Forever 21 is owned by Authentic Brands Group, which holds the trademark and intellectual property of the brand. In March 2025, the U.S. operating company F21 OpCo filed for Chapter 11 bankruptcy and began winding down all American stores, ending physical retail operations in the country.
- Forever 21 generated about $700,000 in revenue during its first year of operation in 1984.
- The retailer recorded peak global sales of $4.4 billion in 2015.
- F21 OpCo operated roughly 350 U.S. stores at the time of the 2025 bankruptcy filing.
- The 2020 acquisition by Simon Property Group, Brookfield Properties and Authentic Brands Group cost $81 million.
- Forever 21 lost more than $400 million across the three fiscal years preceding its 2025 bankruptcy filing.
Who Owns Forever 21?
Authentic Brands Group owns the Forever 21 trademark and intellectual property. The U.S. operating company, F21 OpCo, ran retail operations under a brand licensing agreement until the March 2025 Chapter 11 filing.
The Licensing Structure
F21 OpCo sat inside Catalyst Brands, which also manages JCPenney, Aéropostale, Brooks Brothers and Lucky Brand. Authentic Brands keeps the brand alive through licensing partners outside the U.S.
Forever 21 Origin, Founders and Early Years
Do Won Chang and Jin Sook Chang, married South Korean immigrants, opened a 900-square-foot store called Fashion 21 on Figueroa Street in Highland Park, Los Angeles, on April 16, 1984.
Building From $11,000 in Savings
The couple started with $11,000 saved from working multiple jobs. Do Won took shifts as a janitor, gas station attendant and coffee shop worker, while Jin Sook worked as a hairdresser. The first store earned $700,000 in its opening year.
Rebrand and Expansion
The store was renamed Forever 21 in 1987 to widen its appeal beyond the Korean-American community. The Changs opened a new location every six months and entered mall retail in Panorama City, California, in 1989. Their family-run business model kept daughters Linda and Esther involved in operations.
Largest Shareholders of Forever 21
Authentic Brands Group
- Owns the Forever 21 trademark and IP rights
- Held a 37.5% stake under the SPARC joint venture
- Continues licensing the brand to operators worldwide
- CEO Jamie Salter has called the buyout his “biggest mistake”
Simon Property Group
- Largest U.S. mall operator and SPARC co-owner
- Held a 37.5% stake in the venture
- Listed on NYSE under ticker SPG
- Headquartered in Indianapolis, Indiana
Shein
- Acquired a roughly one-third stake in SPARC Group in 2023
- Privately held by founder Sky Xu and investors
- Joint venture exchanged minority stakes both ways
- Cited in court filings as a competitor that undercut F21
Brookfield Properties (former)
- Held the remaining 25% stake from 2020
- Sold its position for $63 million in 2021
- Exit left SPG and ABG as the controlling owners
- Operates as a major commercial real estate firm
Who Is on the Board of Directors for Forever 21?
Forever 21 itself was a private operating entity. Governance flowed through the boards of its parent owners. The directors below shaped its post-2020 strategy.
Brand Licensing Leadership
Jamie Salter
Founder, Chairman and CEO of Authentic Brands Group. Built the licensing firm from 2010 into a portfolio of 50+ brands generating $38 billion in annual retail sales.
Matt Maddox
Named President of Authentic Brands Group, set to take over operations from Salter within two years per a 2025 WWD interview.
Real Estate and Mall Operations
Eli Simon
CEO and President of Simon Property Group since March 2026, also serving as COO and director. Took the role following the death of David Simon.
Larry Glasscock
Non-Executive Chairman of Simon Property Group’s Board, appointed in March 2026 to separate the chairman role from the CEO position.
Richard S. Sokolov
Vice Chairman of Simon Property Group and a Class B director, with decades of experience in shopping center operations.
Operations and Restructuring
Stephen Coulombe
Co-Chief Restructuring Officer of F21 OpCo. Filed court papers describing how Shein and Temu’s use of the de minimis exemption hurt the business.
Brad Sell
Chief Financial Officer of F21 OpCo. Stated the company could not find a sustainable path forward against foreign fast-fashion competition.
How Did Forever 21 Get Its Name?
The store first opened as Fashion 21 in 1984, named for its target customer: young Korean-American women in their early twenties. The number reflected the retail concept of dressing the 21-year-old shopper.
By 1987, Do Won Chang wanted to broaden the customer base outside the Korean-American community. He renamed it Forever 21 because young adults associated the age 21 with independence, while older shoppers remembered it as a time before adult responsibilities.
The name aimed to capture both groups under one banner. It worked well enough that the chain grew from one store to hundreds within three decades, keeping the youthful, aspirational positioning at the core of the brand identity.
Forever 21 Mission Statement
Forever 21 positioned itself around bringing trend-driven apparel to a young, value-conscious customer at accessible prices. The company promised quick turnover of styles, restocking new looks every six to eight weeks to keep pace with runway shows and street fashion.
Internal communications often referenced founder Do Won Chang’s view that fashion timing was everything: too late and the trend had passed, too early and customers had not caught on yet. That speed-to-market thinking shaped buying and merchandising.
Beyond commerce, the Changs were openly Christian, and the brand printed the verse “John 3:16” on the bottom of its yellow shopping bags. The reference reflected the founders’ personal faith rather than a stated corporate mission.
Forever 21 Products and Services
Women’s Apparel
- Dresses, tops, bottoms and outerwear
- Core demographic: teens and young women
- Largest revenue segment historically
- Plus-size line launched in 2009
Men’s Apparel
- Added to the lineup in 2006
- T-shirts, hoodies, jeans and accessories
- Sold under the Forever 21 Men sub-brand
- Smaller share of overall sales
Accessories and Jewelry
- Earrings, necklaces, bracelets and rings
- Bags, scarves, hats and sunglasses
- Low-priced items driving impulse purchases
- High-margin category for the retailer
Beauty and Cosmetics
- Riley Rose beauty chain launched in 2017
- Makeup, skincare and fragrance
- K-beauty and indie brand curation
- Riley Rose was later wound down
Children’s Clothing
- Forever 21 Girls offered apparel for younger shoppers
- Coordinated with women’s seasonal trends
- Part of broader family-shopping push
- Sold across U.S. and international stores
E-commerce and Licensing
- Online sales via forever21.com
- Wholesale partnership with JCPenney
- International licensee operations in Mexico and other markets
- Collaborations with Hervé Léger and Sports Illustrated
FAQ
Who currently owns Forever 21?
Authentic Brands Group owns the Forever 21 trademark and intellectual property. The U.S. operating company F21 OpCo filed for Chapter 11 bankruptcy in March 2025 and is winding down American stores. International licensees still operate the brand abroad.
When did Forever 21 come out?
Do Won Chang and Jin Sook Chang opened the first store as Fashion 21 on April 16, 1984, in the Highland Park district of Los Angeles. The store was renamed Forever 21 in 1987 to broaden its appeal.
Is Forever 21 still operational?
Forever 21’s U.S. retail operations are shutting down as of 2025 through court-supervised liquidation. International stores continue under separate licensing agreements, and the brand survives online through Authentic Brands Group’s licensing model.
Is Forever 21 an American company?
Yes. Forever 21 was founded in Los Angeles, California, in 1984 by Korean-American immigrants. Its trademark is now held by Authentic Brands Group, headquartered in New York City.
What is the net worth of Forever 21?
Forever 21 is a private brand without a public market cap. F21 OpCo’s bankruptcy filing listed assets of $100 million to $500 million and liabilities of $1 billion to $10 billion in March 2025.
Forever 21 market cap in 2026
Forever 21 has no market capitalization because the brand has never traded publicly. Its parent Authentic Brands Group is also privately held, and shares cannot be purchased on any stock exchange in 2026.
