Designers Jacobs and Kors pose with their awards at the backstage during the CFDA fashion award gala in New York
Designers Marc Jacobs (L) and Michael Kors pose with their awards at the backstage during the Council of Fashion Designers of America (CFDA) fashion award gala in New York June 7, 2010. Kors received the Geoffrey Beene Lifetime Achievement award and Jacobs received the Womenswear Designer of the Year award. REUTERS/Lucas Jackson (UNITED STATES - Tags: FASHION) REUTERS/Lucas Jackson

Designer Tommy Hilfiger is reportedly set to invest in the fashion label Michael Kors. Hilfiger is allegedly joining forces with Silas Chou and Lawrence Stroll, the original investors in the Hilfiger line, to take a stake in Kors.

Hilfiger hasn't confirmed the decision but did tell WWD, Anybody would be crazy not to invest in it. Michael Kors is the next major global player in my eyes.

Michael Kors, the namesake for the line and 'Project Runway' judge is aiming to raise $500 million to expand the brand globally by selling an equity stake of 25 percent in his company. The full details of the deal will be announced some time in July.