Forever 21 is a recognizable name in fast fashion. But many still wonder who owns Forever 21 today after its bankruptcy and restructuring. In this article, we explore the brand’s history, current ownership, executive leadership, and financial details.
History of Forever 21
Forever 21 began as a small store called Fashion 21 in Los Angeles in 1984. It was founded by Do Won Chang and his wife Jin Sook Chang. The couple had immigrated from South Korea just a few years earlier. Their first store catered mainly to the Korean-American community. But within a year, they expanded due to strong demand.
Over the years, Forever 21 grew into a fashion empire. It became known for trendy clothing at low prices. By the mid-2000s, it had hundreds of stores across the U.S. and internationally. However, rapid expansion, increased competition, and the shift to online shopping led to financial problems.
In September 2019, Forever 21 filed for Chapter 11 bankruptcy. This marked a turning point in the company’s history. It closed hundreds of stores and sought new ownership to restructure and survive.
Who Owns Forever 21: Shareholder List
After bankruptcy, Forever 21 was acquired by a group of companies in 2020. The buyers were Authentic Brands Group (ABG), Simon Property Group, and Brookfield Properties. These firms formed a joint venture to save the brand. Authentic Brands Group emerged as the lead owner and brand manager.
ABG is known for acquiring distressed retail brands and reviving them. Its stake in Forever 21 means it manages the brand’s identity, marketing, and licensing. Simon and Brookfield, both real estate giants, help operate physical store locations.
This strategic partnership allows Forever 21 to remain present in malls while reducing financial risks through shared ownership.
Here’s an overview of the major shareholders of Forever 21:
| Shareholder / Stakeholder | Ownership Stake | Role | Contribution to Forever 21 |
|---|---|---|---|
| Authentic Brands Group (ABG) | 37.5% (Direct in Forever 21) | Brand owner and manager | Oversees branding, marketing, licensing, and global expansion strategy |
| Simon Property Group | 37.5% (Direct in Forever 21) | Retail and mall property operator | Provides prime mall retail locations; co-founder of SPARC Group |
| Brookfield Property Partners | 25% (Direct in Forever 21) | Real estate and retail center owner | Offers retail footprint and support for brick-and-mortar operations |
| SPARC Group | Operational partner | U.S. operating joint venture (ABG + Simon) | Handles Forever 21’s retail, merchandising, and e-commerce operations in the U.S. |
| SHEIN | ~33% (of SPARC Group) | Strategic digital retail partner | Manufactures and distributes co-branded Forever 21 items through SHEIN’s global e-commerce platform |
| CVC Capital Partners | Indirect (part of 25% of ABG) | Private equity investor in ABG | Financial backer with board representation in ABG; influences strategic decisions at the parent company level |
| HPS Investment Partners | Indirect (part of 25% of ABG) | Institutional investment firm with equity in ABG | Supports financial stability and long-term investment strategy for ABG and its portfolio, including Forever 21 |
Authentic Brands Group (ABG)
Authentic Brands Group is the largest shareholder of Forever 21, holding a 37.5% stake in the brand’s intellectual property and operating businesses. ABG is a global brand development, marketing, and entertainment company that owns a diverse portfolio of over 50 consumer brands. Under the leadership of Founder, Chairman, and CEO Jamie Salter, ABG has revitalized numerous retail brands through strategic licensing and marketing initiatives.
For Forever 21, ABG focuses on trend-conscious design, speed to market, and sustainability, aiming to engage Gen Z consumers through targeted digital campaigns and influential collaborations.
Simon Property Group
Simon Property Group, a leading global retail real estate investment trust (REIT), also holds a 37.5% stake in Forever 21. As one of the largest mall operators in the United States, Simon provides strategic value to Forever 21 by offering retail space in high-traffic shopping centers.
Their involvement ensures that Forever 21 maintains a strong physical retail presence, which is crucial for the brand’s visibility and accessibility to consumers.
Brookfield Property Partners
Brookfield Property Partners owns the remaining 25% of Forever 21’s intellectual property and operating businesses. Brookfield is a global real estate company with a diverse portfolio of properties, including retail centers, office buildings, and logistics facilities.
Their stake in Forever 21 complements their extensive retail holdings, allowing for synergistic opportunities in property management and retail operations.
SHEIN
In August 2023, SHEIN, a global online fashion and lifestyle retailer, acquired an approximately one-third interest in SPARC Group, the joint venture responsible for Forever 21’s U.S. operations.
This strategic partnership allows SHEIN to design, manufacture, and distribute a line of Forever 21 apparel and accessories, including sportswear, activewear, and swimwear. The co-branded “Forever 21 x SHEIN” collection is available exclusively on SHEIN’s digital platforms in the U.S., parts of Europe, and Australia, leveraging SHEIN’s on-demand production model to reduce inventory waste.
CVC Capital Partners and HPS Investment Partners
In November 2021, private equity firms CVC Capital Partners and HPS Investment Partners purchased a combined 25% equity stake in Authentic Brands Group, the parent company of Forever 21.
This investment valued ABG at approximately $13 billion and provided the firms with seats on ABG’s board. While this indirect investment does not equate to direct ownership in Forever 21, it signifies a significant financial interest in the brand’s parent company and its portfolio of brands.
Who is the CEO of Forever 21?
Forever 21’s leadership has gone through several changes, especially after its bankruptcy and change in ownership. The current CEO is working under the SPARC Group structure, alongside Authentic Brands Group, Simon Property Group, and Brookfield Properties. Here’s a breakdown of current leadership and past CEOs.
Current CEO: Winnie Park
Winnie Park is the current CEO of Forever 21. She was appointed in January 2022 and brought with her over 20 years of experience in retail, branding, and e-commerce. Before joining Forever 21, she served as the CEO of Paper Source, where she successfully led the brand through digital transformation and retail expansion.
Winnie also held senior executive positions at Levi Strauss & Co., where she focused on global marketing and merchandising. Her international retail background also includes time at DFS Group, a division of LVMH, where she managed luxury and lifestyle brands.
At Forever 21, Winnie Park is responsible for:
- Overseeing global strategy and brand positioning
- Leading digital transformation and e-commerce growth
- Rebuilding consumer trust with Gen Z and millennial audiences
- Strengthening in-store experience and supply chain efficiency
She works closely with SPARC Group’s executive team and ABG’s brand management board to align on long-term goals.
Decision-Making Structure
Forever 21 operates under the SPARC Group umbrella, a joint venture between Authentic Brands Group and Simon Property Group. As CEO, Winnie Park reports to the board of SPARC, which collaborates with ABG’s leadership on brand development and retail licensing.
Jamie Salter, CEO of Authentic Brands Group, is influential in overall brand strategy and licensing deals. Operational decisions, store performance, and hiring are managed within SPARC’s retail-focused structure. Brookfield and Simon Property Group offer guidance on physical retail operations, while strategic growth decisions are made jointly across these entities.
Past CEOs of Forever 21
Do Won Chang (1984 – 2020)
Do Won Chang co-founded Forever 21 with his wife Jin Sook Chang in 1984. He served as CEO for most of the company’s history. Under his leadership, Forever 21 expanded from a single store in Los Angeles to an international fast-fashion empire with over 800 stores at its peak.
Chang was deeply involved in every part of the business — from merchandising to store layout. However, critics pointed to the company’s lack of digital innovation and overexpansion as causes for its eventual decline. Chang stepped down following the 2019 bankruptcy.
Daniel Kulle (2020 – 2021)
Daniel Kulle was appointed CEO of Forever 21 after its acquisition by ABG and SPARC Group in 2020. He previously worked at H&M for over 25 years, including serving as President of H&M North America. His goal was to modernize Forever 21’s supply chain, focus on sustainability, and improve product quality.
However, Kulle’s tenure was short-lived. In early 2021, he departed due to strategic differences, and leadership duties were briefly absorbed by the SPARC Group executive team while the company searched for a long-term CEO.
Interim Leadership (2021)
After Kulle’s exit and before Winnie Park’s appointment, Forever 21 operated without a formal CEO. Instead, a collective of SPARC Group executives, along with ABG brand leads, managed operations. This period was focused on stabilizing operations and searching for a CEO aligned with digital innovation and consumer engagement.
Annual Revenue and Net Worth of Forever 21
Forever 21’s financial trajectory has experienced significant fluctuations over the years. At its zenith in 2015, the company was valued at approximately $6 billion. However, by 2025, this valuation has seen a substantial decline.
In 2024, Forever 21 reported a loss of $150 million. The company’s online sales were projected to reach $904.84 million in 2025, indicating a continued struggle to regain its former market position.
As of April 2025, Forever 21 filed for Chapter 11 bankruptcy for the second time in six years. In its bankruptcy filing, the company reported assets estimated between $100 million and $500 million, while liabilities ranged from $1 billion to $10 billion. This significant disparity between assets and liabilities underscores the financial challenges the company faces.
The company’s financial decline can be attributed to several factors, including intense competition from online retailers like Shein and Temu, rising operational costs, and a failure to adapt to changing consumer preferences.
Here is a historical summary of Forever 21’s estimated annual revenue and net worth:
| Year | Estimated Annual Revenue | Estimated Net Worth | Notes |
|---|---|---|---|
| 2015 | $4.4 billion | ~$6 billion | Peak of Forever 21’s global expansion with over 800 stores worldwide |
| 2016 | $4.0 billion | ~$5.5 billion | Revenue declined slightly due to rising competition and saturation |
| 2017 | $3.8 billion | ~$5.0 billion | Slower growth; online retail begins to impact foot traffic |
| 2018 | $3.4 billion | ~$4.0 billion | Financial pressures mount from store leases and declining margins |
| 2019 | $3.1 billion (pre-bankruptcy) | ~$1.5 billion | Files for Chapter 11 bankruptcy in September 2019 |
| 2020 | ~$1.2 billion | ~$800 million | Operations shrink; new ownership by ABG, Simon, and Brookfield begins |
| 2021 | ~$1.4 billion | ~$1 billion | Stabilization under SPARC Group; modest rebound in digital sales |
| 2022 | ~$1.5 billion | ~$1.2 billion | Revenue holds steady as recovery continues |
| 2023 | ~$1.3 billion | ~$900 million | Faces renewed competition from Shein, Temu, and Gen Z shifts |
| 2024 | ~$1.0 billion (loss of $150M) | ~$500 million | Heavy losses reported; financial stress returns |
| 2025 | ~$950 million (projected) | Between $100M – $500M | Filed Chapter 11 bankruptcy again in March 2025; exploring asset sale |
Brands Owned by Forever 21
Here’s a detailed breakdown of the brands owned by Forever 21, each formatted as its own subsection:
| Brand/Sub-Brand | Focus Area | Target Audience | Key Features |
|---|---|---|---|
| XXI Forever | Core fast fashion | Teens and young adults | Flagship line with trend-driven styles, often used in flagship store branding |
| Forever 21 Men | Menswear | Young men (18–30) | Urban casualwear, streetwear, and accessories at affordable prices |
| Forever 21 Plus | Plus-size fashion | Plus-size women (16–30+) | Stylish, size-inclusive clothing including dresses, denim, and lingerie |
| Forever 21 Girls | Kids/tween apparel | Girls ages 6–14 | Age-appropriate fashion with fun prints and trendy colors |
| Riley Rose (retired) | Beauty and lifestyle | Gen Z beauty consumers | Former beauty sub-brand with indie cosmetics, now partly integrated in stores |
| 21Men Active | Activewear for men | Active young men | Affordable gym and workout gear; sporty streetwear crossover |
| Forever 21 Active | Activewear for women | Active women (18–35) | Leggings, sports bras, and performance wear in fast fashion styles |
XXI Forever
XXI Forever is one of Forever 21’s original sub-brands and is often used as an alternate logo or store branding. It represents the core collection of Forever 21 and usually features trend-driven apparel for women and men. The name “XXI” refers to the Roman numeral for 21, reinforcing the brand’s youth-focused identity.
XXI Forever sections are typically seen in flagship locations and carry the most up-to-date, trend-based fashion. It includes everything from party dresses to casual staples, and often sets the tone for the seasonal direction of the rest of the brand.
Forever 21 Men
Forever 21 Men was launched to cater to the growing demand for affordable menswear. It includes urban streetwear, casualwear, outerwear, and accessories for young men. While it initially had its own dedicated space in some stores, in most locations it’s integrated as a section within the main store.
The brand aims to compete with fast-fashion menswear options from H&M, Zara, and online marketplaces like ASOS and Shein. Forever 21 Men also includes activewear, graphic tees, and seasonal collections.
Forever 21 Plus
Forever 21 Plus is a line dedicated to plus-size women, featuring the same trendy styles offered in the main line but in extended sizes. It includes dresses, jeans, tops, lingerie, and swimwear designed for body inclusivity.
The launch of Forever 21 Plus helped the brand reach a wider audience and address criticisms about size diversity in fast fashion. It remains one of the better-performing categories, especially in online sales.
Forever 21 Girls
Forever 21 Girls targets younger shoppers, generally ages 6–14. This brand extension includes fun, colorful, and age-appropriate fashion for tweens and preteens. It offers tops, skirts, jeans, and accessories that align with current youth trends while maintaining child-friendly designs.
Forever 21 Girls is typically found online and in select stores with family-focused foot traffic. It competes with brands like Justice and The Children’s Place.
Riley Rose (Former Sub-brand)
Riley Rose was a beauty and lifestyle concept created by Forever 21 and launched in 2017. It focused on cosmetics, skincare, and home goods targeted at Gen Z consumers. Riley Rose stores featured pastel interiors and carried indie beauty brands, offering a more immersive shopping experience.
While the brand initially showed promise, it struggled with scalability and closed all standalone stores by 2019. However, Riley Rose products and select displays were later integrated into Forever 21’s beauty section.
21Men Active / Activewear
Forever 21 also developed in-house activewear lines, sometimes branded as 21Men Active for men and Forever 21 Active for women. These lines offer budget-friendly athletic apparel, including leggings, joggers, sports bras, and gym tops.
Final Words
Forever 21 has gone through massive changes since its early days. Once a family-owned business, it is now part of a larger retail group. So who owns Forever 21 today?
A joint venture between ABG, Simon Property Group, and Brookfield Properties. With ABG in the lead, the brand is focused on modern retail strategies and global licensing. Under CEO Winnie Park, it is trying to balance online growth with a physical store presence.
FAQs
Who owns Forever 21 in 2025?
Forever 21 is owned by a joint venture including Authentic Brands Group, Simon Property Group, and Brookfield Properties, with ABG holding the largest share.
Is Forever 21 still family-owned?
No. The Chang family no longer owns or manages Forever 21. Ownership transferred after the 2020 bankruptcy.
Who is the majority owner of Forever 21?
The majority owner of Forever 21 is SPARC Group LLC, a joint venture between Authentic Brands Group (ABG) and Simon Property Group. ABG holds the controlling interest and manages brand development and licensing, while Simon focuses on retail real estate operations.
Does Shaq own Forever 21?
Yes, Shaquille O’Neal is a minority owner in Authentic Brands Group (ABG), which is the controlling stakeholder of Forever 21. Through his investment in ABG, Shaq has partial indirect ownership of Forever 21, along with over 50 other brands.
Is Forever 21 owned by Aditya Birla?
No, Forever 21 is not currently owned by Aditya Birla Group. However, Aditya Birla Fashion and Retail Ltd. (ABFRL) operated Forever 21’s franchise in India for several years. As of 2023, Aditya Birla has exited the Forever 21 India business.
Why did Forever 21 fail?
Forever 21 faced multiple challenges, including overexpansion, poor digital adaptation, inventory mismanagement, and a shift in consumer preferences. Its fast-fashion model also lost ground to online-first competitors like Shein and ASOS. These issues led to Chapter 11 bankruptcy filings in both 2019 and again in 2025.
Is Forever 21 Korean-owned?
No, Forever 21 is not Korean-owned. It was founded by Korean-American immigrants, Do Won and Jin Sook Chang, but is now owned by the U.S.-based SPARC Group, backed by ABG and Simon Property Group.
Who is the old owner of Forever 21?
The original owners of Forever 21 were Do Won Chang and Jin Sook Chang, a husband-and-wife team who launched the brand in 1984. They owned and operated it until its first bankruptcy in 2019, after which it was sold to ABG and partners.
Who are the largest shareholders of Forever 21?
The largest shareholders are:
- Authentic Brands Group (ABG) – majority controlling shareholder
- Simon Property Group – significant minority investor
- Brookfield Properties – retail real estate investor
- Shaquille O’Neal – minority shareholder through his stake in ABG
Why is it called Forever 21?
Forever 21 was named to reflect the youthful spirit of being 21 years old — an age associated with freedom, independence, and fashion-forward style. The founders believed customers would want to feel “forever” young and trendy.
How much is the owner of Forever 21 worth?
As of 2025:
- Do Won Chang and Jin Sook Chang are no longer owners. At their peak, their net worth was over $4 billion, but this declined sharply after the 2019 bankruptcy.
- Authentic Brands Group (the current majority owner) is valued at over $20 billion.
- Shaquille O’Neal has an estimated net worth of $400 million, with a stake in Forever 21 through ABG.
Who owns Forever 21 in the United States?
In the United States, Forever 21 is owned and operated by SPARC Group, a joint venture between Authentic Brands Group and Simon Property Group. All U.S. retail operations fall under this partnership.
Who owns Forever 21 Shaq?
Shaquille O’Neal owns a minority stake in Forever 21 through his investment in Authentic Brands Group. While not the sole or majority owner, he is one of the high-profile partners in the brand’s ownership.
Where is Forever 21 located?
Forever 21 is headquartered in Los Angeles, California, United States. It operates stores across North America, Latin America, Asia, and the Middle East. The brand is also sold online worldwide through its global e-commerce platform.
Where did Forever 21 originate?
Forever 21 originated in Los Angeles, California, in 1984. The first store, originally called Fashion 21, was located on Figueroa Street and catered to the local Korean-American community before rapidly expanding.
What is Forever 21 new ownership?
The new ownership structure, as of 2020, includes:
- Authentic Brands Group (majority brand owner)
- Simon Property Group (retail operations partner)
- Brookfield Properties (minor investor). They acquired Forever 21 out of bankruptcy and now operate it under the SPARC Group.
Who owns the Forever 21 brand?
The Forever 21 brand is owned by Authentic Brands Group (ABG). ABG oversees brand licensing, international expansion, and marketing, while retail operations are handled by SPARC Group in collaboration with Simon Property Group.
Who founded Forever 21?
Forever 21 was founded by Do Won Chang and Jin Sook Chang, Korean immigrants who opened the first store in Los Angeles in 1984. The couple built it into a multi-billion-dollar global fast-fashion empire before losing control in 2019.
What is Forever 21 background information?
Forever 21 is a U.S.-based fast-fashion retailer founded in 1984. It grew rapidly by offering low-cost, trend-driven apparel targeted at teens and young adults. At its peak, it had over 800 stores worldwide. The brand filed for bankruptcy in 2019 and again in 2025. It is now owned by Authentic Brands Group and Simon Property Group, operating under the SPARC Group. Forever 21 has shifted focus toward digital retail, global licensing, and smaller format stores.