Last week Authentic Brands Group purchased Forever 21 after the fast fashion retailer filed for Chapter 11 bankruptcy protection in September. In the continued efforts to change the direction of the long-running brand, they’ve brought on former H&M executive Daniel Kulle as the new Chief Executive Officer.
Authentic Brands Group partnered with Simon Property Group Inc and Brookfield Property Partners to acquire Forever 21 in a deal that consumed millions of dollars in liabilities and losses. Daniel Kulle is an executive veteran of the Swedish brand for two-decades with the close knit job as advisor to former H&M Group Chief Executive Karl-Johan Persson. With the new appointment, the new co-owners are hoping for Kulle’s leadership to steer towards heightening the company’s loyalty program and creating an overall more millennial friendly shopping experience. Kulle has a high reputation as he increased annual sales H&M North America from $1 billion to $4 billion resulting in expanded brick and mortar locations as well as elevated digital presence, a market that has grown exponentially as shoppers gravitate towards the presence and comfort of the online shopping market.