Net Worth: $4.76 billion, down 31 percent
LAST YEAR: $6.88 billion
RESIDENCE: Beverly Hills
SOURCE OF WEALTH: Apparel retailing
THE MONEY: Husband-and-wife team co-founded fast-fashion retailer Forever 21, which shuttered several stores over past year as retail sales tapered.
THE BUZZ: Retail giant has been closing stores in Europe and United States as well as reportedly asking landlords about downsizing some of its biggest stores. But company expects sales to pass $5 billion mark this year and has goal to reach $8 billion by 2017 while opening 600 stores in next three years. Average store size is 38,000 square feet, with largest about 162,000 square feet. Known for offering trendy pieces at affordable prices, recently started selling other brands for prices as high as $200 through online shop. Came under fire earlier this year when new Instagram account Forever21Plus didn’t feature plus-size models. Account then focused on popular plus-size bloggers. Also embroiled in legal battles with designers including Anna Sui, Gwen Stefani, and, more recently, Adidas over alleged copyright infringement. Co-founded in 1984, Forever 21 grew from 900-square-foot Highland Park store with first-year sales of $700,000 to chain with more than 700 stores in 45 countries.
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