Authentic Brands Group is looking to buy Forever 21. US-based Authentic Brands was founded in 2010. Fashion retailer Forever 21, founded in 1984, became a multibillion dollar operation in over 40 countries before it filed for bankruptcy in September 2019. The brand plans to close most physical stores in Asia and Europe while continuing to ship to international customers through its US website. The fashion chain had become successful due to its coolness factor and its ability to identify the needs of its customers. But these same customers started to move to online and other retailers.
The brand specialised in the fast fashion principle as it made outfits for young teenage girls, who wanted to dress like their favorite celebrities. Forever 21 helped them by providing these fast and at affordable rates. Customers would form huge lines for new store openings.
The company also became an attractive tenant for most malls, usually becoming the anchor tenant with its huge sized stores, which drew huge footfalls. The company became a trendsetter, selling rapidly changing styles in young women’s dresses, tops, jeans, other apparel and accessories as part of its fast fashion strategy. The store catered to teenagers and young adults, along with some slightly older customers who refused to grow over 21.