Fashion designer Michael Kors became a billionaire Tuesday as shares of his namesake company surged 18% after reporting that its third quarter profit jumped 77%.
The 54-year-old CEO founded the luxury goods company in 1981 after dropping out of fashion school.
For years, he struggled to make the brand successful and even filed for bankruptcy along the way.
Now he joins the billionaire's club just three years after taking the company public.
How did it all go down?
Kors was born on Long Island and started designing at age 19, as a student at the Fashion Institute of Technology.
He dropped out of school and launched his first womenswear collection at 1981. It debuted in high-end department stores like Bergdorf Goodman and Saks.
Kors developed a celebrity fan base early on--Barbara Walters, Demi Moore and Julia Roberts wore his designs. But he was forced to file for bankruptcy in 1993 after his Italian backers went bust.
Sources: The Observer, People
See the rest of the story at Business Insider