Michael Kors becomes a billionaire

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Designer Michael Kors has officially become a billionaire, after his shares rose by 17.3 per cent, taking them up to $89.91.

When Kors first went public he broke records for being America’s biggest fashion IPO, with shares rising 25 per cent on the first day of trading. The designer has collected more than $700 million since the initial sale.

Kors is in good company as a billionaire designer, with others including Domenico Dolce, Stefano Gabbana, Tory Burch and Miuccia Prada.

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