Michael Kors Reaches Billionaire Status: Meet the Fashion Billionaire's Club
We told you earlier that Tuesday was a big day for Michael Kors: shares of Michael Kors Holdings soared 20%, making his company worth $18.5 billion, and placing Mr. Kors firmly in the ranks of the fashion billionaires.
They're rich, they're influential, and there are even a few women on the list (gasp!). They can afford to wear whoever they want, whenever they want — not just their own designers. What makes a brand billionaire-worthy? Gabriella Santaniello, managing director of retail market research at Wedbush Securities, told Slate, "It’s about creating a lifestyle that is genuine, with keen attention to detail. There is an authenticity to how these designers represent their brands, which is reassuring to the consumer who wants to be part of that world." In short: recognizable aesthetic that makes us weak in the knees. Here are 11 other fashion billionaires whose designes and wares hit that sweet spot.
Her luxe Palm Springs aesthetic put Burch on the billionaires list only last year, making her, at 46, America’s second-youngest self-made female billionaire.
The first-youngest? The woman behind Spanx: innovative, blonde, and 42.
He came in at number 3 on the Bloomberg Billionaire’s list in November with a jaw-dropping $62.4 billion net worth. The reason? Zara.
Stefan Persson (on left)
More proof that fast fashion brings in the big bucks: Persson is the chairman and major shareholder of H&M, which was founded by his father.
Dominico Dolce and Stefano Gabbana
They may have faced some tax evasion accusations recently, but they’ve got their getaway cash.
She doesn’t just sit back collecting money — she designs the clothes, too. And what lovely designs they are.
Some designers give their company their own last name. Ralph Lauren bequeathed both of his.
Philip & Christina Green
More fast fashion moguls: husband Phillip is CEO of the Arcadia Group, which owns Topshop, while wife Christina holds massive shares of a number of fashion companies. Power couple!
Alain & Gerard Wertheimer
The men behind the House of Chanel — two brothers, not pictured — have cleaned up, despite not a having trace of Chanel in their name.
He founded LVMH, the luxury group that owns all the essentials: Louis Vuitton fashion, Moët & Chandon champagne, and Hennessy cognac.