When his mother remarried, five-year-old Karl Anderson Jr. was given an extraordinary choice: he could pick a new name. He chose Michael David Kors. That same year, he redesigned his mother’s wedding dress.

At five, Kors understood something profound: identity is something you create, not something you’re given. Six decades later, his net worth stands at $600 million. He married his husband in Southampton. And every summer, he returns to the Long Island shores where he was born—the only native among the fashion moguls who’ve claimed the Hamptons.

Estimated Net Worth: $600 million

Source of Wealth: Fashion design, brand ownership (5% of Capri Holdings), licensing

Company: Capri Holdings (market cap ~$10 billion; owns Michael Kors, Jimmy Choo, Versace)

Peak Net Worth: $1+ billion (January 2014)

In 2003, Kors sold a controlling interest in his company to investors Silas Chou and Lawrence Stroll for approximately $100 million. Today, he owns around 5% of his namesake company, which operates under Capri Holdings. In January 2014, Kors was briefly a paper billionaire when the stock soared, but subsequent price drops reduced his net worth. He remains chief creative officer and honorary chairman.

Michael Kors Fashion
Michael Kors Fashion

The Wound: The Boy Who Chose His Name

Michael Kors was born Karl Anderson Jr. on August 9, 1959, in Long Island, New York. His mother, Joan Hamburger, was a model. His father, Karl Anderson Sr., was of Swedish descent. When his parents divorced and his mother remarried businessman Bill Kors, young Karl was given the option to change his name.

He renamed himself Michael David Kors. This wasn’t just a surname change; it was a complete reinvention at age five. The same year, he redesigned his mother’s wedding dress. Before he could read, Kors understood that transformation was possible—that you could shed your given self and create someone new.

The Model’s Son

Growing up in Merrick, Long Island, Kors was surrounded by fashion through his mother’s modeling career. He’s spoken about impatiently waiting for Vogue to arrive, about his early obsession with shopping. While other fashion moguls’ origin wounds involve deprivation, Kors’ story is about exposure—seeing the fashion industry from inside and deciding that’s where he belonged.

The Chip: The Iron Butterfly

As a teenager, Kors started designing and selling clothes from his parents’ basement, which he named “The Iron Butterfly.” He attended John F. Kennedy High School in Bellmore, took acting classes, then enrolled at the Fashion Institute of Technology in 1977—only to drop out after nine months.

Michael Kors Net Worth
Michael Kors Net Worth

The dropout found work at Lothar’s, a boutique across from Bergdorf Goodman. Starting as a salesperson, he was quickly promoted to designer and visual display head. The fashion director of Bergdorf’s, Dawn Mello, discovered his work. In 1981, at twenty-two, Kors launched his eponymous label at Bergdorf Goodman, Bloomingdale’s, and Saks Fifth Avenue.

The Bankruptcy and Comeback

In 1993, Kors filed for Chapter 11 bankruptcy when a licensing partner closed. He paused his KORS line until 1997, when he relaunched with a lower-priced offering. That same year, he became the first women’s ready-to-wear designer for Celine, the French luxury house, revitalizing the brand before leaving in 2003 to focus on his own company.

The Rise: Project Runway and Beyond

In 2004, Kors reluctantly agreed to judge on Project Runway. The show became a phenomenon, bringing his wit and sensibility into millions of living rooms. His critiques, delivered with his signature tan and charm, made him a household name beyond fashion insiders.

The brand expanded globally. Michelle Obama wore his designs for her first official portrait as First Lady. Viola Davis wore custom Michael Kors accepting her Golden Globe. Kate Middleton, Jennifer Lawrence, Taylor Swift, and Angelina Jolie have all worn his creations. In 2017, Capri Holdings acquired Jimmy Choo; in 2018, Versace followed.

The Location: Coming Home to Long Island

Kors maintains a beachfront home on Long Island where he and his husband Lance Le Pere escape on weekends. The property, photographed by Mario Testino for Vogue, features a vaulted living room filled with neutral-colored objects from their travels.

Unlike Tom Ford, Bernard Arnault, or Elie Tahari, Kors isn’t an immigrant or transplant. He was born on Long Island. His Hamptons presence isn’t about escape or conquest. It’s about return.

The Southampton Wedding

Kors married Lance Le Pere on August 16, 2011, in Southampton, New York—just weeks after same-sex marriage became legal in New York. The location wasn’t coincidental. This is where Kors belongs, where he’s always belonged, now validated by wealth and law. Le Pere, who serves as vice president of Michael Kors Women’s Design, met Kors in 1990 when he was an intern at the company.

Fashion Mogul Net Worth Series

Michael Kors is one of several fashion titans who’ve made the Hamptons their summer kingdom:

For more insider perspectives, visit Social Life Magazine.

Experience luxury lifestyle at Polo Hamptons.

Contact us for features and partnerships.