Forever 21 acquired by Authentic Brands, Simon and Brookfield
Authentic Brands Group, Simon and Brookfield have come together to acquire the fashion retailer Forever 21.
While Authentic Brands and Simon will each own 37.5% of the business, Brookfield will take a 25% stake.
In a statement, Authentic Brands said the acquisition will boost the value of its brand portfolio to $12.5 billion in global annual retail sales.
Jamie Salter, founder, chairman, and chief executive of Authentic Brands, added: “Forever 21 is a powerful retail brand with incredible consumer reach and a wealth of untapped potential. We’re looking forward to working with the F21 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.”
Founded in LA more than 30 years ago, Forever 21 is known for its on-trend and fashion-forward merchandise. Its stores are expected to continue operating across its US and international markets and there are plans to expand the business across South America, Western and Eastern Europe, China, Southeast Asia, the Middle East, and India.
However, the company is planning to convert its current company owned store operations in Central America, South America, Mexico, the Philippines, and the Caribbean to a licensed partnership model.
