The fashion industry is no stranger to billionaires. Just today, a new billionaire fashion designer joins the ranks of Tory Burch and Spanx’s Sara Blakely and it is no other than 54 year old Michael Kors.

According to bloomberg.com:

Michael Kors became a billionaire today as shares of the luxury-goods company that bears his name surged the most in almost two years after posting profit that topped analysts’ estimates.

Michael Kors Holdings Ltd. (KORS)rose 17.3 percent to close at $89.91 inNew York. It had earlier reached $93.18 for the biggest intraday gain since Feb. 14, 2012.

Michael Kors has been making a name for himself after going to the Fashion Institute of Technology in Manhattan later unveiling his own line of womenswear in 1981 and being a judge on the popular Bravo TV show “Project Runway. Word has it that the fashion designer’s net worth spiked by $34 Million after the stock market peak today.

Michael Kors has been known for bringing luxury design closer to the masses, as noted by some fashion analysts. Michael Kors will be showcasing his latest collection this coming February New York Fashion Week.