Forever 21 Appointed H&M Former CEO As Chief Executive Officer.

According to the WeChat public number of fashion business Daily, today (February 26th) morning, Authentic Brands Group, one of Forever's 21 new businesses, said on Tuesday that it had appointed H&M original executive Daniel Kulle as the new chief executive of Forever 21.

It is understood that Daniel Kulle has a wealth of fast fashion related experience, prior to H&M group's former chief executive Karl-Johan Persson's strategic adviser.

Since the news of bankruptcy in June last year, the dynamics of Forever 21 have attracted much attention.

In early June 2019, there was news that Forever 21 was on the verge of bankruptcy, but officials had not responded to the news. In September 12th, foreign media said Forever 21 intends to apply for bankruptcy protection on 15, but the official denied it! In addition, there is news that Forever 21 will transfer part of its shares to Simon Property Group and Brookfield Property Group. It is speculated that Forever 21 wants to get rent relief to reduce the high rent pressure.

However, in the past half a month, Forever 21 officially announced bankruptcy protection to the United States to restructure its business. According to the application documents, Forever 21 will terminate the business of 40 countries, mainly including most Asian markets and European markets, and the US market is expected to close 178 stores. At the same time, Forever 21 also received a blood transfusion of 350 million dollars, which will be used in the reform and operation of the US market and the growth of overseas markets.

In mid February this year, Forever 21, which was on the verge of bankruptcy, came to the news of "salvation".

Foreign media said the brand management company Authentic BrandsGroup will acquire 37.5% of Forever 21 with Simon Simon (real estate Property), and Brookfield Property will buy 25% shares, and three parties will contribute 81 million 100 thousand dollars. Because at the same time, it also has to bear the brand debt. The actual transaction cost is about $300 million.

The three new owners of Forever 21 said they hope to expand with all partners in Europe, the Middle East and Southeast Asia as well as China. In addition, Forever 21 448 stores in the United States continue to operate. In the future, the senior management team will be ready to rebuild the brand.

It should be noted that among the three new owners of Forever 21, two of them are real estate developers who will take over Forever 21.

Welcome to the new business, H&M former executives as new CEO... There are signs that Forever 21 seems to be ushering in a new situation. However, with the change of people's consumption concept and the enhancement of environmental awareness, fast fashion brands are becoming more and more difficult to please young consumers. It is not known whether Forever 21 can "regain new life".