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Fast fashion, which is cheap but of average quality, is losing its appeal to young Chinese consumers. If FOREVER 21 chooses to return to the Chinese market at this time, can it be "revived"?

AuthorŲ­Chen Xiao EditorŲ­Fang Yu

After disappearing from the Chinese market for 3 years, the fast fashion brand FOREVER 21 is back.

This is the third time FOREVER 21 has entered the Chinese market. The first time was in 2008, and it took 14 years. This retail giant born in the United States was once regarded by Chinese consumers as a trend vane in the fast fashion industry, but in recent years, it has already fallen from the altar. In 2019, FOREVER 21 faced bankruptcy and left the Chinese market sadly.

Recently, the official official account of FOREVER 21 replied to a reader's message, saying that the brand's third return to the Chinese market, the first store will be opened in Jingjiang Impression City, Taizhou City, Jiangsu Province in June, and wrote on its official account: "I hope that in the future , continue to be the fashionable FMCG brand that Chinese consumers love.”±

When FOREVER 21 left in 2019, major fast fashion brands retreated, and the industry as a whole was in a recession. Other fast fashion brands have also closed stores in the Chinese market.

In the wave of consumption upgrades in recent years, fast fashion, which is cheap but of average quality, is considered to be losing its appeal to young Chinese consumers. If FOREVER 21 chooses to return to the Chinese market at this time, can it be "revived"?

The "textbook" of American fast fashion has entered the palace three times

Looking back at the history of FOREVER 21 in the last century, it can be said that it is a typical self-starter.

In 1984, the Korean-American couple Zhang Dongwen founded the first FOREVER 21 store with only $11,000 in initial capital.

Unexpectedly, FOREVER 21 quickly became popular with its sweet and lively style and low price, and the brand earned $700,000 in its first year. After FOREVER 21, it developed to open a new store every 6 months, becoming a representative of fast fashion brands together with Zara and H&M, and started the pace of global expansion at the same time.

By 2011, FOREVER 21 had 280 stores around the world, with an annual income of more than 2 billion US dollars. The worth of Zhang Dongwen and his wife rose to 2.2 billion US dollars, and they were listed on Forbes' billionaire list for the first time. They were once regarded as American fast fashion. textbook.

As the business scale gradually expanded to Japan, Europe and other markets, the net worth of Zhang Dongwen and his wife almost tripled to US$6 billion in the next four years. In its heyday, FOREVER 21 had stores on six continents, involving several There are nearly 1,000 stores in ten countries.

Among them, the monthly rent of the flagship store in Causeway Bay, Hong Kong, China is even as high as 1.4 million US dollars. In 2014, FOREVER 21 set a higher target for the brand, trying to make the brand's market value reach 8 billion US dollars in 2017.

In the early stage of development, FOREVER 21 set its sights on the Chinese market with a very large customer base.

 

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