Power 50: Michael Kors

Courtesy of Michael Kors/Norman Wong

The tycoon's company continues its expansion. Although sales dropped slightly in 2015, Kors is booming again, exceeding Wall Street's projections and opening a staggering 114 new stores at a time when most luxury brands are struggling. His brand image is also evolving to include more philanthropic initiatives. Launched in 2013, Kors's #WatchHungerStop campaign has helped provide 10 million meals for children around the world.