Mickael Kors became a billionaire

The American designer Michael Kors officially joined the ranks of the richest people after shares of his company "Michael Kors Holdings" rose by 17.3 % to 89.91 dollars, reports Bloomberg.

The designer has amassed 700 million from the initial public offering in December 2011, the Company has already broken the record of the exchange, surpassing all other fashion competitors because its shares have risen 20 % in just the first day of trading.

Kors joined to fashion billionaire club, which has members such as Domenico Dolce , Stefano Gabbana and Miuccia Prada.

PHotos: Pre-Fall 2014 collection