Michael Kors Net Worth: Ads Campaigns | Company Sales | Career & More!

Michael Karl Richards is an actor who appears regularly in Hallmark movies. He is known for his “perfect” characters which are larger than real life. Most recently, he has become involved with the idyllic series “Chesapeake Shores.”

He plays Wes in the show and much to our relief, there is a hint that there may be a little more intense conflict coming this season. So far, writers have included just enough to keep the stories alive, but a little more could go a long way in making them much more interesting and closer to real life.

While Michael has earned his reputation as a great guy with limited flaws, we looked a little deeper into the actor’s real life and found five interesting things that you didn’t know about him.

Brief Information About Michael Kors

Name Michael Kors
D.O.B. Aug 9, 1959
Profession Fashion designer, Designer, Costume designer
Relationship Status Married
Net Worth $600 Million

Michael Kors’s Net Worth

Michael Kors is a well-known fashion designer in the United States who is estimated to have a net worth of $600 million. Michael Kors, the company he founded, has named him both chief creative director and honorary chairman of the board.

Michael Kors Instagram Profile

Michael Kors has more than 18M followers on his Instagram account and there are most of his posts about fashion design and celebrity fashion.

 

View this post on Instagram

 

A post shared by Michael Kors (@michaelkors)

Michael Kors Early Life

Michael Kors was born Karl Anderson, Jr. on August 9, 1959, in Long Island, New York. Kors was raised in the fashion apparel industry because his mother, Joan Hamburger, was a model. When Michael was five years old, his mother married Bill Kors, and his surname was changed to Kors.

She also told Michael that he could change his first name, so he changed his name to Michael David Koors. Kors took acting classes in junior high but dropped out when he chose to pursue a career as a fashion designer. Michael graduated from Bellmore’s John F. Kennedy High School.

As a teen, he began creating and selling clothing from his parent’s basement. Kors enrolled at the Fashion Institute of Technology in New York City in 1977 but left after nine months.

Michael Kors Career

After from FIT, Kors accepted a position at Lothar’s, a Midtown Manhattan boutique business located across from Bergdorf Goodman. He began as a salesperson but was soon elevated to become the store’s visual display head and designer. Dawn Mello, the Bergdorf’s fashion director, found Kors and requested that he present his collection to the store’s patrons.

In 1981, he introduced his Michael Kors women’s clothing collection, which was sold in establishments like Saks Fifth Avenue, Lord & Taylor, Bloomingdale’s, Goodman, and Neiman Marcus. In 1990, the business debuted KORS as a licensee.

In 1993, he filed for Chapter 11 bankruptcy, but he was able to recover. He did, however, have to shut down his label’s licensing partner, which required him to halt the manufacture of his KORS brand.

He introduced a more affordable ready-to-wear line for the French retailer Celine in 1997. A few years later, he discontinued the Celine line, and in 2002, Kors introduced a male collection.

He partnered with the Michael Kors Collection brand to establish the MICHAEL Michael Kors collection in 2004. The company began with women’s ready-to-wear clothing and later added shoes and handbags. In addition to Collection boutiques in New York, Beverly Hills, Palm Beach, Chicago, and Southampton, Kors had approximately 770 Lifestyle stores open around the world as of the end of 2016.

Capri Holdings Limited became the official name of Michael Kors Holdings Limited at the beginning of 2019. The three founder-led brands under Capri Holdings Limited are Jimmy Choo, Versace, and Kors.

Ad Campaigns

In his advertising, Michael Kors strives to portray a “jet-set lifestyle” that is familiar to his devoted following. Photographers Inez and Vinoodh, in addition to Mario Testino, have been responsible for shooting the campaigns for the Kors Collection.

Throughout the years, advertisements have featured photographs of the model, Carmen Kass, enjoying a safari in Africa while lounging on a yacht and Bella Hadid engaging in a variety of activities while traveling the world. Models Ugbad Abdi, Rianne Van Rompaey, and Binx Walton have also appeared in advertisements and campaigns.

Company Sales

Michael sold a controlling stake in his company to Silas Chou and Lawrence Stroll for approximately $100 million in 2003. Today, he owns approximately 5% of his $10 billion market cap namesake company.

Michael was a paper billionaire in 2014 due to the skyrocketing stock price of his newly public company, KORS. At the time, the company’s yearly revenue exceeded $3 billion and its profit was over $750 million.

Michael lost his membership in the billionaire’s club as a result of a stock decline of over 50 percent during the next few years. Currently, he holds the positions of Honorary Chairman and Chief Creative Officer for Michael Kors Holdings. In 2017, the business acquired Jimmy Choo for approximately $1 billion.