Designer. Born August 9, 1959, Karl Anderson, Jr. was raised on New York's Long Island. As a toddler, Kors worked as a model, appearing in national campaigns for products such as toilet paper and Lucky Charms cereal. Kors' biological parents split when he was young, and he got his new name at age 5 when his mother married businessman Bill Kors. His mom changed his last name and gave him the chance to pick his first name. He chose Michael as his first name and his second-favorite, David, as his middle name. His mother also allowed him to design her wedding dress. Kors moved to New York City in the 1970s to attend the Fashion Institute of Technology. He loved the city more than the school, however, and dropped out after two semesters. In 1978, Kors went to work at the French boutique Lothar's, which allowed him to design and merchandise his first fashion collection. The well-received collection generated enough interest that Kors was able to start his own fashion line. Michael Kors Women's Collection launched in May 1981, and was sold in the high-end department stores Bergdorf Goodman and Saks Fifth Avenue. When he was 23, he convinced the formidable fashion editor Anna Wintour - then of New York magazine, now the editor of Vogue - to view his collection. Kors displayed the collection laid out on his bed in his apartment. From these humble beginnings, he soon picked up celebrity fans like Barbara Walters and earned awards for his designs. In 1990, however, Kors; company was forced to reorganize under bankruptcy. After getting back on his feet, Kors launched KORS Michael…