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Michael Kors is officially a billionaire!!!!

Michael Kors revenue rose 59 percent for the third quarter, which ended Dec. 28, coming out to a total of $1 billion. That compares to $636.8 million in revenue for the same quarter the year prior. According to Forbes, this has made Kors himself a billionaire (he is the third shareholder to reach that personal benchmark, thanks to Michael Kors Holdings).

 This is all good news for Bernard Arnault, who has said that he hopes Marc Jacobs’ IPO will be even half as successful as Kors’. Although Marc Jacobs and Michael Kors don’t have exactly the same customer base, it seems that with the right marketing, the thirst for luxury brands is alive and well. Oh yes and we love luxury brands!!

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