Forever21 Is About To File For Bankruptcy. What Happened?
Forever 21 might be forever no more. If you ask most millennials who came of age in the early-to-mid-2000s, the fast fashion clothing brand Forever 21 was an important part of their style evolution.
For tweens and teens with an eagerness to express themselves and college students who could barely afford food, let alone clothing, Forever21 was the place to score of-the-moment trendy clothing that didn’t break the bank.
Long before other fast fashion retailers, like Zara and H&M, started vying for our attention on Forever21 was in every mall in every corner of the US. After a stroll to Auntie Anne’s for salty pretzels and a lemonade, you could walk to Forever21 with your coins and transform yourself into an “it” girl. Perhaps that’s what lead to the store’s downfall.
Times are changing. Brick and mortar retail shops simply don’t meet the needs of consumers. These days, people prefer the quick and easy convenience of online shopping or eco-friendly consignment stores. The generation who grew up on Forever 21 is older now, our tastes have changed from $10 crop tops that say “I love pizza” to well-made clothing that fits our professional, adult lives.
It’s hard to rationalize the colossal waste and magnanimous carbon footprint fast fashion brands create. Then, there are the poor working conditions in many of their factories. Those are only a few of many reasons explored in this video that discusses the downfall of the fast fashion giant.
Entrepreneurs and aspiring business owners, please pay attention, there is so much to learn about what not to do.