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Forever 21

 
Hoover's Profile: Forever 21, Inc.
Contact Information
Forever 21, Inc.
2001 S. Alameda St.
Los Angeles, CA 90058
CA Tel. 213-741-5100
Fax 213-741-5161

Type: Private
On the web: http://www.forever21.com

You don't have to be 21 or older to shop at Forever 21's stores -- you just need your wallet. The fast-growing retailer operates some 450 mainly mall-based stores in the US and Canada under the Forever 21, Forever XXI, and For Love 21 banners. The chain, which helped pioneer fast fashion, offers cheap and chic apparel and accessories for women and junior girls. Most of its trendy apparel is private label and made in Southern California. Forever XXI stores are larger than classic Forever 21 shops and offer men's and women's fashions, as well as lingerie, footwear, cosmetic items, and other accessories. CEO Don Chang and his wife founded the company as Fashion 21 in 1984.

Key numbers for fiscal year ending December, 2007:
Sales: $1,300.0M
One year growth: 23.8%

Officers:
CEO: Do Won (Don) Chang
SVP and CFO: Internet Retail

Competitors:
Charlotte Russe Holding
H&M
Wet Seal

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Wikipedia: Forever 21
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Forever 21, Inc.
Type Private
Founded 1984
Headquarters Los Angeles, California, U.S. 90057[1]
Key people Do Won (Don) Chang, CEO
Industry Apparel
Products Clothing, Accessories
Revenue 1.3 billion $ (2007)[2]
Website www.forever21.com

Forever 21 is an American chain of clothing retailers throughout the United States, Philippines, Canada, Singapore, Indonesia, Malaysia, United Arab Emirates, Jordan, Oman, Kuwait, Saudi Arabia, Bahrain, Thailand, China, South Korea, Japan, and Puerto Rico offering fashion and accessories for young women and men (teenagers). Most of the retailer's apparel is private label and made in the United States in Southern California, with the exception of their "Fabulous Finds", which are very cheap items imported from Vietnam. Forever 21 typically serves the same audience and competes with Urban Outfitters, Wet Seal, Deb Shops, and Charlotte Russe.


Contents

History

1984-2009

The chain, originally known as forever 21, was founded in Los Angeles, California in 1984 by Korean-American Do-Won Chang and his wife, Jin Sook. The first store , located at 5637 N. Figueroa St. in the Highland Park district of Los Angeles was only 900 square feet (84 m2); it is still in operation and bears the chain's original name. Originally called Fashion 21, trendy designs seen in South Korea were sold and targeted to the Los Angeles Korean Community. However, people from many other races and ethnicities began noticing the fashion forward designs, and the store became increasingly popular. By the end of the first year, sales had risen from $35,000 to $700,000. Fashion 21 eventually expanded at the rate of a new store every six months and changed the Fashion 21 brand name to Forever 21.

In 1989, Forever 21 opened its 11th store and first store located in a mall, at the Panorama Mall which is in Panorama City, CA. Forever 21 increased its presence by expanding the average size to 5,000 square feet (460 m2) per store. Since then, Forever 21 has been running specialty stores in major mall locations nationwide. In 1995, the company expanded their store in Miami's Mall of the Americas, this location was the first store outside of California.[3] Adding new stores every six months, Forever 21 had reached a total of 40 stores by 1997.

Creating its own prototype store in Northridge Fashion Center, Forever 21 has employed its proprietary design concepts to all its stores since. By this time Forever 21 also increased its average size to 9,000 square feet (840 m2) per store in prime spots of top tier malls.

Stores

The Forever 21 Retail Inc. owns and operates numerous stores in different formats. The stores are:

  • Forever 21: main and original store carrying women's clothing, accessories, swimwear, lingerie, and shoes.
  • Forever XXI: flagship mega store carrying merchandise from all store formats.
  • Heritage1981: offshoot format store carrying vintage clothing, accessories, and shoes for men and women.
  • Gadzooks21: women merchandise in smaller stores from the Gadzooks aquistion.
  • Reference: women merchandise in different store format from Reference acquisition.
  • For Love21: Accessory store.
  • Twelve by Twelve: Upscale Los Angeles inspired clothing.
  • Faith21: clothing for plus-size women
  • Love21: contemporary line for women
  • Twist by Forever: Newest Forever21 line carried out in 2009. Fashion with a twist of rocker and/or ballerina.

XXI Forever is the name for the newest, most improved stores throughout the country. Latest stores openings are XXI Forever, Forever21 still has openings of the original store, but as a big box, including the man's heritage line. Not only XXI stores carry the man's clothing line, but also the new store openings of Forever21 do as well.

Times Square Store

Plans are in the works to open a 90,000 square feet (8,400 m2) Forever 21 in Manhattan, in Times Square, in the space formerly occupied by the Virgin Megastore, in addition to some adjoining space.[4]

Controversy

In November 2001, factory workers producing clothing for the company called for a store boycott until working conditions and payroll improved. The lawsuit was dropped when Forever 21 paid the workers' back wages.[5] The matter was settled out of court and the company, which admitted no wrongdoing, agreed to take steps to ensure that its garments were not made in sweatshops.[2] In 2004, under pressure from PETA, Forever 21 agreed to stop selling clothing made with animal fur.[6] Forever 21 has also been accused of stealing designs from high-end fashion brands. Recently, designer Diane von Fürstenberg has filed a lawsuit against Forever 21 for duplicating her dress designs.[7] Since that time Furstenberg has settled with the company for undisclosed terms.[8] Singer and designer Gwen Stefani has filed a federal lawsuit against the fashion megachain, claiming the retailer illegally ripped off her Harajuku Lovers designs.[9] Designer Anna Sui has also filed a lawsuit against Forever 21 alleging that Forever 21 sold and offered for sale numerous women's fast fashion clothing items bearing a striking similarity to her products featured at the most recent New York Fashion Week shows.[10]

Forever 21 has also come under fire from the South Central Farmers and other California-based activist groups in a campaign known collectively as Never Forever 21.[11] The criticism is based on Forever 21’s involvement in a proposed deal with developer Ralph Horowitz to build a warehouse and distribution center on the land that was formerly the site of the South Central Farm.[12] Forever 21 has now come under fire for their refund policy. Items purchased in the store can only be returned for store credit; in fact, their registers are unable to credit items back to a credit card or to refund cash.

Bible reference

Forever 21 prints the biblical reference to John 3:16 at the bottom of their shopping bags due to the religious beliefs of the founder, Do-Won Chang.

References

External links


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Wikipedia. This article is licensed under the Creative Commons Attribution/Share-Alike License. It uses material from the Wikipedia article "Forever 21" Read more