Hello Kitty in Mid-Life Crisis as Sanrio Changes Strategy

Hello Kitty is having a mid-life crisis.

Sanrio Co., the owner of the 39-year-old white cat character with no mouth and a red bow on her ear, has made a fortune licensing its brand to other companies, letting them bear the risks of making and selling the goods. Now, it’s shifting strategy to sell more of its own merchandise, prompting the biggest stock drop in 19 years and wiping almost $450 million off its market value yesterday.