $600 million. He is the chief creative director and honorary chairman of his self-titled brand, Michael Kors.

Highlights

– Michael Kors’ net worth is $600 million.

– He is the chief creative director and honorary chairman of his brand, Michael Kors.

Early Life and Career

Michael Kors, born as Karl Anderson, Jr. on August 9, 1959, in Long Island, New York, was exposed to the fashion industry at a young age due to his mother’s career as a model. He started designing and selling clothes out of his parents’ basement as a teenager.

Kors enrolled at the Fashion Institute of Technology in New York City but dropped out after nine months to pursue a career in fashion. He gained recognition after being discovered by Dawn Mello, the fashion director of Bergdorf Goodman, who asked him to showcase his collection to the store’s buyers.

In 1981, Kors launched his women’s fashion line, which was sold in various high-end stores. He faced financial struggles in the early 1990s, experiencing bankruptcy and temporary halts in production. However, he managed to make a comeback.

Career

Throughout his career, Michael Kors has achieved significant milestones.

He launched various lines, including a menswear line in 2002 and the MICHAEL Michael Kors line in 2004, which expanded to include apparel, handbags, and shoes. By the end of 2016, Kors had over 770 lifestyle stores worldwide.

In 2017, his company acquired Jimmy Choo for nearly $1 billion, followed by the acquisition of Versace for $2.1 billion in 2018. The company then changed its name to Capri Holdings.

Personal Life

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

Net Worth Over Time

In 2003, Michael Kors sold a controlling interest in his company for around $100 million. Despite facing a decline in stock value in the following years, he has managed to maintain a net worth of $600 million. His ownership in his namesake company amounts to approximately 5%.

With the acquisitions of Jimmy Choo and Versace, Kors’ company has expanded its presence and market value, contributing to his overall net worth.

Components of Net Worth

Michael Kors’ net worth primarily consists of his ownership stake in his brand, Michael Kors. As the chief creative director and honorary chairman of the company (now known as Capri Holdings), he benefits from the brand’s success and market capitalization.

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