Sales and license rights for Forever 21 in Japan Obtained
September 21, 2022
ITOCHU Corporation (headquartered in Minato-ku, Tokyo; Keita Ishii, President & COO; hereinafter "ITOCHU") has obtained the sales and license rights in Japan for Forever 21, which is owned by Authentic Brands Group LLC (headquartered in New York, USA; Jamie Salter, CEO; hereinafter "ABG"). From February 2023, we will begin this business through Gate Win Co., Ltd., a subsidiary of Adastria Co., Ltd.
Forever 21 is a casual fashion brand from Los Angeles, USA with a history of over 30 years. In Japan, it opened its first store in 2009 and has become one of the most popular brands. It had withdrawn from Japan in 2019, but since ABG acquired it in 2020, it has expanded its business in major countries around the world. Currently, it has more than 570 stores around the world, and it is revamping the brand by developing promotions that match the trends of the times, including redesigning storefronts and actively addressing sustainability and social contribution. It has begun to grow again with the support of many customers.
The development of Forever 21 will start with the beginning of e-commerce sales in February 2023, and the first store will open in the spring of the same year. Collaborating with ABG, we will utilize our extensive knowledge and network in the brand business, Adastria and Gate Win's supply chain management and store development capabilities, and our excellent expertise in the fashion business. We will work to expand the development of Forever 21 in Japan and aim to generate 10 billion yen in sales on a retail basis.