Michael Kors Net Worth – Latest Updates on His Wealth

Michael Kors is a fashion designer from the United States. He is the honorary chairman and chief creative director of his own company, Michael Kors. His company manufactures ready-to-wear clothing for men and women, accessories, jewellery, watches, shoes, and fragrances. It was worth $3.5 billion and listed under the ticker KORS.

From 1997 to 2003, Kors served as the first women's ready-to-wear designer for the French fashion brand Celine. The name Michael Kors Holdings Limited was formally changed to Capri Holdings Limited on January 2, 2019. Capri Holdings Limited is the parent company of three founder-led brands: Versace, Jimmy Choo, and Michael Kors.

Now, let’s move on to the net worth of Michael Kors. In this article, we’ll discuss Michael Kors careers and personal life secrets.

Michael Kors Net Worth

Michael Kors net worth is estimated at $600 million. In 2003, Michael sold a majority stake in his business to financiers Silas Chou and Lawrence Stroll for almost $100 million. His current stake in his company is about 5%, and it has a $10 billion market valuation.

The company's yearly sales were over $3 billion in 2014, and its profit was over $700 million. Sadly, the stock fell more than 50% during the next few years, which caused Michael to lose his place in the billionaire's club.

Personal Life

On August 16, 2011, Michael married his long-time companion Lance Le Pere in the Hamptons. The two got to know one another when La Pere joined Kors' company as an intern in 1990. The couple lives in a luxury apartment in New York's Greenwich Village.

Early Life

On August 9, 1959, Michael Kors was born in Long Island, New York. His father is Swedish, while his mother is Jewish. His mother is a retired model, Joan Hamburger. When he was five years old, his mother married Bill Kors, and his last name was changed to Kors. He was raised in Merrick, New York. He attended and completed John F. Kennedy High School in Bellmore, New York.

Kors developed a passion for fashion at a very young age. His mother believed that his connection to the clothing industry through her modelling career may have contributed to his passion. Michael even redesigned his mother's wedding gown for her second marriage when he was five years old. Kors started creating clothing designs and selling them out of his parent's basement when he was a teenager. He called this business the Iron Butterfly.

Professional Career

• Starting Career

Kors established his women's clothing line, Michael Kors, at Bergdorf Goodman in 1981. The business introduced KORS Michael Kors as a licensee in 1990. A 1993 Chapter 11 filing brought on by KORS's license partner closing. By 1997, he had recovered and started a more affordable collection. He was also named the first women's ready-to-wear designer for the French fashion brand Celine.

With the help of his well-received ready-to-wear collection and popular accessories, Kors transformed Celine during his time there. In October 2003, he left Celine to focus on growing his own business. In 2002, he introduced his menswear collection.

There are 320 Michael Kors stores operated just in America. Also, 430 Michel Kors outlets are located throughout the world.

• Celebrities Dresses

Celebrities like Reese Witherspoon, Hillary Clinton, Olivia Wilde, Blake Lively, Kate Hudson, Renee Russo, Jennifer Lawrence, Taylor Swift, Kate Middleton, Adriana DeBose, Angelina Jolie, Jennifer Lopez, Emily Blunt, Kristen Stewart, Vice President Kamala Harris, and Ciara are among the celebrities who have put on Kors' creations. The designer created a black sleeveless dress that Michelle Obama wore.

On January 21, 2013, Alicia Keys performed at Barack Obama's inauguration event while wearing one of his gowns.

• On-Screen Wearing

When Viola Davis accepted the Golden Globe for Best Supporting Actress, she was dressed in a fashionable gown from the Michael Kors Collection. The designer's outfits were worn to the 2016 Golden Globes by Olivia Wilde and Kate Hudson. In 2015, Emily Blunt, who received a nomination for her performance in Into the Woods, styled a luxurious white gown designed by him.

When Joan Allen received her Academy Award nomination for Best Actress, she was wearing his gown. As Celine's creative director, Kors created numerous on-screen outfits for actors, such as Gwyneth Paltrow in Possession and Rene Russo in The Thomas Crown Affair.

Achievements

• 2016 - Kors received the McGovern-Dole Leadership award from the World Food Program USA
• 2015 - Selected as a United Nations World Food Programme Global Ambassador Against Hunger
• 2013 - Named one of the world's 100 most important people by Time
• 2013 - Received the 2013 Couture Council Award for Fashion Artistry
• 2012 - Recipient of the Golden Heart Lifetime Achievement Award
• 2010 - Oliver R. Grace Award for Distinguished Service
• 2010 - The Geoffrey Beene Lifetime Achievement Award

Must Read: Vera Wang Net Worth - Designer’s Financial Journey

Frequently Asked Questions

Q. Is Michael Kors a luxury brand?

Yes, his brand is a world-renowned luxury brand.

Q. Which is better for the Coach vs. Michel Kors brands?

Compared to Michael Kors, Coach has a richer history and more history. Also, the Coach brand is comparatively more expensive.

Q. Why is the Michael Kors brand so expensive?

A product with a lot of demand is typically expensive. In reality, Michael Kors is a costly brand because of its high quality and popularity.