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Forever 21 history
Forever 21 company history timeline
Forever 21 was incorporated in California in March 1987.
The first mall-based store was opened in 1989.
All were located within California until 1995, when one opened at Miami's Mall of Americas.
By 1997, there were 40 Forever21 stores.Today Forever21 has many different brands within the company, brands like Forever 21, Forever XXI, For Love 21 and Gadzooks.
"Garment Workers Sue Forever 21 Alleging LA Sweatshop Conditions," Associated Press State & Local Wire, September 6, 2001.
In 2003, Forever 21 bought a smaller rival, Reference Clothing Company, out of bankruptcy for $3.5 million.
The company opened its first overseas store in the United Arab Emirates in November 2004.
In December 2004, however, in response to concern of animal rights activists, the company announced it was no longer stocking fur items.
Forever 21 had revenues of $640 million in 2004, but it was about to get much larger as its acquisition binge continued.
——, "Gadzooks Creditors Try to KO Sale," TheDeal.com, March 15, 2005.
Brown, Rachel, "Fashion Retailer Forever 21 Goes on Expansion Rampage," Los Angeles Business Journal, July 10, 2006.
Another retailer abandoned the fickle teen market when Charlotte Russe Holding Inc. sold its Rampage stores to Forever 21 in 2006.
The chain didn’t respond to NREI’s request for an interview, but recent reports indicate that sales will likely reach $4.5 billion this year, a 15 percent increase from 2013.
Today there are 794 Forever 21 stores worldwide.Founders Jin Sook and Do Won "Don" Chang had a combined net worth of $5.9 billion at the company's peak in 2015, Forbes reported.
Forever 21 said in the filing that most of its international locations were unprofitable as of 2015 and that its stores in Canada, Europe and Asia were losing an average of $10 million per month in the past year.
The retailer has announced that it wants to become an $8 billion company by 2017, and to open 600 stores in the next three years.
By 2017, several new F21 Red stores were posting sales that were around 50 percent below company projections, internal sales reports show.
They were no longer billionaires as of July 2019, according to Forbes' estimates.
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"Forever 21, Inc. ." International Directory of Company Histories. . Encyclopedia.com. (June 21, 2022). https://www.encyclopedia.com/books/politics-and-business-magazines/forever-21-inc
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Forever 21 competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| American Eagle Outfitters | 1977 | $5.3B | 37,000 | 1,224 |
| Gap Inc. | 1969 | $15.1B | 117,000 | 34 |
| Nordstrom | 1901 | $15.0B | 74,000 | 1,555 |
| Talbots | 1947 | $1.3B | 8,737 | 1 |
| PacSun | 1982 | $797.8M | 10,300 | 1,048 |
| Coach | 1941 | $6.7B | 30,000 | - |
| Chico's FAS | 1983 | $2.1B | 18,500 | 1,674 |
| Neiman Marcus Group | 1907 | $4.9B | 13,500 | 513 |
| Anthropologie | 1992 | $5.6B | 5,012 | 1 |
| Aeropostale | 1987 | $1.8B | 21,007 | 599 |
Forever 21 history FAQs
Zippia gives an in-depth look into the details of Forever 21, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Forever 21. The employee data is based on information from people who have self-reported their past or current employments at Forever 21. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. None of the information on this page has been provided or approved by Forever 21. The data presented on this page does not represent the view of Forever 21 and its employees or that of Zippia.
Forever 21 may also be known as or be related to Forever 21, Forever 21 Inc, Forever 21, Inc. and SPARC Group LLC.