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Meet fashion's newest billionaire! Fashion designer Michael Kors is now a billionaire after his company rose nearly 20 percent.
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 a 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 Hilary Swank. Kors 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 Kors has joined an exclusive group of fashion designers who have become billionaires.
There is Tory Burch and Sarah Blakely, the creator of Spanx. Kors dropped out from the Fashion Institute of Technology, but that really doesn't seem to matter anymore.
image: image.net/2012 Getty Images