The new owners of fast-fashion retailer Forever 21 have named former H&M US president Daniel Kulle as chief executive to steer the business out of bankruptcy.
Kulle, who worked at the Swedish fast-fashion giant for more than two decades, will take over as Forever 21’s chief executive, according to the brand’s new owner Authentic Brands Group (ABG).
German-born Kulle was hailed a “well-respected, progressive fashion executive,” by ABG chief executive Jamie Salter, and will be tasked with modernising the brand’s content and social media strategies.
He will also work with the brand’s leadership to “evolve Forever 21’s sustainability initiatives” and focus on “re-energising core product categories, and integrating those offerings into the Forever 21 shopping experience both in-store and online”.
In more than two decades with H&M, Kulle helped expand the fast-fashion retailer into the US. Under his leadership, H&M saw sales in North America more than quadruple from $1bn (£770m) to $4bn (£3bn) and opened 600 stores, as well as establishing an online presence in the US, Canada and Mexico.
“Forever 21 enjoys strong brand awareness and affinity, a clear consumer set and quick-to-market capabilities, allowing the brand to be nimble, leverage key trends and create strong value for its customers,” said Kulle.
He also said the new ownership structure, which involves ABG, as well as property firms Simon Property Group and Brookfield Property Partners, “creates a foundation for long-term growth”.
The triumvirate purchased Forever 21 out of bankruptcy on February 20, promising to “inject new life into the brand” after it collapsed late last year.
The brand, which once operated over 800 stores around the globe, still has some 448 US stores still open and its new owners have vowed to look to expand internationally.
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