Michael Kors has officially hit a milestone: he has just become fashion’s newest billionaire. Kors brought his company public in December of 2011 and it wasn’t until this week that shares of Michael Kors Holdings Ltd. rose 18% to $90.39/share. The designer has earned more than $700 million in the three years that his company has been active in stocks and now, with the spike in numbers, Kors has also earned the title of fashion’s most successful public offering. The 54-year-old designer currently owns 2% of the company, valued at about $390 million.
Kors now joins fellow fashion billionaires such as Dolce & Gabbana, Miuccia Prada, Ralph Lauren, Tory Burch and Giorgio Armani.