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About Forever 21
Forever21, or F21, is an American fashion retail chain headquartered in Los Angeles with sales in excess of $3 billion annually. The retailer began in Los Angeles with a small store in 1984, and quickly grew their line to include Forever 21, Love 21, Heritage, and XXI. They now operate more than 600 stores globally. Their products are generally lower cost, falling into the "fast fashion" veritcal of clothing. Many of their shoppers are young women, though many people also mix F21 merchandise with more expensive clothing for a sort of high/low look.
The retailer is widely known for its on trend products at reasonable price points, though they frequently offer sales as well. F21's line includes clothing, accessories, and beauty products for women, men, and girls.
Some of their competitors include brands like H&M and Charlotte Russe. F21 is also known for its fashion forward products and its excellent use of platforms like Instagram to engage fans. Though their pricing is quite reasonable, special events can help make the products even more affordable.
Do "Don" Won Chang and his wife, Jin Sook Chang, founded the company after emigrating in 1981 from South Korea to the United States. Seeing that retailers were earning a lot of money, Don decided to enter the garment business. Originally naming the store Fashion 21, he later changed to it Forever 21. The early store as well was known for great sales and they continue to make the product highly affordable, which has helped them maintain sales volume despite the economic downturn. Don remains the Chief Executive Officer and Jin Sook continues to operate in her role as the Chief Merchandising Officer. Their success has grown their net worth to over $5 billion, earning them a spot on Forbes' World's Billionaires List. As a family business, their daughters Esther and Linda also joined the company in 2009 to handle visuals and marketing, respectively. The original Fashion 21 store was located at 5637 N. Figueroa Street in Los Angeles' Highland Park district. This store remains open and still uses the original name, though the other stores continue to operate under the parent brand. The great value proposition, in terms of affordable merchandise that is on trend and regularly updated, continues to make their retail stores and online stores very price competitive with other companies.
They initially focused on designs similar to those found in South Korea, and targeted the Korean American community in Los Angeles. This was successful, and the store earned over $700,000 in its first year. By 2013, Don and Jin Sook were operating over 480 stores generating over $3.7 billion annually. Over time, the company has expanded to include clothes for men and women, but they continue their tradition of making affordable, on trend merchandise available to their younger and more fashionable, but price conscious, audience.