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Forever 21 sold

Eurobuild CEE 21 February 2020
Forever 21 sold
Forever 21 has a store in Złote Tarasy in Warsaw
WORLD Authentic Brands Group [ABG] has announced the acquisition of fashion retailer Forever 21. ABG and Simon Property Group will each own 37.5 pct, while Brookfield Property Partners will own 25 pct of the business.

This acquisition further diversifies ABG's brand port folio, which is now worth USD12.5 bln in global annual retail sales.

"Forever 21 is a powerful retail brand with incredible consumer reach and a wealth of untapped potential," said Jamie Salter, the founder, chairman, and CEO of ABG. "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."

The new ownership group will work with existing and new partners to expand Forever 21 across key territories, including South America, Western and Eastern Europe, China, Southeast Asia, Middle East, and India.

The brand was sold by its founders Jin Sook and Do Won Chang after entering chapter 11 insolvency in the US.

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