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In South Korea, coronavirus has slowed K-beauty’s billionaire boom

Three years ago, Suh Kyung-bae was the second-richest person in South Korea. Today he’s barely top 10, a stark reversal in a K-beauty boom known for minting billionaires, not breaking them.Suh’s US$3.6 billion fortune – down from roughly US$8 billion in 2017 – is largely comprised of shares in his family’s cosmetics conglomerate, Amorepacific Group, which have fallen more than 40 per cent from a mid-January high. The parent of brands like Innisfree, Laniege and Sulwhasoo, Amorepacific was…

Read the original article at South China Morning Post

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