Duo Become Billionaires
Italian designers Domenico Dolce and Stefano Gabbana may be busy preparing for SS13, but we're sure even they were distracted by one thing at least-- their burgeoning bank balances. The pair have just become billionaires after a surge in sales of luxury goods over the past twelve months.
Dolce and Gabbana are just two of the names from the fashion world climbing the wealth ladder. Leading consultancy firms McKinsey and Co. and Bain and Co. have reported a 10 per cent rise in global spending on luxury apparel, cosmetics and accessories. And just by looking at the latest Dolce and Gabbana sunglasses collection, we can see why accessories sales are on the up.
Meanwhile, fellow designer Tory Burch also became a billionaire earlier this month. Burch's ex-husband sold a portion of his 28.3 per cent stake in their company to new investors. It was a move that saw the company's value soar to a reported 3.25 billion US Dollars, making Burch's own 28.3 per cent stake worth a hefty one billion dollars.
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