Michael Kors thinks fast fashion will die out sooner rather than later.
The popular designer predicts that quality is going to become increasingly important to customers in future and has no doubt technology will change the industry forever.
He wrote in an essay for the Wall Street Journal's 125th anniversary: "I love fashion because it's plugged into the zeitgeist, so it's always changing. Thirty years ago, I could never have predicted I'd be where I am today, so I know I don't know what's going to happen in the next five years or the next 20 years.
"I have my predictions - I'm sure technology will continue to have an impact on fashion, particularly the way people shop. I think quality will be increasingly important - we're moving away from a time of fast fashion.
"But really, the only constant in fashion is that you must keep moving forward, otherwise you'll be left behind."
Michael made his Forbes rich list debut earlier this year when his fortune hit the $1 billion mark and has credited his brush with bankruptcy in 1993 for his current dominance in the global accessories market.
He explained: "Sometimes things are not in your control. You can control what you design ... If there's a question and the ground is moving, more than ever you have to stand your ground and be who you are.
"Within eight months [of filing for Chapter 11 bankruptcy protection] we were back full steam."
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