NET WORTH:
$5.35 billion 24%
LAST YEAR: $4.3 billion
RESIDENCE: Beverly Hills
SOURCE OF WEALTH: Apparel retailing
THE MONEY: Do Won and wife, Jin Sook, project annual sales at fast-fashion company Forever 21 to exceed $4 billion this year.
BUZZ: Chief Executive Do Won forged ahead with plans for Forever 21’s international expansion, committing to almost double retailer’s global store count to 1,000 in three years. At least 100 planned for Asia; Europe remains attractive but largely untapped market. Notable stores opened in Thailand, Britain and France last year. One of company’s largest shops, a 90,000-square-foot space in Riverside, closed. Do Won spoke on chain’s global expansion strategy at International Council of Shopping Center’s retail real estate world summit in Shanghai last year. Jin Soon continues as company’s head buyer, but rarely makes public appearances. Daughters Linda, 31, and Esther, 26, handle marketing and visual merchandising, respectively. Retailer, which mimics runway trends to sell affordable fashions, has been hit with more than 50 copyright infringement lawsuits but never found liable. Devout Christians, Changs attend church weekday mornings at 5. Donate money to faith groups through Chang 21 Foundation. Personally visited North Korea last year to hand out corn to villagers. Co-founded Forever 21 in 1984 after immigrating to Los Angeles. Company grew from a small Highland Park storefront to chain with more than 550 stores globally and 40,000 employees.
