Forever 21 might not last… forever? The company officially filed for bankruptcy and will soon shut down around 350 stores around the globe. So how did one of the biggest names in the fast fashion industry get to this point?
Rewind a bit. Forever 21 has been known for its cheap yet trendy clothes, which has helped it gain so many consumers and reach $4.4 billion in revenue at peak performance in 2015. However, since then their ambition has led them to their downfall.
Forever 21 attempted to grow even bigger, yet in doing so no longer produced styles the fastest, or the best, letting their competition catch up with them. As Forever 21 continued opening stores, the young generation and their main consumers began doing more online shopping. It seems the company was trying to go against emerging trends, and it has clearly backfired.
While bankruptcy doesn’t always mean the end for a company, Forever 21 is already beginning to downsize. We will have to wait and see if this once sought-after company can truly last forever.
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