Forever 21 to expand in Mexico under new model
The new owners of Forever 21 plan to expand the teen retailer’s presence south of the border.
Authentic Brands Group which acquired Forever 21 along with Simon Property Group and Brookfield Property Partners in February, is partnering with IB Group to expand the brand across Mexico. Forever 21 Mexico, a newly-formed entity under IB Group and Grupo Cojab, will be responsible for the distribution of Forever 21 in Mexico and plans to open new shop-in-shops in the region this year.
Under the new structure, 37 Forever 21 stores will transition from a vertical operation to a licensed model and will remain open.
“Our partnership with IB Group serves as a new launching point for Forever 21 in Mexico,” said Jamie Salter, founder, chairman, and CEO of ABG. “The brand has an incredibly loyal following of fashion-forward, female customers in the region who identify with its unique offerings and collaborations. In recent years, Forever 21 has also seen consistent growth across the men’s category. We’re excited to be working with IB Group to continue the brand’s growth and success in this important market.”
This announcement expands ABG’s relationship with IB Group, a marquee partner of the ABG-owned Aéropostale brand in Mexico. IB Group has introduced American brands to the Mexican market including Champion, Chico’s, London Fog, Capelli, and Soma, among others. The Mexican holding company specializes in sourcing, distribution, retail, real estate, and marketing of fashion and consumer brands.
After recent store closures due the COVID-19 pandemic, Forever is steadily re-opening doors across the U.S., Mexico, Europe, and Southeast Asia in compliance with the safety guidelines and recommendations by the CDC (Centers of Disease Control and Prevention).
Forever 21’s ownership group is working with various landlords around the world to maintain Forever 21 store operations and expand the brand in key regions including Brazil, Latin America, Canada, North America, Western Europe, and China.