Fashion is a dynamic industry and offers lucrative earning opportunity to those who are willing to work hard to build their names. Many people have the notion that you can sell any type of clothes and get rich instantly. That is a myth although a few designers have had that kind of luck. Generally there is a lot of hard work and consistency involved in building your own fashion label and becoming an entrepreneur such that it pays off. People are always buying clothes that is true and the demand never seems to decline. Still, not everyone is as famous and as rich in the fashion world as those below. The following is a list of ten richest fashion designers; who have been the most successful, earn in billions from their creations.
10. Sara Blakely
When she was 29 years old, she sold fax machines from door to door. She didn’t however like the pantyhose that she was wearing so she decided to redesign it. From there began her journey to become one of the most successful designers and one of the richest female designers. She is also one of the few self made billionaires that this world can boast of. The idea was not experimental and extremely eccentric. She did not pose a cobweb hanging over her hair with the help of a stand, nor was she looking for snakes stuffed with cotton used as scarves. It was a simple solution to a problem through which Blakely became a billionaire. Her net worth is $1 billion.
9. Tory Burch
Because of being born into a rich family, her journey towards fame was easier as compared to many others. She graduated from Pennsylvania and worked with Polo Ralph Lauren and Vera Wang in New York for a while until she started her own brand in 2004. Although an acclamation by Oprah helped her grow, there is certainly a lot of hard work and quality there too. She is now a billionaire and was named as 79th most powerful woman by Forbes.
8. Michael Kors
Kors went bankrupt in 1993. Yes we thought we should tell you that first in case you are wondering how these designers sell their stuff and become rich. There are a lot of ups and downs which sadly, many of us do not acknowledge. Michael Kors began selling dresses at the age of ten and got enrolled in fashion school at 18. However he thought that the school might be holding him back so he dropped out and began his small store opposite Bergdorf Goodman 57th Street until the fashion director of the big name’s eyes rested on his work. Despite bankruptcy he bounced back and is now one of the few successful billionaire designers in the world with his net worth standing at $1 billion.
7. Aerin Lauder
Aerin Lauder was the heir to the famous Estee Lauder founded by her grandparents but was not content with merely inheriting it and then running it like a board member. She attended the University of Pennsylvania, studied communications there but then launched her own brand called Aerin. It carries perfumes, jewelry, accessories, clothing and makeup. Aerin Lauder is also the company’s style and image director at Estee Lauder. Her worth is 1.3 billion Dollars.
6. Domenico Dolce
As the name suggests, Dolce is the second half of the world famous and highly acclaimed partnership Dolce and Gabbana. He was also a fashion school dropout and met Stefano Gabbana in Milan, Italy where he worked as a designer’s assistant. They formed a partnership and since then there has been no looking back. The design house has made clothes for celebrities as famous as Madonna and have also designed costumes for the movie Romeo + Juliet. Due to his extremely lucrative company, Dolce’s net worth stands at $1.6 billion today.
5. Stefano Gabbana
The other half of the company above is Stefano Gabbana who together with Domenico Dolce displayed their first collection in 1985 and then took a headstart. Many owe their success to the partnership with Madonna, who at that time was extremely popular and famous. Their flamboyant designs have been described as captivating and carry the touch of the previous decade. Gabbana’s net worth is $1.6 billion.
See Also; Fashion Brands of The World – Top 10.
4. Renzo Rosso
Rosso was born in Veneto, quite far away from the hub of global fashion in Italy which is Milan. During the 1970 oil crises, diesel was deemed the alternate fuel. That is precisely what gave the denims created by Rosso a boom. His jeans brand Diesel got the title of alternative jeans for being born in the same era. Today Rosso’s brands are much more than jeans and he owns small high-end stores including Only the Brave and Marni. His net worth is $3.1 Billion.
3. Miuccia Prada
She is the youngest granddaughter of Mario Prada and took over the company in 1978 from where she took the company to unprecedented success. Miuccia Prada has also launched her own brand called Miu Miu which caters to the needs of those looking for avant-garde of fashion. Her net worth is $4.2 billion.
See also; Top 10 Most Expensive Clothing Brands.
2. Ralph Lauren
This is the design house that made a dress for First Lady Melania Trump on the occasion of Donald Trump’s Presidential inauguration. He was born in Bronx, New York and started really small by selling ties that he made, to his class fellows. He continued to do that till his mid twenties until his European style design caught the eyes of Neiman Marcus who became his first major client. At this time Ralph Lauren was working for a tie company as a salesman. Lauren dreamt of becoming a millionaire since young age and it seems like with $6.9 billion, his dreams have been fulfilled.
1. Giorgio Armani
The world’s richest designer according to our research is Giorgio Armani. Founded in 1975, Armani and fashion can be used interchangeably. The Italian label is a global powerhouse, whose owner was initially a medical student. He spent some time with the army and then moved on to working in a departmental store in Milan, first as a window dresser and then as a sales person. Armani first worked for Nino Cerruti before starting his own fashion label. His work at the bottom of the industry gave him exposure that proved to be beneficial for the initiation of the now $8.5 billion empire. Armani’s personal wealth stands at $7.5 billion.
Very few internationally renowned fashion label owners have inherited their wealth. Most of them have started from scratch and it has taken immense hard work for them to reach where they stand today. There is no doubt in the fact that fashion and glamour are very alluring for any entrepreneur especially if they also have a knack for fashion, but turning rich overnight is a luxury that destiny has not granted to many. Although building a brand from the start is hard, but it is not impossible. Decades later, someone might be talking about yours!