Michael Kors Earns Far Less Than We Thought
The brand Michael Kors is now valued at $12.38 billion, but today WWD reports that Kors himself, who serves as honorary chairman, chief creative officer and director, only makes $7.6 million. On top of that, despite his company’s success following its IPO, the designer took a massive 46.6 percent pay cut, slicing over $6 million from his yachting budget this year.
Last fiscal year, Kors’ took home $13.6 million — and call us money-grubbing, but that already sounds low. We’re no math wizards, but it seems like something’s not adding up for our favorite perma-tan designer, and it’s totally making us rethink our plan to helm a billion-dollar company and go public.
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