Forget private islands, elite boarding schools, and friends of Hillary. The best club to belong to is the billionaire’s club — and Michael Kors has just joined it.
Bloomberg reports that with shares of the public company jumping nearly 20% today, after posting better-than-expected quarterly profits, the designer’s 2% stake in his label equalled big money, enough to take him over the B hump.
So say what you will about the less-than-cutting-edge designs, because the man’s net worth has nine zeros on the end. So let’s take the high road and congratulate him on 33 years worth of empire-building. Clearly, it paid off. Someone in alumni outreach at FIT is calling him right now.