Michael Kors Net Worth $600 Million
Michael David Kors (born Karl Anderson Jr. August 9, 1959) is an American fashion designer. He is the honorary chairman and chief creative officer of his brand, Michael Kors, which sells men’s and women’s ready-to-wear, accessories, watches, jewelry, footwear, and fragrance. Kors was the first women’s ready-to-wear designer for the French house Celine, from 1997 to 2003. On January 2, 2019, Michael Kors Holdings Limited officially changed its name to Capri Holdings Limited (NYSE:CPRI). Michael Kors, Jimmy Choo, and Versace are the three founder-led brands under Capri Holdings Limited.
Kors’ affinity for fashion started when he was very young. His mother thought his affinity might have been caused in part by his exposure to the apparel industry through her modeling career. Michael, at the age of five, even redesigned his mother’s wedding dress for her second marriage. As a teen, Kors began designing clothes and selling them out of his parent’s basement, which he renamed the Iron Butterfly. Kors also took acting lessons when he was young, but stopped when he was 14 when he decided to focus on becoming a fashion designer.
In 1977, he enrolled at the Fashion Institute of Technology in New York City. However, he dropped out after only nine months and took a job at a boutique called Lothar’s across from Bergdorf Goodman on 57th Street in Midtown Manhattan, where he started as a salesperson and went on to become both the designer and visual display head for the store. Shortly after, Dawn Mello, the fashion director at Bergdorf’s, discovered Kors. She asked if he would show his collection to Bergdorf Goodman’s buyers.
The MICHAEL Michael Kors line was launched in 2004, joining the original Michael Kors Collection label. The MICHAEL Michael Kors line includes women’s handbags and shoes as well as women’s ready-to-wear apparel. As of the end of the first fiscal quarter in 2016, Kors has over 770 Lifestyle stores around the world. Currently, Kors has Collection boutiques in New York, Beverly Hills, Palm Beach, Chicago, and Southampton. In the U.S, his women’s runway collection, labeled Michael Kors Collection, is sold at Bergdorf Goodman, Saks Fifth Avenue, Neiman Marcus, Bloomingdale’s, and numerous specialty stores. Michael Kors Collection is also carried at the brand’s stores in London, Paris, Cannes, Milan, Tokyo, Hong Kong, Shanghai, and Seoul. The year 2016 marked the 35th anniversary of Kors’ business.
