(This article is part of TIMES EXPRESS. It is a condensed version of a story that will appear in tomorrow's New York Times.)

(This article is part of TIMES EXPRESS. It is a condensed version of a story that will appear in tomorrow's New York Times.)

c.2013 New York Times News Service

Having spent more than three decades climbing to the top of the fashion world, the designer Michael Kors could hardly be described as an overnight success.

But it has taken only 14 months, coupled with Wall Street's buoyant capital markets, for Kors to become enormously rich.

Since December 2011, when Michael Kors Holdings went public, Kors has sold about 17 million shares of stock. His latest sale of about 3 million shares came Thursday as part of the company's third secondary stock offering since its initial public offering. Kors still holds about 2.5 percent of the company, or about 4.9 million shares, down from his roughly 12 percent stake at its IPO.

All told, Kors has sold roughly $650 million worth of his company's stock and retains a roughly $300 million stake. Not bad for a Fashion Institute of Technology dropout.

Kors and his financial backers have exploited the company's strong financial performance and soaring stock price to cash out of their holdings. The company's shares have more than tripled since the IPO. Kors and the other insiders have now sold big blocks of stock at four different times, each time higher than the previous sale.

''We believe that the Michael Kors brand is ideally positioned within the global luxury lifestyle market, and we look forward to delivering on our long-term objectives," said John D. Idol, the company's chairman and chief executive.

Yet Idol, who has run the company since 2003, has also been eagerly selling his holdings. After a sale Thursday of about 2 million shares, Idol, who previously served in senior posts at Ralph Lauren and Donna Karan, will have sold more than $400 million of shares owned by him and his family. He retains a roughly 1 percent stake in the company.

But the money raised by Kors and Idol looks modest compared with that of Michael Kors' private equity investors, Lawrence S. Stroll and Silas K.F. Chou. Heading into the IPO, Stroll and Chou controlled slightly more than half of Michael Kors. On Thursday, they sold about two-thirds of their remaining stake, and now own about 6 percent of the company. They have sold roughly $3 billion worth of shares over the past 14 months.

With this latest round of sales, investors appear concerned. Michael Kors shares, which peaked at $65 a share Tuesday, have dropped nearly 10 percent since the share sale was announced.