Michael Kors is a famous American fashion designer who is the chief creative officer and honorary chairman of his brand, Michael Kors. His world-famous brand sells men and woman’s accessories, fragrance, watches, footwear, ready to wear, and jewelry. He was the first women’s ready to wear designer, who now is a billionaire.
How Much Is Michael Kors’s Net Worth In 2020?
The 60 years old fashion designer, who was keen on fashion since he was very young, has worked in the television commercials for breakfast cereal brand, Lucky Charms, and Charmin’ paper towels. He was also only five years old when he redesigned his mother’s wedding dressing.
Talking about Michael Kors’s net worth, there are different figures of her worth explained in various tabloids. As per Celebrity Net Worth, his net worth is reported to be around $600 million. However, as per The Richest and Wealthy Persons, his worth is $1 billion.
No doubt, his brand, Michael Kors, is the main source of his income. Likewise, he also earns hefty from business ventures, appearances on the shows, commercial deals, and sales. He even has appeared on Bravo’s reality television series, Project Runway as its judge.
Do You Know He Was A Paper Billionaire In 2014?
Back in 2003, Michael Kors sold a controlling interest to great investors like Silas Chou and Lawrence Stroll for the worth of $100 million. As of now, he owns 5% of his namesake company, and now, the worth of his company’s market cap is $10 billion.
Well, talking about him being billionaire, back in 2014, he was a paper billionaire because of the soaring stock price of publicly traded KORS. During the time, the company’s annual revenue was $3 billion and made $700 million in profit.
Sadly, in the following years, the stock dropped by 50%, and he was even dropped from the list of billionaires.
As of now, Michael serves as the honorary chairman and chief creative officer of Michael Kors Holdings. The company purchased Jimmy Choo for nearly $1 billion in 2017 and Versace for $2.1 billion back in September 2018. After the Versace deal, he changed the company’s name to Capri Holdings Limited. In September 2019, Capri Holdings Limited’s market cap was $5.78 billion.
Apartments And Arts
Back in 2018, the fashion designer showcased his lavish West Village, Manhattan apartment. He showed off his apartment during a tour led by Architectural Digest. His apartment features outdoor luxury space, and modern kitchen, but, neither he nor his partner cooks.
To keep his classic and chic design aesthetic, he loves keeping black bowls in his kitchen filled with bright colored things like lemons.
Michael spends most of his fortune on art. He and his partner bought a sculpture at a flea market in France.
Michael Is Openly Gay And Is Married
The 60 years old fashion designer is openly gay. He is married to his longtime partner, Lance LePere. As per sources, the duo first met back in 1990, when Lance was working as an intern for his company.
Just after a couple of weeks later gay marriage became legal in New York, the pair tied the knot on 16th August 2011 in Long Island, New York. A month before the wedding, they were spotted heading for their marriage license at City Clerk’s Office in New York.