On this day, August 9 in the year 1959, one of the most popular names in fashion was born in New York, USA. His name is Michael David Kors, the founder of Capri Holdings (formerly Michael Kors Holdings). According to Business Insider, his net worth was closer to $600 million in 2018 although he reached billionaire status in 2014.
Michael Kors was born Karl Anderson, Jr. to Joan Hamburger who was a model. His father was a college student. When he was five years old, his mother remarried and renamed his son after his stepfather. As a child, he already showed passion for fashion by designing his mother’s clothes and those of his friends. He also worked as a commercial model for household items.
After high school, he enrolled at the Fashion Institute of Technology in New York but dropped out early to start working at New York-based shop Lothars. Later, he was invited to sell his designs at an upscale department store. Soon, his creations were being carried in almost all the high-end stores in the United States.
In 1981, Michael Kors put up his own label and debuted his first collections. However, 12 years later in 1993, he experienced bankruptcy but in 1997, he was again on his way up when he was named the chief designer at Celine for women’s ready to wear clothes. In 2004, he became one of the judges in Project Runway. His popularity soared and his clothes were selling faster than ever. In 2006, Michael Kors Holdings set up its first retail store. In 2011, the company went public. Since then, the company’s shares had increased so much that Michael achieved a billionaire status.
In 2018, Michael Kors Holding Company purchased Versace and changed its name to Capri Holdings.At present, the company is valued at $2.3 billion. It now operates hundreds of stores scattered all over the world.
In 2011, when same-sex marriage was allowed in the US, he married his longtime partner and former employee, Lance LePere.