Newcomer Michael Kors Just Surpassed One Of The World's Most Famous Brands

Michael Kors, the lifestyle brand that went public in 2011, has already surpassed Ralph Lauren in value.

The eponymous line by fashion designer and Project Runway judge Kors has a market capitalization of $15.5 billion, reports Peter Lattman at Dealbook.

Meanwhile, Ralph Lauren's 30-year-old company is worth $15.2 billion, according to Lattman. The brand went public in 1997.

Michael Kors also got the most internet searches of any brand in 2012, according to a report by Digital Luxury Group.

The brand has excelled because it has stayed focused on the market's sweet spot - people with money who aren't rich yet.

With Michael Kors' $450 handbags and $250 watches, this demographic can show off their success without feeling like they're going overboard, according to a report by luxury marketing expert Pam Danziger.

Michael Kors also made the wise decision to release a lower-priced diffusion line that appealed to a wider range of consumers.

The line, MICHAEL Michael Kors, offers cheaper products with a similar aesthetic to the designer's namesake brand.