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A FOREIGN ENTREPENEUR
MICHAEL KORS IS A FAMOUS FASHION DESIGNER WITH A NET WORTH OF 1 BILLION US DOLLARS
Michael was born on the 9th of August 1959 on Long Island in New York. His birth name was Karl Anderson Jr. His mother was Joan Hamburg, a former model. His father was Karl Anderson, Sr, a college student.
His mother remarried Bill Kors when he was five and his surname was changed to Kors. His mother told him that he could choose a new first name as well and renamed himself Michael David Kors.
He grew up in Merrick, New York and graduated from John F. Kennedy High School in Bellmore, New York.
In 1977, he enrolled at the Fashion Institute of Technology in New York City but he dropped out after nine months and took a job at a boutique across from Bergdorf Goodman on 57th Street.
There he was given a small space to sell his designs. Soon after, Dawn Mello, the fashion director at Bergdorf, discovered Kors.
She asked if he would show his collection to Bergdorf Goodman's buyers and he has shown his collection there ever since.
In 1981, Kors launched the Michael Kors womenswear line at Bloomingdale's, Bergdorf Goodman, Lord & Taylor, Neiman Marcus, and Saks Fifth Avenue.
In 1990, the company launched KORS Michael Kors. A bankruptcy in 1993 forced him to discontinue the KORS line for a time. He managed to get back on his feet by 1997 and launched a lower priced line and at the same time was named the first women’s ready-to-wear designer for French house CelinE
In his tenure at Celine, Kors turned the fashion house around with successful accessories and a critically acclaimed ready-to-wear line. Kors left Celine in October 2003 to concentrate on his own brand. Kors launched his menswear line in 2002.
The MICHAEL Michael Kors and KORS Michael Kors lines were launched in 2004, joining the original Michael Kors Collection label.
The MICHAEL Kors line includes women's handbags, fragrance and shoes as well as women's ready-to-wear apparel.
Currently, Michael has Collection boutiques in New York, Beverly Hills, Palm Beach and Chicago. As of the end of the first fiscal quarter in 2016, Kors has over 770 Lifestyle stores around the world.
From March 29, 2014, the company has 288 North American retail stores and 117 international retail stores in Europe and Japan. As of 2014, the annual revenue for the company was 3.2 billion dollars, with a net income of 670 million dollars.
RANGE OF PRODUCTS
Why I chose to do my project on Michael kors
I chose to do my project on Michael Kors because I like his watches and wanted to learn more about other products and how he became such a famous fashion designer.
WHY I FOUND THIS PROJECT INTERESTING
I found this project interesting because I learned more about how Michael Kors set up his label and about the products he designs and sells.