NET WORTH: $6.88 billion, up 23 percent
LAST YEAR: $5.6 billion
RESIDENCE: Beverly Hills
SOURCE OF WEALTH: Apparel retailing
THE MONEY: The husband-and-wife team are co-founders of fast-fashion retailer Forever 21, which expects annual sales to hit more than $4.5 billion this year.
BUZZ: Global expansion has continued for Forever 21, which announced plans to open 50 stores, ranging in size from 16,000 to 21,500 square feet, throughout Europe over next three years. This follows Chief Executive Do Won’s stated desire to invest $50 million in the Indian market. The company also announced the expansion of its women’s plus-size line into 50 additional U.S. stores in cities. The retailer also made changes at its Lincoln Heights headquarters, installing the largest single-rooftop solar power system in Los Angeles. As the company has grown, so has the volume of lawsuits. It was most recently hit by software companies Adobe, Autodesk and Coral for alleged use of unlicensed copies of their programs. The couple started Forever 21 in 1984 as a small Highland Park store. It now has more than 680 stores in 45 countries.
For reprint and licensing requests for this article, CLICK HERE.