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Forever 21 appoints new CEO

Former H&M US boss Daniel Kulle has been appointed as Forever 21 chief executive after Authentic Brands Group (ABG) rescued the fast fashion retailer from administration last week. 

Kulle spent two decades at H&M, most recently as a strategic adviser to former H&M group chief executive Karl-Johan Persson. 

During his time at H&M, Kulle expanded the Swedish retailers’ bricks-and-motor and ecommerce presence in existing and new markets across North America. Under his leadership H&M North American sales grew from $1 billion to $4 billion annually, and he opened 600 stores as well as developed integrated ecommerce platforms in the U.S., Canada, and Mexico.

ABG purchased Forever 21 for just over $81m (£63m) last week, with two US landlords. Industry sources told Drapers that it “could make a comeback” in the UK

ABG and real estate company Simon Property Group will each own 37.5%, and commercial property firm Brookfield Property Partners will own 25% of the intellectual property and operations at the fast-fashion business.

ABG said that under Kulle “Forever 21 is expected to sharpen its focus on seamless retailing, strengthening its loyalty program, and elevating the in-store journey through unique experiences such as pop-up events and unexpected brand collaborations that continuously surprise and delight customers.” 

The group added: ”Kulle will also spearhead developing a purpose-driven ethos for Forever 21 that will serve as bedrock for all aspects of the business.”

Damian Webb and Allan Kelly of RSM Restructuring Advisory LLP were appointed as joint administrators of Forever 21 UK Ltd on 30 September, after the parent company in the US filed for Chapter 11 bankruptcy

 

 

 

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