Michael Kors Net Worth

Michael Kors’ Net Worth: A Deep Dive into the Fashion Icon’s Wealth and Career

Michael Kors, the celebrated American fashion designer, has built a global brand synonymous with luxury, sophistication, and the “jet-set lifestyle.” His net worth, estimated at $600 million, is a testament to his business acumen and enduring design influence. This article explores the key milestones in Kors’ career, from his early days to the present, examining his financial success, company acquisitions, and the celebrity endorsements that have solidified his brand’s status. The article also highlights the recent name change of Michael Kors Holdings Limited to Capri Holdings Limited and features celebrity fans.

Table of Contents

• What is Michael Kors’ Net Worth?
• Company Sale and Acquisitions
• Early Life and Career Beginnings
• The Ascent of a Fashion Empire
• Notable Celebrity Fans
• Ad Campaigns and Brand Identity
• Personal Life

What is Michael Kors’ Net Worth?

Michael Kors’ net worth of $600 million places him among the most successful fashion designers globally. He serves as the Chief Creative Director and Honorary Chairman of Capri Holdings Limited, the parent company encompassing the Michael Kors brand, alongside Jimmy Choo and Versace.

Company Sale and Acquisitions

In 2003, Kors made a pivotal business move, selling a controlling interest in his company to investors Silas Chou and Lawrence Stroll for approximately $100 million. While he retained around 5% ownership of the company, which has a current market capitalization of $10 billion, Kors’s wealth has fluctuated with the stock market. In 2014, the soaring stock price of his publicly traded company, KORS, briefly made him a paper billionaire. The company was generating over $3 billion in annual revenue and approximately $700 million in profit at that time. However, the stock experienced a significant downturn in subsequent years, resulting in a temporary setback in Kors’s billionaire status. The company then acquired Jimmy Choo in 2017 for nearly $1 billion and Versace in September 2018 for $2.1 billion. With the acquisition of Versace, Michael Kors Holdings Limited was renamed Capri Holdings Limited.

Early Life and Career Beginnings

Born Karl Anderson Jr. on August 9, 1959, in Long Island, New York, Michael Kors’s early life was immersed in the fashion world, with his mother, Joan Hamburger, working as a model. After his mother’s remarriage when he was five, his surname changed to Kors. He renamed himself Michael David Kors. As a teenager, he pursued acting, but his passion shifted to fashion design. He designed and sold clothes from his parents’ basement. Despite a brief enrollment at the Fashion Institute of Technology in New York City in 1977, he dropped out after nine months to pursue other opportunities.

The Ascent of a Fashion Empire

Kors’s fashion career began when he took a job at Lothar’s, a boutique store across the street from Bergdorf Goodman in Midtown Manhattan. He started as a salesperson but was quickly promoted to designer and visual display head. Dawn Mello, the fashion director of Bergdorf’s, recognized his talent and gave him the opportunity to showcase his collection to buyers.

In 1981, Kors launched his eponymous women’s fashion line, which was sold in prestigious stores such as Bergdorf Goodman, Bloomingdale’s, Neiman Marcus, Lord & Taylor, and Saks Fifth Avenue. He introduced the KORS label as a licensee in 1990. While he faced a setback with Chapter 11 bankruptcy in 1993, he successfully rebuilt his brand, although the licensing partner for his KORS label had to be closed. He was able to revive his brand. This led to a pause in the production of his KORS line.

Kors’s international presence expanded in 1997 when he launched a lower-priced, ready-to-wear line for the French store Celine. He later departed from Celine and, in 2002, introduced a menswear line. In 2004, he launched the MICHAEL Michael Kors line, complementing the original Michael Kors Collection label. This expansion included women’s ready-to-wear apparel, handbags, and shoes. By the end of 2016, Kors had over 770 Lifestyle stores worldwide and Collection boutiques in major cities like New York, Beverly Hills, Palm Beach, Chicago, and Southampton. In 2019, Michael Kors Holdings Limited was officially renamed Capri Holdings Limited, solidifying its position as a luxury fashion conglomerate.

Beyond his design work, Kors’s influence extended to television as a judge on “Project Runway” for five seasons. Although he stepped down in 2012, he made a guest appearance in the show’s 15th-season finale in 2016.

(Photo by JP Yim/Getty Images for Michael Kors)

Notable Celebrity Fans

Michael Kors’s designs have graced numerous A-list celebrities. His clientele includes a wide range of influential women, from actresses and singers to royalty and political figures. Notable fans include:

• Reese Witherspoon
• Nicole Kidman
• Tiffany Haddish
• Lupita Nyong’o
• Kate Middleton
• Catherine Zeta-Jones
• Angelina Jolie
• Dakota Johnson
• Heidi Klum
• Hillary Clinton
• Michelle Obama, who wore a Kors design for her official portrait and at the 2015 State of the Union address
• Alicia Keys, who wore a Kors gown at Barack Obama’s inaugural ball in 2013
• Viola Davis wore a custom Michael Kors Collection gown when she accepted the Golden Globe for Best Supporting Actress
• Kate Hudson and Olivia Wilde at the 2016 Golden Globes
• Emily Blunt wore a custom-made Kor gown to the Academy Awards in 2015

As the creative director for Celine, Michael Kors designed outfits for actresses in various films, including Gwenyth Paltrow in “Possession” and Rene Russo in “The Thomas Crown Affair.”

Ad Campaigns and Brand Identity

Kors’s advertising campaigns consistently reflect a “jet-set lifestyle” that resonates with his target audience. The Kors Collection campaigns are brought to life by renowned photographers such as Inez and Vinoodh, and Mario Testino. These campaigns have featured top models, including Carmen Kass, and have portrayed exotic locations and luxurious settings. Bella Hadid has also been featured in campaigns. Other models like Ugbad Abdi, Rianne Van Rompaey, and Binx Walton have also represented the brand.

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 became an intern at Kors’s company. They reside in a penthouse apartment in Greenwich Village, New York.