Michael Kors is now a billionare

Meet fashion's newest billionaire! Fashion designer Michael Kors is now a billionaire after his company rose nearly 20 percent on Tuesday.

The Hollywood Reporter reports that Kors has made of profit of $700 million selling stock since his company went public in 2011. Kors, 54 has 2 percent ownership stake that is worth $390 million. Kors designs have been seen on my celebrities such as first lady Michelle Obama and actresses Olivia Munn and Hillary Swank. Kors as well has expanded from designing just women's wear to starting a menswear line as well.

The New York Times adds that Kors, a native of Long Island, New York, has a huge amount of wealth and that's not even including the collection of luxury cars that he owns. Forbes reveals how Kors has joined an exclusive group of fashion designers who have become billionaires, other than himself, their is Tory Burch and Sarah Blakely, the creator of Spanx. Kors, dropped out from the Fashion Institute of Technology, but that's really doesn't seem to matter now that he is filthy rich!

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