From Giorgio Armani To Ralph Lauren, 10 Richest Fashion Designers In The World
Richest fashion designers in the world
The fashion industry has boomed like never before in the last few decades and a few artists have had a huge role to play. These avant-garde designers laid the foundation of what fashion is today. They have all built vast empires and acquired massive fortunes. Let's take a look at the richest fashion designers in the world in 2023.
1. Giorgio Armani
Armani first launched his business in the mid '70s and the empire has been growing substantially ever since. The Italian fashion designer is best known for his men's suits. His popularity catapulted to the next level in the '80s and his creations began appearing frequently in the series Miami Vice and in the film "American Gigolo." He is the richest member of the LGBTQ+ community. As of 2023, Giorgio Armani is worth $11.9 billion, per Forbes.
2. Ralph Lauren
Known for his iconic menswear, Ralph Lauren burst into the scene in the late '60s. He started by making neckties and sold them to clothing retailers. He is today an American fashion mogul who has a net worth of $8.14 billion, as per Bloomberg. The house of Ralph Lauren generates close to $6 billion in revenue each year. Lauren still owns the majority of shares at 33%. The company has brands in different realms of luxurious fashion and he has earned a lot through deals like the 1994 deal with Goldman Sachs where he sold a 28% stake in his company for $135 million, and also through dividends.
3. Patrizio Bertelli
The CEO of Prada started by producing belts and bags. While most people associate the luxury label Prada with his wife Miuccia Prada, who is a designer, it was Patrizio Bertelli who was the mastermind. He always encouraged his wife to take risks and the power couple has made Prada what it is today. The partnership is the heart of the empire and the two have run the label as a family-run enterprise. As of 2023, Patrizio Bertelli is worth $4.9 billion, per Forbes.
4. Miuccia Prada
The Italian fashion designer took over the family-owned luxury goods manufacturer originally owned by the Prada brothers. She started by making backpacks that were minimalistic in design and waterproof. The company was started by her grandfather in 1913, but she along with her husband made the brand what it is today. Since the early '70s, the brand has turned into a powerhouse. As of 2023, Miuccia Prada's net worth is somewhere around $4.9 billion, per Forbes.
5. Tom Ford
The American fashion designer, who is also a film director, earned the majority of his earnings when he sold his fashion brand to Estee Lauder for $2.8 billion. Tom Ford has also worked with other major fashion brands like Gucci and YSL as a creative director. Before the deal with Estee Lauder, Tom Ford, the brand was generating revenues of close to $1 billion per year. Tom Ford's current net worth is somewhere around $2.2 billion, per Forbes.
6. Valentino Garavani
Another Italian fashion designer on the list today is Garavani, the founder of Valentino, which is one of the most renowned fashion brands in the world right now offering footwear, accessories, perfumes, clothing and more. He is also known to have designed some of the iconic wedding dresses for celebrities including Anne Hathaway, Jackie Kennedy, and Elizabeth Taylor. As of 2023, Valentino Garavani's net worth is somewhere around $1.5 billion, per Celebrity Net Worth.
7. Domenico Dolce
The fashion designer from Italy is the co-founder of the famous luxury brand Dolce & Gabbana. He founded the brand with his wife Stefano Gabbana. The brand was launched in 1983 and D&G released its first collection and held its show, "Real Women" in 1986. The pair later opened their first store in 1988 in Milan and the brand has been growing ever since. Through the '90 and early 2000s, the brand expanded its product line with belts, ties, handbags, shoes, and more. Domenico Dolce's current net worth is somewhere around $2.3 billion, as per Forbes.
8. Stefano Gabbana
The Italian designer earned his fortune by co-founding the luxury brand Dolce and Gabbana. He along with his partner started the company in the late '80s. Gabbana and Dolce are openly gay and the two were in a relationship from 1982 to 2003. The brand is known for its ready-to-wear clothes, accessories, handbags, footwear, and cosmetics. The company was known to collaborate with Madonna in the early 2000s. Gabbana is currently worth $2.3 billion, per Forbes.
9. Tory Burch
The American fashion designer is behind her eponymous clothing brand, which is known for the fashion revolution on $200 ballet flats. As of 2023, her company generates an annual revenue of $1.5 billion. She launched her brand back in 2004 and opened a retail store in New York. She soon started selling fashionable sportswear. It wasn't long before the brand became a household name and became very famous among young girls. Tory Burch's current net worth is somewhere around $1.1 billion, per Forbes.
10. Michael Kors
The American Fashion designer is the CCO and honorary chairman of his brand Michael Kors. He started his brand after dropping out from FIT and working at Lothar's, a boutique store. He launched his brand at stores including Bloomingdale's, Neiman Marcus, Lord & Taylor, and Saks Fifth Avenue and Goodman in 1981. Kors has also served as a judge on the popular show "Project Runway" for five seasons. As of 2023, Michael Kor's net worth is around $600 million, per Celebrity Net Worth.
