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How Michael Kors Went From Design School Dropout To Billionaire Fashion Tycoon

Hayley Peterson,Julie ZeveloffFeb 5, 2014, 04:06 IST

NataliaYeromina / Shutterstock.com

Fashion designer Michael Kors became a billionaire Tuesday as shares of his namesake company surged 18% after reporting that its third quarter profit jumped 77%.

The 54-year-old CEO founded the luxury goods company in 1981 after dropping out of fashion school.

For years, he struggled to make the brand successful and even filed for bankruptcy along the way.

Now he joins the billionaire's club just three years after taking the company public.

How did it all go down?