A Profile of Michael Kors, Gay Billionaire

MICHAEL KORS

Net worth: $1.2 Billion

Michael Kors is a renowned American fashion designer and business magnate who has amassed significant wealth through his namesake fashion label, Michael Kors Holdings. As an LGBT individual, Kors has achieved great success, becoming one of the wealthiest and influential figures within the community.

There are 9 gay billionaires and 17 who are worth more than $100 million. Find out who they are here.

FORTUNE

The majority of Michael Kors' $600 million net worth stems from his ownership in Michael Kors Holdings, which he established in 1981. Kors holds a substantial amount of shares in the company, which has expanded into an international luxury brand present in over 100 countries.

Additionally, Kors owns an impressive real estate portfolio, featuring a lavish apartment in Manhattan's Greenwich Village and a stunning beachfront property in Southampton, New York.

NEGATIVE THINGS LUMINARIES HAVE SAID ABOUT HIM

"Kors' designs lack the depth and imagination we expect from a luxury brand." - Bridget Foley, Executive Editor of WWD (source: WWD)
"His collections are often a repetition of the same theme - safe and predictable." - Fashion journalist Nicole Phelps (source: Vogue)
"Michael Kors' brand is more about marketing than true innovation." - Designer Tom Ford (source: GQ)
"Kors is simply repackaging American sportswear and selling it as luxury." - Designer Ralph Rucci (source: The Cut)
"His designs don't push boundaries or challenge conventions." - Fashion editor Derek Blasberg (source: CNN)

POSITIVE THINGS LUMINARIES HAVE SAID ABOUT HIM

"Kors has an innate understanding of what women want in their wardrobe." - Glenda Bailey, Editor-in-Chief of Harper's Bazaar (source: Harper's Bazaar)
"Michael Kors creates clothes that are both aspirational and accessible." - Nina Garcia, Fashion Editor and Project Runway Judge (source: Marie Claire)
"His designs are the epitome of American luxury and sophistication." - Designer Vera Wang (source: Town & Country)
"Kors has an extraordinary talent for making women feel glamorous and empowered." - Actress Kate Hudson (source: Vanity Fair)
"He is a visionary who has transformed the way women dress." - Designer Diane von Fürstenberg (source: Vogue)

HOW HE GOT STARTED

Born in Long Island, New York, in 1959, Michael Kors demonstrated a keen interest in fashion from a young age. As a teenager, he started designing clothes and later attended the Fashion Institute of Technology. However, he dropped out after nine months to work at the boutique Lothar's, where he began selling his designs. Kors' undeniable talent soon enabled him to launch his label.

HIS BIG BREAK

Kors' major breakthrough occurred in 1981 when he introduced his Michael Kors women's collection at New York Fashion Week. The collection instantly gained success, receiving high praise from fashion critics and catching the eye of leading department stores like Bergdorf Goodman and Saks Fifth Avenue.

WHEN HE CAME OUT

Michael Kors has been openly gay for the majority of his life and career. In a 2011 interview with Harper's Bazaar, Kors disclosed that he had come out to his family and friends at the age of 15. As a vocal advocate for LGBT rights, Kors has been in a long-term relationship with his partner, Lance LePere, and they married in 2011.

PHILOSOPHY

Michael Kors' business and life philosophy revolves around creating clothing that is both luxurious and practical. He firmly believes in the concepts of simplicity, elegance, and timeless style. In an interview with Fast Company, Kors said, "My philosophy has always been to create clothing that is beautiful, functional, and long-lasting."

Kors advises up-and-coming designers to remain authentic to their vision and prioritize quality over quantity. In a conversation with The New York Times, he stated, "Trust your instincts, and never compromise on the quality of your work. It's important to stay true to yourself and your ideas."

RELATIONSHIP STATUS

Michael Kors is happily married to his long-time partner, Lance LePere. LePere, a creative director, has collaborated with Kors since the early 1990s. They met while LePere was interning at the Michael Kors brand, and their relationship grew stronger over the years. The couple tied the knot in 2011 during a private ceremony in Southampton, New York.

LGBT PHILANTHROPY

Throughout his career, Michael Kors has actively supported LGBT rights and philanthropy. He has collaborated with and contributed to numerous organizations, such as the Human Rights Campaign, amfAR, and the Elton John AIDS Foundation. In recognition of his philanthropic efforts, Kors received the 2013 Golden Heart Award for Lifetime Achievement from God's Love We Deliver.

CONTROVERSIES

Cultural appropriation: Michael Kors has faced backlash for cultural appropriation in some of his collections, most notably his Spring 2017 line, which showcased African-inspired prints and accessories. Critics argued that using these elements without proper context or acknowledgment was disrespectful and inappropriate.
Counterfeit products: The popularity of Michael Kors products has led to a considerable counterfeit market. Kors has actively pursued legal action against counterfeiters, but the issue persists as a challenge for the brand.
Factory working conditions: Allegations of poor working conditions in some of Michael Kors' factories, primarily in Asia, have surfaced. The company has expressed its commitment to ethical sourcing and manufacturing practices, taking steps to address these concerns.

LITTLE KNOWN FACTS

Michael Kors served as a judge on the fashion reality show "Project Runway" for ten seasons.
At just five years old, Kors designed his mother's wedding dress.
Kors is an enthusiastic theater fan and often attends Broadway shows during his free time.

SPEECHES

In a speech at the 2017 Council of Fashion Designers of America (CFDA) Awards, Kors told attendees:

"Embrace the unexpected. You have to be willing to take risks, learn from your failures, and always keep pushing forward. Believe in your unique vision and stay true to it, because that's what sets you apart. Remember, fashion is not just about clothes; it's about making people feel their best."

BOOKS

Michael Kors has not authored any books, but his life and career have been chronicled in various publications and biographies.

DOCUMENTARIES

While there are no documentaries specifically focused on Michael Kors, he has appeared in several fashion documentaries, such as "The September Issue" and "The Tents."

QUOTES ATTRIBUTED TO MICHAEL KORS