For millions of school children they are the must have fashion accessory of the moment. Football star David Beckham and Britain’s Prince William have them. Even Pope Francis has been photographed wearing a few.
Thanks to Rainbow Looms, created by Detroit’s Cheong Choon Ng, is continuing to gain popularity across the globe and even Pope Francis wears it.
The man behind the Loom band craze is Detroit’s Cheong Choon Ng, who was a crash-test engineer for Nissan when the idea came to him in 2010.
Four years later, his unique creation has turned into a business that earned $44 million (£25 million) last year.
A Loom kit consists of one Rainbow Loom, one mini Rainbow Loom, 600 mixed color rubber bands, a bag of c-clips and one yellow color hook with metal tip, sells for $14.99 on the company’s website.
The owner of a Learning Express Toys store, a chain of 130 franchises, placed an order for 24 looms. Two days later she called to reorder and sales continued to grow, Ng said.
The highly lucrative business has spread across the globe.