Forever 21, an American mall mainstay which helped proliferate the “fast-fashion” trend, has filed for bankruptcy. The company wrote in a letter to its customers on Sunday that Forever 21 inc. voluntarily applied for bankruptcy as part of a Chapter 11 filing because of this bankruptcy the chain of forever mall will going to suffer.
Fast Fashion basically describes any retail brand that delivers cheap, fashionable styles that move quickly to stores. Supply Chain Management among fashion retailers makes it possible to produce cost-efficient products of clothing that meet customer demand by creating high fashion in huge numbers at a lower price. Here is the letter by Forever 21 to its customers.
Forever 21 was started in 1984 by South Korean immigrants Do Won Chang and his wife Jin Suk. Born in South Korea, Do Won Chang was not among those lucky people who get all the comforts in childhood. It was not so easy for Chang, who arrived in America with big dreams from South Korea. In the initial struggle, he had to work three times a day to meet household expenses. He used to work in a coffee shop after washing dishes, working part-time at the gas station during the day.
This company, which provides trendy and fast fashion to the youth at low prices, became popular in many countries around the world. But in the last few years, the fashion habit of youth has changed. Now the trend of fast fashion has reduced and eco-friendly, the organic fabric has started to promote fashion, which has affected such companies. At the same time, e-commerce companies have also made it difficult for these companies in the market. Forever 21 sells inexpensive, trendy clothes and accessories, and competes against brands such as Zara and H&M.