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Authentic Brands announces acquisition of Forever 21

20
Feb '20
Pic: freemind-production / Shutterstock.com
Pic: freemind-production / Shutterstock.com
Authentic Brands Group (ABG), a global brand development, marketing, and entertainment company, has announced the acquisition of America's original fast fashion retailer, Forever 21. ABG and Simon Property Group will each own 37.5 per cent, and Brookfield Property Partners will own 25 per cent of the intellectual property and operating businesses.

ABG, Simon, and Brookfield will thus become the new ownership group for Forever 21. Building on the success of Aéropostale, the similar ownership structure positions Forever 21 for long-term performance and growth. The acquisition further diversifies ABG's experiential retail and e-commerce vertical and boosts the value of its brand portfolio to $12.5 billion in global annual retail sales.

"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. "We're looking forward to working with the Forever 21 team and our global partners. Together, we'll revitalise the brand's core business and connect with audiences around the world through new product offerings and experiences."

Forever 21 is a global fashion retailer of women's, men's, and kid's clothing, accessories, and footwear, as well as beauty. The LA-born brand, which was established more than three decades ago, is known for offering a broad selection of on-trend and fashion-forward merchandise at a compelling value. It is expected that Forever 21 stores will continue to operate across the United States and international territories. The brand's new owners will also oversee the continued operation of its headquarters in Los Angeles, CA and maintain its robust e-commerce business.

Forever 21 is working with various landlords to continue store operations in key regions. Forever 21 will convert its current, owned store operations in Central America, South America, Mexico, the Philippines, and the Caribbean to a licensed partnership model. The new ownership group will work with existing and new partners to expand Forever 21 across key territories, including South America, Western and Eastern Europe, China, Southeast Asia, Middle East, and India.

ABG will leverage its marketing expertise and global network of partners to inject new life into the brand, with an emphasis on trend-conscious design, speed to market, and moving towards a more sustainable supply chain. The strategy will focus on engaging Gen Z audiences by introducing refreshed creative, targeted digital campaigns, and influential collaborations.

Fibre2Fashion News Desk (RKS)


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