Cookies on the Business Insider India website

Business Insider India has updated its Privacy and Cookie policy. We use cookies to ensure that we give you the better experience on our website. If you continue without changing your settings, we\'ll assume that you are happy to receive all cookies on the Business Insider India website. However, you can change your cookie setting at any time by clicking on our Cookie Policy at any time. You can also see our Privacy Policy.

Michael Kors Became A Billionaire Today

Hayley PetersonFeb 5, 2014, 00:18 IST

Andrew H. Walker/Getty Michael Kors (left) became a billionaire Tuesday.

Designer Michael Kors became a billionaire Tuesday as shares of his namesake company surged more than 18% to $90.68 after posting better-than-expected profit.

The 54-year-old CEO owns about 2% of the luxury goods company, which is valued at about $390 million, and he has collected more than $700 million selling stock since its 2011 initial public offering, Bloomberg reports.

The company's stock was surging Tuesday on news that its fiscal third-quarter profit jumped 77%, driven by sales growth in Europe and North America.

European same-store sales increased 73% in the third quarter while North American sales grew 24%, the company said.

Michael Kors has revised its 2014 profit outlook to a maximum $3.09 earnings per share, up from November's estimate of $2.77 to $2.81 earnings per share.