Forever 21 is a privately held fast-fashion retail brand founded in 1984 in Los Angeles, California by Do Won Chang and Jin Sook Chang. The brand became famous for its trendy, affordable, and youth-focused clothing that expanded quickly across the U.S. and globally.
Over the years, Forever 21 grew into one of the world’s biggest fast-fashion chains, operating hundreds of stores worldwide. After its first bankruptcy, the brand was acquired and is currently owned and operated through a joint structure led by Authentic Brands Group (ABG), Simon Property Group, and Brookfield Property Partners.
As of today, Forever 21 is not publicly traded. Instead, the brand operates under a brand-management and licensing model.
Ownership Status of Forever 21
Despite being founded by the Chang family, Forever 21 is no longer owned by its founders. After facing bankruptcy in 2019, the company was officially acquired in February 2020 by a consortium:
- Authentic Brands Group (ABG) – 37.5%
- Simon Property Group – 37.5%
- Brookfield Property Partners – 25%
ABG today owns the brand’s trademarks, intellectual property, and global licensing rights, while the operational aspects are handled through Catalyst Brands, created after the merger of SPARC Group’s retail operations.
There is no single individual owner of Forever 21 now—ownership is split between these major corporate investors.
Major Shareholders
| Shareholder / Entity | Ownership % | Notes |
|---|---|---|
| Authentic Brands Group (ABG) | 37.5% | IP & branding rights; manages global licensing. |
| Simon Property Group | 37.5% | Major U.S. mall operator; supports retail operations. |
| Brookfield Property Partners | 25% | Invested in the asset acquisition during bankruptcy. |
| Catalyst Brands | Operational role | Handles store operations and retail strategy. |
The remaining operational rights are distributed among licensees and retail partners globally.
About the CEO of Forever 21- Corey Salter
After Forever 21 moved under Authentic Brands Group, the brand is overseen by Corey Salter, the Chief Operating Officer (COO) of ABG, who manages Forever 21 along with other global retail brands. ABG does not appoint a traditional single-company CEO for Forever 21; instead, the brand is managed under ABG’s centralized leadership structure.
Corey Salter plays a crucial role in brand strategy, global licensing, and retail partnerships for Forever 21. Under his leadership, the brand focuses on digital expansion, collaborations, and streamlined global operations to maintain Forever 21’s position in the fast-fashion industry.
Corey Salter Net Worth
Since Forever 21 is under Authentic Brands Group, the brand does not have a standalone CEO with a publicly disclosed net worth. However, estimates for Corey Salter’s net worth, based on his executive role at ABG and involvement across multiple global brands, place him in the high multi-million-dollar range.
While exact updated public figures are not available, executives at ABG typically hold equity stakes and receive high-value performance bonuses, contributing significantly to their total wealth.
Recent Developments in Ownership
- In 2025, Forever 21’s U.S. operating company went through another round of Chapter 11 bankruptcy, but the brand’s international licensing business remains strong.
- ABG still maintains brand ownership, ensuring Forever 21 continues through third-party partnerships and global franchise models.
- Forever 21 now operates more through e-commerce, social-commerce collaborations, and international franchise stores, reducing dependency on physical malls.
FAQs
1. Who owns Forever 21 right now?
Forever 21 is owned by Authentic Brands Group, Simon Property Group, and Brookfield Property Partners.
2. Is Forever 21 publicly traded?
No. Forever 21 is a privately owned brand.
3. Who founded Forever 21?
It was founded by Do Won Chang and Jin Sook Chang in 1984.
4. Who is the CEO of Forever 21?
Forever 21 does not have a separate CEO. The brand is managed under ABG leadership, led by Corey Salter (COO of ABG).
5. Has ownership changed recently?
Yes. After the 2019 bankruptcy, a new ownership consortium took over in 2020, and operational changes continued through 2025.
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