Forever 21’s intellectual property is owned by Authentic Brands Group (ABG) following the closure of all 354 U.S. stores in April 2025. The U.S. operating entity filed for Chapter 11 bankruptcy in March 2025 — its second filing in six years. International stores and the brand website continue operating under separate licensing arrangements.
- Do Won Chang and Jin Sook Chang launched the first Forever 21 store in Los Angeles in 1984 with approximately $11,000 in startup capital.
- Annual revenue peaked at $4.4 billion in 2015, when the company operated roughly 800 locations globally and employed around 43,000 people.
- Simon Property Group, Brookfield Property Partners, and Authentic Brands Group purchased the company out of its first bankruptcy for approximately $81 million in February 2020.
- The U.S. operating company (F21 OpCo) filed Chapter 11 bankruptcy again in March 2025, closing all 354 remaining domestic stores by April 30, 2025.
- Forever 21 recorded cumulative losses exceeding $400 million during its final three fiscal years before the 2025 liquidation.
Who Owns Forever 21 in 2026
Authentic Brands Group now holds sole ownership of Forever 21’s trademarks and intellectual property. The brand’s U.S. brick-and-mortar retail presence is gone, but ABG has signaled it intends to license the brand to operators in other markets. The company’s international stores and e-commerce presence remain active outside the United States.
Simon Property Group, which co-managed operations through the SPARC Group joint venture alongside ABG, exited when SPARC reorganized into Catalyst Brands in December 2024 — a transaction that deliberately excluded Forever 21.
Forever 21 Origins, Founders and Early Years
Do Won Chang arrived in Los Angeles from South Korea in 1981, working multiple jobs before opening his first retail store in 1984. He and his wife Jin Sook operated the original location on Figueroa Street under the name “Fashion 21,” serving the local Korean-American community with low-cost, trend-focused clothing.
The concept spread quickly. Within the first year the store reportedly generated $700,000 in sales. By the 2000s the chain had expanded to malls across the United States, rebranded as Forever 21, and began targeting younger shoppers broadly — not just a single demographic. Revenue reached $4.4 billion in 2015 before the company’s overexpansion and failure to build a strong e-commerce presence began to catch up with it.
Largest Shareholders of Forever 21
Authentic Brands Group
- Sole owner of Forever 21 trademarks and IP as of 2025
- CEO: Jamie Salter
- Manages global licensing; brand continues internationally
- ABG portfolio includes Reebok, Brooks Brothers, Nautica, and others
Simon Property Group
- Held a 37.5% stake post-2020 acquisition
- CEO: David Simon
- Largest mall REIT in the United States
- Exited when SPARC merged into Catalyst Brands in December 2024
Brookfield Property Partners
- Held 25% stake from the 2020 acquisition
- Sold its interest in 2021 for $63 million
- Canadian-based commercial real estate firm
Shein
- Acquired roughly one-third minority stake in SPARC Group in 2023
- SPARC simultaneously held a minority stake in Shein
- Partnership did not reverse Forever 21’s financial decline
Who Was on the Board of Directors for Forever 21
Forever 21’s U.S. operating entity was governed through the SPARC Group structure from 2020 until its dissolution. Key figures across brand strategy, operations, and real estate shaped the company’s final chapter.
Brand Strategy
Led ABG’s acquisition of Forever 21’s intellectual property and oversaw brand licensing strategy. Salter publicly acknowledged in 2024 that acquiring Forever 21 was “probably the biggest mistake I made.”
Represented ABG’s brand direction for Forever 21 and issued statements on the brand’s future following the 2025 bankruptcy, noting that international operations and intellectual property were unaffected by the U.S. liquidation.
Operations and Finance
Served as CFO of the U.S. operating entity. Sell issued the official bankruptcy statement in March 2025, citing competition from Shein and Temu’s de minimis tariff advantage as the primary driver of the filing.
Co-led the Chapter 11 restructuring process for F21 OpCo. Court filings attributed to Coulombe described Forever 21 as “materially and negatively impacted” by Shein and Temu’s ability to import goods duty-free under the de minimis exemption.
Real Estate and Retail
Simon Property Group co-owned and co-managed Forever 21 through the SPARC Group joint venture. David Simon consistently characterized retail investments as secondary to the company’s core real estate business, and the REIT gradually reduced its exposure to retailer ownership throughout 2023 and 2024.
Forever 21’s Products and Services
Women’s Apparel
- Dresses, tops, jeans, and outerwear
- Activewear and loungewear
- Swimwear and seasonal collections
Men’s Clothing
- Casual shirts, hoodies, and basics
- Pants, shorts, and outerwear
- Graphic tees and seasonal styles
Children’s and Girls+
- Girls’ and boys’ apparel reflecting adult trends
- Younger sizes across most clothing categories
Bags, Jewelry and More
- Handbags, crossbody bags, and backpacks
- Earrings, necklaces, and rings
- Hats, scarves, and belts
Cosmetics and Skincare
- Makeup, brushes, and beauty tools
- Skincare and body care products
Shoes and Sandals
- Sneakers, sandals, boots, and heels
- Available through the online store and remaining international locations
How Did Forever 21 Get Its Name?
The brand’s name traces back to its founder’s view of 21 as the defining age of youth. Do Won Chang originally named the Los Angeles store “Fashion 21” in 1984, aiming to appeal to shoppers in their early twenties who wanted affordable, current styles. As the chain expanded nationally, the name became “Forever 21.”
Chang has described the number 21 as representing peak youth — energy, opportunity, and self-expression at their height. Adding “forever” turned the name into an aspirational promise: that customers could hold onto that feeling through accessible, trend-led clothing. The name also worked as a retail positioning signal, communicating youthful style at prices that didn’t require a high income. As the future of retail evolved, the brand’s name outlived the concept it represented.
Forever 21’s Mission and Brand Purpose
Forever 21 did not maintain a single formal mission statement, but the brand consistently described its purpose as making trend-driven fashion accessible regardless of budget. The company aimed to refresh inventory weekly, often faster than traditional retailers, so shoppers could wear what was current without paying department store prices.
The target customer was a teenager or young adult who followed trends closely but had limited spending power. In practice that meant low price points, high turnover of stock, and broad product coverage across clothing, accessories, and beauty. Following the 2020 acquisition, Authentic Brands Group and Simon Property Group repositioned Forever 21 toward e-commerce growth and international licensing — a shift that came too late to compete with Shein’s pricing model and digital-first reach.
FAQ
When did Forever 21 open its first store?
Do Won Chang and Jin Sook Chang opened the first store — then called “Fashion 21” — in Los Angeles in 1984. The store was rebranded Forever 21 as the chain expanded nationally through the late 1980s and 1990s.
Is Forever 21 still operational in 2026?
The U.S. operating company closed all 354 stores by April 30, 2025, following its second Chapter 11 bankruptcy filing. Authentic Brands Group retains the brand’s intellectual property, and Forever 21 continues operating internationally through licensing arrangements.
Who owns Forever 21 now?
Authentic Brands Group owns Forever 21’s intellectual property and trademarks. Simon Property Group and Shein previously held stakes in the U.S. operating entity, but that entity has been fully liquidated. ABG continues to license the Forever 21 name for international markets.
Is Forever 21 an American company?
Forever 21 was founded in Los Angeles in 1984 by Korean immigrants Do Won Chang and Jin Sook Chang. It operated as a U.S.-based private company throughout its history. Authentic Brands Group, which owns the IP, is also a U.S. company headquartered in New York.
What is Forever 21’s net worth and market cap in 2026?
Forever 21 is not publicly traded and has no market capitalization. The U.S. operating entity’s 2025 bankruptcy listed assets of $100 million to $500 million against liabilities of $1 billion to $10 billion. The brand’s value resides with Authentic Brands Group as a licensing asset.
