Forever 21 is a clothing and fashion accessories retailer with the aim of being affordable. The company has over 480 stores in North America, Europe, Asia and, the Middle East, and employs over 27,000 people. Fashion 21 reported a revenue of $2.6 billion in 2011. The stores stock their clothes and accessories from many different suppliers. Let’s find out who founded this popular fashion store.
Who founded Forever 21?
Forever 21 was founded in 1984 by Korean businessman Do Won Chang and his wife wife Jin Sook Chang. Their first store, known as Fashion 21, opened in Los Angeles on April 21, 1984. The store sold designs popular in South Korean and it was initially targeted at the Korean community in America. However, these designs became fashionable with people from other nationalities and the store became very popular. In fact, first year sales went from $35,000 to $700,000. The founders decided to reinvest the profits to open new stores. The brand name was changed from Fashion 21 to Forever 21 and by 1989 the company had 11 stores in operation. The opened their first store outside of California in 1995 and later expanded worldwide. in 2008 the chain was averaging 80 new store openings each year!
Did you know?
The first Forever 21 store is still in operation and is still called Fashion 21!