What is your feedback for forever21 com
Of course, the shops were a paradise for the stingy-is-cool generation: a top in trendy colors for five dollars, jeans for 7.90 dollars, an undershirt from the "Basics" collection for 1.90 dollars. Fashion retailer Forever 21 was a dream for all young people - and those who wanted to be young forever (hence the company name). It was the customers who preferred quantity rather than class when it came to fashion and who wanted as many clothes as possible in their closets, where it practically didn't matter if they broke quickly - and who cared little about the circumstances under which they were used were produced.
This dream has only been over since Sunday, the company Forever 21, which also had branches in Germany, applied for bankruptcy protection under the rules of Chapter 11. Companies are obliged to reorganize their finances, which is monitored by a court, if they run out of money, and that is exactly the case with Forever 21: The South Korean couple Do Won and Jin Sook Chang founded the company 35 years ago and as a symbol of the American Dreams, three years ago sales were $ 4.4 billion. Last year it was only $ 3.3 billion, the restructured company should still turn over 2.5 billion per year, and 350 branches worldwide should be closed. The chain has already largely withdrawn from Germany, for example.
Not an isolated case: the fashion industry is struggling hard, the upheavals are great, recently Abercrombie & Fitch had significant problems. On the one hand, more and more customers order almost exclusively online, from Amazon or from fashion retailers such as Zalando in Germany. At the same time, the competition is tough, especially from very large chains such as H & M or Zara. And trends are changing rapidly: fast, cheap fashion is no longer "in" everywhere, but sustainable and environmentally friendly products are in trend, rental platforms and second-hand fashion are growing. Sporting goods companies such as Nike and Adidas are pushing more and more into the fashion industry. Even expensive brands are fighting. In Germany, for example, the women's fashion retailer Gerry Weber went down on his knees.
The Forever 21 insolvency proceedings are also a signal that the fast fashion business model, i.e. a rapid change in the range, can now be problematic. It thrives on the fact that customers keep coming back to the shops, which they no longer do because they order online. Online sales at Forever 21 were just 16 percent. In addition, cheap brands now have a more difficult position in shopping centers because they are developing into adventure centers with fitness studios and trendy lifestyle boutiques.
In the past there have always been minor and major scandals
According to a study by Coresight Research, 8,567 retailers have already closed their stores this year - this is not good news for landlords in low-cost shopping centers who did not receive payments from Forever 21 in September. "It's another nail in the coffin of these landlords who recently lost chains like Sears, Macy's and Penney's," said Mark Cohen, professor of retail at Columbia Business School New York Times: "But it is a wound that everyone inflicted on themselves." Fast fashion companies like Zara are still profitable, and greed is still cool. Forever 21, on the other hand, grew too quickly.
The big cut is now planned for Forever 21: up to 178 stores in the USA would now be closed, international locations in Europe and Asia also given up. Forever 21 had more than 800 stores in 57 countries, according to bankruptcy records, with more than 500 in the United States alone. At Forever 21 there had been minor and major scandals over and over again in the past few years. The dispute over the working conditions of workers in California, for example, who paid Forever 21 less than the legal minimum wage because the company presented itself as a retailer and not a manufacturer, was settled out of court, as were the lawsuits by designers such as Diane von Furstenberg for violating the Copyright. Singer Ariana Grande is currently suing Forever 21, claiming that the company makes their models look like Grande in the video for the song "7 Rings".
"We expanded into 47 countries in just six years and expanded our range, it was very complicated," says Linda Chang, daughter of the company's founder and vice president, adding: "My parents created a great brand. Who thinks of fast fashion, only a few companies have it in mind. It's pretty great that we are part of it. " At least still.
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