NEW YORK and also INDIANAPOLIS and also CHICAGO, Feb. 19, 2020 /PRNewswire/ -- Authentic Brands Group (ABG), an international brand breakthrough, marketing, and entertainment company, this day announced the acquisition of America"s original rapid fashion retailer, Forever before 21. ABG and also Simon Property Group (Simon) (NYSE: SPG) will each own 37.5 percent, and Brookfield Property Partners (Brookfield) (NASDAQ: BPY) will very own 25 percent of the intellectual property and also operating businesses.
With this move, ABG, Simon, and also Brookfield come to be the brand-new ownership team for Forever 21. Building on the success of Aéropostale, this comparable ownership structure positions Forever before 21 for irreversible performance and also expansion. This acquisition even more diversifies ABG"s experiential retail and also eCommerce vertical and also rises the value of its brand portfolio to $12.5 billion in worldwide annual retail sales.
"Forever before 21 is an effective retail brand also via remarkable customer reach and also a wide range of untapped potential," said Jamie Schange, Founder, Chairman, and also CEO of ABG. "We"re looking forward to working via the F21 team and our worldwide partners. Together, we"ll revitalize the brand"s core business and affix via audiences roughly the world through brand-new product offerings and also experiences."
Forever before 21 is a worldwide fashion retailer of women"s, men"s, and also kid"s clothes, accessories, and footwear, and beauty. The LA-born brand also, which was established more than three years ago, is known for offering a broad selection of on-trend and also fashion-forward merchandise at a compelling value. It is intended that Forever 21 stores will proceed to operate throughout the United States and worldwide territories. The brand"s brand-new owners will certainly likewise oversee the continued procedure of its headquarters in Los Angeles, CA and also maintain its durable eCommerce business.
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Forever before 21 is working with assorted landlords to continue keep operations in vital areas. Forever before 21 will certainly transform its current, owned save operations in Central America, South America, Mexico, the Philippines, and the Caribbean to a licensed partnership design. The new ownership group will certainly occupational via existing and also new partners to expand Forever before 21 throughout crucial territories, including South America, Western and also Eastern Europe, China, Southeast Asia, Center East, and also India.
ABG will certainly leverage its marketing specialization and global network-related of partners to inject brand-new life into the brand also, through a focus on trend-mindful design, rate to sector, and also relocating in the direction of an extra sustainable supply chain. The strategy will certainly focus on engaging Gen Z audiences by introducing refremelted imaginative, targeted digital campaigns, and also influential collaborations.
About Authentic Brands GroupAuthentic Brands Group (ABG) is a brand breakthrough, marketing, and entertainment company, which owns a portfolio of global media, entertainment, and also way of life brands. Headquartered in New York City, ABG elevates and builds the irreversible value of more than 50 customer brands and also properties by partnering with best-in-class manufacturers, wholesalers, and also retailers. Its brands have a worldwide retail footprint in even more than 100,000 points of sale throughout the luxury, specialty, department store, mid-tier, mass, and e-commerce channels, and more than 5,850 freestanding stores and also shop-in-shops roughly the human being.
For even more information, visit authenticbrandsgroup.com. Follow ABG on Twitter, LinkedIn, and Instagram.
About SimonSimon is a actual estate investment trust engaged in the ownership of premier shopping, dining, entertainment, and also mixed-use destinations, and an S&P 100 agency (Simon Property Group, NYSE: SPG). Our properties across North America, Europe, and also Asia provide community gathering places for countless people every day and generate billions in yearly sales. For more indevelopment, visit simon.com.
About Brookarea Property PartnersBrookarea Property Partners, through Brookarea Property Partners L.P. and also its subsidiary Brookarea Property REIT Inc., is among the world"s premier genuine estate service providers, through around $88 billion in full assets. We own and operate iconic properties in the world"s significant couchsurfingcook.com, and our worldwide portfolio includes office, retail, multifamily members, logistics, hospitality, self-storage, triple net lease, manufactured housing, and also student real estate.
Brookarea Property Partners is the flagship noted actual estate company of Brookfield Ascollection Management Inc., a leading international alternate asset manager through over $540 billion in assets under administration. More indevelopment is accessible at www.brookarea.com.
Brookfield Property Partners L.P. is provided on the Nasdaq Stock Market and also the Toronto Stock Exreadjust. Brookarea Property REIT Inc. is listed on the Nasdaq Stock Market. More indevelopment is available at bpy.brookfield.com.
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SOURCE Authentic Brands Group
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