Michael Kors Became A Billionaire Today

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.