Michael Kors has advised female consumers to avoid spending "major money" on trendy clothes.
The US fashion designer says people should be wary about purchasing a pricey piece of fashion because it may be out of date by next year, and they should also be careful how much money they spend on dates with men because the two can have similar disappointing outcomes.
He told CBS Watch magazine: "There's great fling material, and then there's great husband material!
"Don't invest major money in the trendy pieces that will feel old by this time next year. Like dating that guy just for fun - it's not to say you shouldn't do it, just don't sink a lot into it!"
Despite advising people to be careful with their money, the 53-year-old New York-based designer has donated $1 million (£630,000) to the American Red Cross Disaster Relief Fund, which is helping victims of Hurricane Sandy, after he was left "heart broken" by the "devastation" caused by the natural disaster.
He told WWD: "As a New York-based company, to see so many of our employees, customers and neighbours so greatly affected by Hurricane Sandy is unfathomable.
"Being a life-long New Yorker myself, born and bred on the beaches of Long Island, to see this devastation and loss is heart breaking. We are making this donation in hopes that we can help all those whose lives have been irrevocably altered by Hurricane Sandy."
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