Which Company Owns Forever 21?

By Rachel Warren – Updated Jul 8, 2025 at 12:44 PM

Key Points

Forever 21, under SPARC Group, focuses on e-commerce and strategic market re-expansion post-bankruptcy.
Forever 21's current ownership is split between Simon Property Group and Authentic Brands Group.
Investors can indirectly gain exposure to Forever 21 by investing in Simon Property Group (NYSE:SPG).

Owned by Simon Property Group (SPG -0.63%) and Authentic Brands Group, Forever 21 is a fast-fashion retailer that sells apparel, beauty products, and accessories. Forever 21's target customer base is primarily young women, but it sells products for women, men, and children, and shoppers across age ranges buy from its stores and online.

Loading paragraph...

NYSE: SPG

Simon Property Group

Today's Change

(-0.63%) $-1.14

Current Price

$178.84

Key Data Points

Market Cap

$59B

Day's Range

$178.10 - $180.64

52wk Range

$136.34 - $190.13

Volume

42K

Avg Vol

1.6M

Gross Margin

60.38%

Dividend Yield

0.05%

Eventually, the Changs changed the company's name to Forever 21 and leaned into the fast-fashion model. The company grew exponentially through the first 10 years. Forever 21 would often add new stores every six months, expanding its chain of locations rapidly.

Fast Fashion

Fast fashion is a retail business model that capitalizes on runway and celebrity apparel trends.

As of 2013, it had 480 stores open both domestically and abroad, bringing in revenue just shy of $4 billion. At the time, the business remained family-owned, with the daughters of the Changs serving in executive leadership roles. Forever 21 generated peak sales in 2015, with worldwide sales of $4.4 billion, and launched its in-house beauty brand, Riley Rose, in 2017.

Fast fashion is a fickle business, and competition abounds in this space. By 2018, steep competition in the fast-fashion industry was hammering Forever 21's sales, and it began pulling out of certain markets and closing stores.

In 2019, sales dropped by more than 30% from the prior year. Like many other fast-fashion brands, Forever 21 would face continued backlash from environmentalists and labor rights entities concerned about its manufacturing practices. In September 2019, Forever 21 filed for Chapter 11 bankruptcy protection.

As part of its reorganization, Forever 21 stopped operations in 40 countries and closed more stores. The company geared its focus back toward growth in its e-commerce presence and in markets like the U.S. and Latin America.

By early 2020, Forever 21 had slashed its international store count by more than one-third. It also relaunched its e-commerce store in 30 countries, focusing on customers in Latin America, Canada, and the Asia Pacific region.

Here's everything you need to know about who owns Forever 21, its largest shareholders, and how to invest in companies that offer exposure to Forever 21 and its industry.

Shareholder

An individual or entity that owns a portion of a company's stock, entitling them to a share of its profits and assets.

Loading paragraph...

Who are the largest shareholders?

As of mid-2024, Forever 21 is 50/50 owned by Simon Property Group and Authentic Brands Group. The company is also run by SPARC Group, which remains a joint venture of Simon Property Group and Authentic Brands.

SPARC Group is also partially owned by private fast-fashion retailer Shein, which maintains a one-third stake. All these enterprises are privately held, except for Simon Property Group, which is a publicly traded real estate investment trust (REIT) that any investor can buy shares of through their chosen brokerage.

One prominent individual who indirectly owns Forever 21 is NBA legend Shaquille O'Neal. He is the second-largest individual shareholder of Authentic Brands Group.

Because Simon Property Group is publicly traded, investors can easily find out its largest shareholders. The real estate investment trust is primarily owned by institutional investors, but thousands of individuals also own shares in the stock.

That said, more than 91% of Simon Property Group's shares are held by institutional investors. The largest institutional shareholders of Simon Property Group as of mid-2024 include the following:

Vanguard Group: One of the top investment advisors globally, Vanguard Group has approximately $7.7 trillion in global assets under management. It is the largest provider of mutual funds and the second-largest provider of exchange-traded funds. Vanguard owns 46,380,446 shares of Simon Property Group, the publicly traded majority stakeholder of Forever 21. Vanguard's stake amounts to approximately 14.23% of outstanding shares.
BlackRock (NYSE:BLK): In 1988, Larry Fink founded the investment company, which is the world's largest asset manager, with $10 trillion in assets under management. The company owns 33,782,276 shares of Simon Property Group, a stake of 10.36% of outstanding shares.
State Street (NYSE:STT): The company is a global financial services and bank holding entity with $4.1 trillion in assets under management. State Street owns 21,191,638 shares of Simon Property Group, a stake comprising 6.50% of outstanding shares.
Cohen & Steers (NYSE:LDP): The company is an investment manager that focuses on investments in real estate securities through REITs and alternative income. The investment-led asset manager has approximately $94 billion in assets under management and controls 20,597,320 shares of Simon Property Group, a stake comprising 6.32% of outstanding shares.
Norges Bank Investment Management: The fund, formally known as The Government Pension Fund Global, is responsible for ensuring long-term revenue management from Norway's oil and gas resources. It is one of the world's largest and features 8,859 companies across 72 countries. In total, the fund controls about 1.5% of all listed companies in the world. The fund holds 17,955,562 shares of Simon Property Group, a 5.51% stake.

Who is on the board of directors for Forever 21?

Publicly traded Simon Property Group and its privately held partner Authentic Brands Group each own 50% of Forever 21. Bear in mind that Forever 21 is not a public stock. However, if you're thinking of investing in Simon Property Group to gain exposure to Forever 21, you may want to know the board of directors for its parent organization.

Board of Directors

A group of elected individuals responsible for overseeing the activities of a company and representing shareholders.

Here is a look at the 15-member board of directors for Simon Property Group and their respective stakes in the real estate investment trust:

Glyn F. Aeppel is president and CEO of Glencove Capital, a lifestyle and boutique hospitality investment and advisory company. Aeppel owns 15,321 shares of Simon Property Group, a stake of less than 1%.
Larry C. Glasscock serves as lead independent director and is the former chairman of Anthem, Inc., now known as Elevance Health (ELV +0.31%). Glasscock owns 38,220 shares of Simon Property Group, a stake of less than 1%.
Allan Hubbard is co-founder, chairman, and partner of E&A Companies, a privately held corporation that has been acquiring and growing companies throughout North America and Europe since 1977. Hubbard owns 31,865 shares, less than 1% of outstanding shares.
Nina P. Jones is a retired vice president and portfolio manager of T. Rowe Price (TROW -0.26%), a leading investment manager founded in 1937 with approximately $1.5 trillion in assets under management. Jones owns 396 shares of Simon Property Group.
Reuben S. Leibowitz is a managing member of JEN Partners, an investment company that focuses on residential land and homebuilding companies. Leibowitz owns 55,178 shares, a stake of less than 1%.
Randall J. Lewis is managing partner for Cleveland Avenue, LLC, a global venture capital firm that invests in lifestyle consumer brands and technology companies. Lewis owns 1,903 shares, less than 1% of outstanding shares.
Gary M. Rodkin, retired CEO of ConAgra Foods, Inc. (CAG -1.57%), owns 15,305 shares of Simon Property Group.
Peggy Fang Roe, executive vice president and chief customer officer of Marriott International (MAR -0.87%), owns 3,850 shares of Simon Property Group.
Stefan M. Selig founded BridgePark Advisors LLC, a company that provides advice and transaction execution on a broad range of critical business and financial issues. Selig owns 28,201 shares, less than 1% of outstanding shares.
David Simon, chairman, CEO, and president of Simon Property Group, owns 28,899,586 shares of the company, representing an ownership stake of approximately 7.15%.
Eli Simon, son of David Simon, is the director and senior vice president of corporate investments for Simon Property Group.
Herbert Simon, the chairman emeritus of the board and co-founder of Simon Property Group, controls 28,899,586 shares of the company, a 7.15% ownership stake.
Daniel C. Smith is Clare W. Barker Professor of Marketing at Kelley School of Business, Indiana University. Smith owns 27,519 shares of Simon Property Group, less than 1% of outstanding shares.
Richard S. Sokolov, director and vice chairman of Simon Property Group, owns 784,088 shares of the company.
Marta R. Stewart is a retired executive vice president and CFO of Norfolk Southern (NSC -1.62%), a provider of rail transport services. Stewart owns 12,428 shares of the company.

Loading paragraph...

How to invest in Forever 21?

Since Forever 21 isn't publicly traded, you can't invest in shares. Authentic Brands Group, which owns 50% of Forever 21, isn't publicly traded either. However, you can buy shares of its other 50% owner, Simon Property Group, a publicly traded REIT.

Simon Property Group's portfolio includes more than 250 properties in 43 of the top 50 U.S. markets, including regional malls and premium outlets, and international properties. In its U.S. portfolio, the REIT boasts tenants that generate annual retail sales of more than $63 billion.

REITs are required to pay out at least 90% of income as shareholder dividends, and Simon Property Group has been consistently profitable. As of mid-2024, its dividend yield is about 5.3%, it pays a quarterly dividend of $2.00 per share, and it maintains an exceptional payout ratio of approximately 97%.

If you want to buy shares of Simon Property Group to get exposure to Forever 21's business, there are some important steps you need to follow for investing in stocks:

Open a brokerage account: You have to open and fund a brokerage account before you can buy shares of Simon Property Group or any other stock. Research brokers to find the best one for you. The best brokerages have an easy-to-use interface, low fees, and quality support for investors.
Figure out your budget: You should diversify your capital across numerous companies and sectors, preferably 25 or more stocks. You don't need to invest in one stock at a time. Instead, you can allocate your capital across multiple companies and consistently build your positions with time, even if you have a modest amount of cash to start.
Do your research: Always research a company before you buy shares. Look at its balance sheet, growth story, and financial history to make sure it's a solid fit for the type of portfolio you want to build and your investment goals.
Place an order: After you have done your research and funded your account, you can buy shares. Search for the correct ticker (SPG for Simon Property Group). Then, select the number of shares you want to buy and whether you want a market order or a limit order.

FAQ

About the Author

Rachel Warren is a contributing Motley Fool stock market analyst covering pharmaceuticals, biotechnology, medical devices, information technology, and consumer goods. Prior to The Motley Fool, Rachel was a paralegal and legal administrator. She holds a bachelor’s degree in paralegal studies from Liberty University School of Law.

TMFRachelW

Rachel Warren has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Simon Property Group and T. Rowe Price Group. The Motley Fool recommends American Eagle Outfitters and Marriott International. The Motley Fool has a disclosure policy.