Michael Kors overcame bankruptcy by staying true to himself as a designer.
The fashion star admits that although he lost confidence when his company almost went under and he was forced to file for bankruptcy in 1993, he refused to give in and stayed true to his own aesthetic.
The designer - who made his Forbes rich list debut earlier this year when his fortune hit the $1 billion mark - was advised to start making cocktail dresses, but decided to turn his business around by launching a lower-priced line instead.
He explained during an interview with Harper's Bazaar editor-in-chief Glenda Bailey: "Sometimes things are not in your control. You can control what you design ... If there's a question and the ground is moving, more than ever you have to stand your ground and be who you are.
"Within eight months [of filing for Chapter 11 bankruptcy protection] we were back full steam."
Michael's biggest coup to date was when his company, Michael Kors Holdings Ltd., went public in 2011 and he described ringing the bell at the New York Stock Exchange as his "proudest moment".
The popular accessories and womenswear designer added: "My plan has always been to stay curious, to make people feel great when they get dressed and to know what people want before they know it themselves."
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