Who Founded Forever 21
Forever 21 was founded by Do Won Chang and Jin Sook Chang, a married couple who immigrated from South Korea to the United States in 1981. They opened their first retail store in Los Angeles in 1984 under the name Fashion 21, which later became Forever 21 as the brand expanded nationwide.
The Changs built the company into a fast-fashion empire with hundreds of stores across the U.S. and international markets. Their business model focused on trendy clothing at low price points, which helped Forever 21 become one of the most recognized fast-fashion brands in the world during the 2000s and early 2010s.
Who Owns Forever 21 Now
Forever 21 filed for Chapter 11 bankruptcy in September 2019 and was subsequently acquired by Simon Property Group and Brookfield Asset Management in a joint venture. The private equity firms purchased the brand out of bankruptcy and took over operations, restructuring the company to focus on a smaller, more profitable footprint.
Today, Forever 21 operates under the ownership of the joint venture between Simon Property Group, the largest U.S. REIT by retail space, and Brookfield Asset Management, a global alternative asset manager. The brand continues to operate stores and sell apparel online under this ownership structure.
Forever 21 Business Structure and Current Operations
After the bankruptcy restructuring, Forever 21 reduced its store count significantly and shifted focus to digital sales and smaller-format locations. The company now operates primarily as an online retailer with select physical stores, reflecting the broader industry trend toward omnichannel retail.
The brand competes in the fast-fashion space alongside companies like H&M, Zara, and Shein, and its ownership by major real estate and asset management firms ties its strategy closely to retail property trends. Investors tracking retail real estate and consumer discretionary sectors monitor Forever 21 as a case study in brand turnaround and restructuring.