Fashion

Forever 21 was officially acquired by Authentic Brands Group & Simon


Forever 21 was officially acquired by Authentic Brands Group & Simon

Authentic Brands Group, Simon Property Group and Brookfield
Property Group have confirmed acquisition of Forever 21. ABG and Simon
will each own 37.5 percent of the retailer’s intellectual property and
operating businesses. , while Brookfield will own 25 percent.

“Forever 21 is a powerful retail brand with incredible consumer
reach and a wealth of untapped potential,” said Jamie Salter, founder,
chairman, and CEO of ABG, said in a statement. “We’re looking forward
to working with the Forever 21 team and our global partners. Together,
we’ll revitalize the brand’s core business and connect with audiences
around the world through new product offerings and experiences.”

In a statement released by ABG, the brand development company said
that it would emphasize trend-conscious design, speed to market and
moving towards a more sustainable supply chain for Forever 21. Its
strategy will focus on engaging Gen Z consumers by with targeted
digital campaigns and influential collaborations.

Forever 21 sold after bankruptcy and declining sales

The LA-based fast fashion chain first announced it was considering
a sale earlier this month after several months of
hardship. The struggling retailer had finally filed for Chapter 11
bankruptcy protection in September. At the time, Forever 21 had
assured its consumers that the move did not mean it would go out of
business but rather it was “a deliberate and decisive step to put us
on a successful track for the future.”

Forever 21’s message to its consumers has seemed to be accurate;
while the retailer closed 200 stores internationally, it also
launched localized e-commerce stores in the Canadan,
Asian, APAC and LATAM markets.

According to ABG, Forever 21 stores are expected to continue
operating across the United States and international territories. The
brand’s new owners will work with landlords to continue store
operations in key regions of South America, Europe, China, Southeast
Asia, Middle East and India, and will convert current owned store
operations in Central America, South America, Mexico, the Philippines
and the Caribbean to a licensed partnership model. Forever 21
headquarters will remain in Los Angeles.



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