Miranda Kerr and Michael Kors

Michael Kors is the newest fashion designer to be named a billionaire

Michael Kors has much to celebrate today, as it was announced he is the latest fashion designer to join the biillionaires club.

Shares for Michael Kors Holding rose by a massive 20% on Tuesday – making the 54-year-old designer around $34 million wealthier. It was this massive spike that pushed Mr Kors into the billionaire threshold.

Fortunes for Michael Kors' company turned stellar when he debuted his fashion label on the New York Stock Exchange back in 2011.

Michael Kors, who launched his womenswear line 1981, joins a handful of other billionaire fashion designers including Miuccia Prada, Ralph Lauren and Giorgio Armani as well as relative newcomer to the industry, Tory Burch.

By Olivia Marks

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