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Michael Kors is named fashion's newest billionaire

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Michael Kors has officially become a billionaire. He joins the ranks of Tory Burch, Renzo Rosso, and Dolce & Gabbana, according to a Feb. 5 article by Glamour.com.

Forbes reported that Kors' stock soared to 20 percent. His rising stock pushed himself out of the millionaire spot and into billionaire status.

Forbes explains:

Kors delayed his path to the billionaire ranks by cashing out along the way. While two years ago he had over 15 million shares of Michael Kors stock, today he only owns about 4 million shares in the company he founded. At today’s price those are worth about $360 million. The bulk of his remaining net worth is in investments stemming from the hundreds of millions of dollars worth of Michael Kors stock that he sold in the last couple of years.

The all American designer quit "Project Runway" after season 10. He noticed that his net worth went up right after in Dec. 2011. He also debuted his house on the New York Stock Exchange, which helped.

Michael Kors started his career by dropping out of the Fashion Institute of Technology. He designed an in-house clothing line for Lothar's. In 1981, he launched his collection of womenswear.

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