Small Businesstory burchMichael KorsSara Blakely

Tory Burch's Billionaire Status Built (Somewhat) On Ballet Flats

Shoe Designer Is A Billionaire?!
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NEW YORK, NY - DECEMBER 04: Tory Burch attends HBO's In Vogue: The Editor's Eye screening at Metropolitan Museum of Art on December 4, 2012 in New York City. (Photo by Theo Wargo/Getty Images for HBO)

Tory Burch, the fashion designer who popularized $200 ballet flats, is officially a billionaire.

The 46-year-old designer added nine zeros to her net worth following the sale of part of her ex-husband's stake in her company, Tory Burch LLC, Bloomberg reported. The sale valued the company at nearly $3.3 billion and gave Burch a 28.3 percent stake in the high-end clothing and accessory brand.

Burch's ex-husband Chris Burch retains a 15 percent share in the company, according to Bloomberg.

The sale now makes Burch the second youngest self-made female billionaire in America, according to Forbes. The youngest is Spanx inventor Sara Blakely, who made Forbes' billionaire list in 2012 at age 41.

The designer's rise to billionaire status has been rapid. In 2004, with her then-husband Chris, Burch opened her first store in New York City. Today the brand has more than 80 retail locations and is sold in high-end retailers such as Neiman Marcus. The brand is best know for its colorful ballet flats that are emblazoned with its signature double-T logo and cost upward of $200 per pair.

The secret to her success? Sources have called Burch "punctual, efficient, and focused to a fault" according to a December story in Vanity Fair. She also had a wealthy upbringing: Her father was heir to a paper-cup fortune.

Other American fashion billionaires include Ralph Lauren, who is worth $7.5 billion. Designer Michael Kors has been on the billionaire-watch list for the past year and is worth around $780 million, according to Forbes. Kate Spade, a designer whose namesake brand is often compared to Tory Burch, sold her luxury patrician-chic brand to Liz Claiborne in 2006 for $124 million and is worth an estimated $150 million.

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Before You Go

The Richest Self Made Women in America
Elaine Wynn ($1.4 billion)(01 of12)
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With now-ex-husband Steve, Elaine Wynn founded a casino empire that included The Mirage, Bellagio, Wynn and Encore resorts, among others. (credit:AP)
Johnelle Hunt ($1.6 billion)(02 of12)
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With late husband Johnnie, Johnelle Hunt founded J.B. Hunt Transport Services in 1969 and grew the company into one of the largest truckers in the nation.Pictured: Jane Hardin, daughter of Johnelle Hunt, accepts a volunteer of the year award from John White, chancellor of the University of Arkansas at Fayetteville on behalf of her mother. (credit:AP)
Meg Whitman ($1.7 billion)(03 of12)
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Meg Whitman made her fortune as CEO of online marketplace eBay Inc. After a failed bid for California governor, the tech exec has taken on the challenge of turning around Hewlett-Packard. (credit:AP)
Judy Faulkner ($1.7 billion)(04 of12)
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In 1979, Judy Faulkner founded electronic health records company Epic Systems, which will be used by over 40 percent of the U.S. population by next year. (credit:AP)
Andrew and Peggy Cherng ($2 billion)(05 of12)
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Andrew & Peggy Cherng came from China in 1966 and together founded the Panda Express restaurant chain, growing it into a $1.6 billion business that operates 1,500 locations. (credit:AP)
Stewart and Lynda Resnick ($2.2 billion)(06 of12)
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Lynda and Stewart Resnick own POM Wonderful, Fiji Water, the flower delivery service Teleflora and some of the nation's largest nut and citrus farms. (credit:Getty)
Oprah Winfrey ($2.7 billion)(07 of12)
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The nation's only African-American billionaire, Oprah Winfrey came from meager beginnings to build a television empire with massive influence on what people around the globe read, eat and think. (credit:Getty)
Michael and Marian Ilitch ($2.7 billion)(08 of12)
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Marian Ilitch and husband Michael opened a pizza shop in 1959 and grew it into the Little Caesar's Pizza chain. (credit:AP)
Diane Hendricks ($2.9 billion)(09 of12)
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Diane Hendricks is chairman and co-founder, with late husband Kenneth, of Wisconsin-based ABC Supply, the largest roofing, window and siding wholesale distributor in the country. (credit:AP)
Doris Fisher ($2.9 billion)(10 of12)
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Doris Fisher and her late husband Donald founded the Gap in San Francisco in 1969. Gap Inc. has grown to include Banana Republic and Old Navy brands, among others, and operates over 3,000 stores across the world. (credit:WENN)
Gayle Cook ($3.7 billion)(11 of12)
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Gayle Cook and her late husband, William, created the medical device company Cook Group in Indiana in 1963. Gayle continues to serve on the board. (Chris Howell, Hoosier-Times, Inc.) (credit:Chris Howell, Hoosier-Times, Inc. )
Jin Sook Chang ($4.5 billion)(12 of12)
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Immigrating from South Korea in 1981, Jin Sook and husband Do Won created the Forever 21 clothing chain, which now spans nearly 500 stores. The couple is No. 79 on this year's Forbes 400 list of richest Americans. (credit:AP)
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