Simon Property Group and Authentic Brands Group each acquired a stake of 37.5% in Forever 21, with Brookfield Properties holding the remaining 25%. A joint venture between Simon Property Group and Authentic Brands Group, called SPARC Group LLC, then took the reins of Forever 21's management and appointed a new CEO.
The venture also worked on expanding Forever 21's global presence through various licensing deals and international re-expansions in markets like the U.K. and E.U. It closed some stores (as many retailers did) when the COVID-19 pandemic struck. The years that have followed have involved numerous additional shifts in the company's licensing initiatives, brand expansion, and ownership.
In 2021, Brookfield sold its stake in Forever 21 for $63 million, leaving the company in the hands of Simon Property Group and Authentic Brands Group. That same year, Forever 21 also partnered with Canadian department store chain Hudson's Bay and relaunched its products on Chinese e-commerce sites Vip.com, owned by Vipshop Holdings (VIPS -0.69%); and Pinduoduo, owned by PDD Holdings (PDD -2.93%).
Subsequent collaborations have included partnerships with French fashion house Hervé Léger and Sports Illustrated, both of which have Authentic Brands Group as their parent company.
In 2023, fast-fashion giant Shein, a privately held company owned by investors and founder Sky Xu, entered into a joint venture with SPARC Group. Each acquired a minority stake in the other company. Shein currently controls a roughly one-third stake in SPARC Group.
