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Three years ago, Suh Kyung-bae was the second-richest person in South Korea. Today he’s barely in the Top 10, in a stark reversal of a K-beauty boom known for minting billionaires, not breaking them.

Suh’s $3.6 billion fortune — down from roughly $8 billion in 2017 — is largely comprised of shares in his family’s cosmetics conglomerate, Amorepacific Group, which have fallen more than 40% from a mid-January high.

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