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Foundation
Jin Sook and husband Do Won "Don" Chang emigrated from South Korea to Los Angeles. Three years after the move they started a business called Fashion 21. -
1 year of business
Within the first year of running the business, they made ($700,000) in sales. Jin Sook was a hair dresser in South Korea so she knows everything about the trends going on. Which made it easier for her to easily jump into the competitive industry. -
International Opening
In 1989, Fashion 21 turned into forever 21. Once the name was changed the first mall was built in Panorama City, California. In 2001 Forever 21 opened it first international store in that mall. -
How its going
By 2010 Forever 21 was high in industry and had 500 stores across the U.S which left the Chang's with being the 79th richest people in America. -
Company Peak
In 2015 the company peaked with $4.4 billion in sales from more than 600 stores. The Chang's were good with switching inventory quick and keeping it trendy and prices low. -
Competition
Forever 21 began to have many lawsuits from labor departments and copyright infringement. Then they had a big competition come to the top. That store is called H&M. Leaving Forever 21 downsizing and closed stores in Amsterdam, Dublin, and the UK as well as a bunch in North America. -
Forever 21 trying to come back
In the first quarter of 2019, H&M posted a 10% increase in sales. During this time of H&M rising, Forever 21 was trying to reconstruct their business with a private equity firm. -
End of the line
The company employs about 32,800 after the closing of all the other ones. I guess they didn't treat the employees right and they didn't pay the all that well. However the Chang's stopped paying rent to the malls and strip store places just to preserve the capital. -
Falling Apart
In July 2019, the Chang's were not billionaires anymore and the fortune combined was $1.6 billion. In September 2019 Forever 21 had announced that they had filed for bankruptcy protection.The company closed stores in Canada, Japan, Most of its stores in Europe and Asia and they are hopeful to keep business going everywhere else. -
Where is it now
(Forever 21)
is still a store to this day but it is in the hands of different owners. Up to Three companies have announced they are aimed for teens and young people.
