Goodbye Forever
Forever 21, was once young shoppers’ top choice for trendy cheap fashions, are currently filing for bankruptcy. The emergence of other e-commerce and fast-fashion players like Zara, H&M, and Pomelo has led to the downfall of its store chains around the globe. The company has closed more than 170 US stores and most of its stores in Asia and Europe market.
Founded in 1984, the company built by a Korean couple had a mission of delivering trendy clothing at a relatively affordable price. Products were mass-produced with the latest designs and frequent updates. They guaranteed you would see new designs every time you walk into the store. The brand then successfully dominated the young community in its first few years and continuously expanding their fashion empire after that.
Forever 21 never noticed that their business had nearly come to the end of the road. E-commerce and fashion retail giants have changed the game. Young shoppers are shifting to online shopping and more aware of high-quality garments. US$5 t-shirts, which could be worn only a few times before being tossed out, have lost much of the young market excitement. The sales drop and the company’s never-ending expansion have outweighed their finances and provide nothing but an exit door.
This is not the end of the journey, the company spokesman said. The stores in Mexico and Latin America will continue its operation. The restructuring is still in progress, but they believe it will turn around the business.
Well, we hope that it’s not goodbye forever.
