Hello Kitty’s share price has collapsed to 2006 levels. Her parent Sanrio (8136) is recording slowing revenue. It is forecast to make c.Y70bn in FY2016 from a peak of Y77bn in FY2014. Operating income for Hello Kitty has fallen from Y21bn to around Y11.2bn. So operating margins have collapsed from around 27% to around 16%. Too much kitty litter to blame? It has seen marketing expenses jump from just over Y28bn to Y34.5bn. Google Trends has revealed that searches for Hello Kitty have plunged 75% since 2014.