- Forever 21 cofounders Jin Sook and Do Won Chang are no longerbillionaires, according toForbes estimates.
- Each half of the married couple now has a net worth of $800 million, according toForbes.
- Business Insider’sBethany Biron previouslyreported that the teen-focused retailer was being outperformed by otherfast fashion retailers, includingH&M.
- Visit Business Insider’s homepage for more stories.
The net worths of Forever 21 cofounders Jin Sook and Do Won Chang have plunged alongside the store’s sales. They are no longer billionaires,Forbes reported on July 3.
At the company’s peak in 2015, Jin Sook and Do Won Chang had a combined net worth of $5.9 billion, according toForbes. Their combined fortune has fallen to $1.6 billion — or $800 million each — as Forever 21 reportedly considers a restructuring plan in an attempt to avoid meeting the same fate as its former competitor,Charlotte Russe.
The married couple founded Forever 21 in Los Angeles in 1984 after emigrating from South Korea three years prior. Their first location, originally called Fashion 21, was 900 square feet and stocked merchandise the Changs purchased at wholesale close-out sales, according toForbes.
Read more:We shopped at Forever 21 and H&M and saw firsthand why one store is clearly outperforming the other
In June, Business Insider’s Bethany Bironvisited a Forever 21 store and its fast fashion rival H&M in New York’s Westfield World Trade Center mall and found that H&M’s well lit and organized store drew more shoppers than Forever 21’s sparsely stocked subterranean location.
Forever 21 is privately held and does not release its sales numbers, butmay be nearing bankruptcy. The fast fashion giant has recently closed stores in major markets including London and China,Business Insider previously reported. Forever 21 stores in the US have also begun to shrink in the US,Forbes reported, as several two-story mall locations gave their second floor to other stores, includingDave & Busters andUlta Beauty.
Source: Read Full Article