Do WonImage: Getty Images
Even before Covid-19 crushed retail, Do Won (above) and Jin Sook Chang’s apparel chain, Forever 21, had fallen out of fashion. Sales dropped significantly at its mall-based stores, pushing it into bankruptcy in September 2019. The couple agreed in February to sell the closely held company for $81 million to a group that includes mall operators Simon Property Group and Brookfield Properties. It was a stunning reversal of fortune for the two, who emigrated to Los Angeles from South Korea in 1981 with little more than a high school education. Their fortune was once as much as $5.9 billion; today they’re worth less than $100 million.
Dani ReissImage: Mark Blinch / Reuters
The stuffing has come out of Toronto-based Canada Goose, known for its $900-plus parkas, as shares plummeted 71 percent in the past year. Civil unrest in Hong Kong, a key market, hit sales long before the coronavirus. The net worth of its CEO, Dani Reiss, fell by $700 million, to $600 million.
David KochImage: Brendan Mcdermid / Reuters
David Koch was worth $42.5 billion when he died on August 23, 2019. With his brother Charles, he owned America’s second-largest private company, Koch Industries, the $110 billion (estimated sales) conglomerate that makes everything from Brawny paper towels to asphalt. A prominent philanthropist, he gave away more than $1.3 billion, including a $225 million commitment to the Memorial Sloan Kettering Cancer Center.
(This story appears in the 17 July, 2020 issue of Forbes India. To visit our Archives, click here.)