NEW YORK, United States — Ailing retailer Forever 21 has landed a new chief executive: Daniel Kulle, a 23-year veteran of one of its biggest competitors, Swedish fast-fashion behemoth H&M.
Kulle, who did not immediately respond to request for comment, joined Forever 21 in early February, according to his personal LinkedIn account. Most recently, he served as a strategic advisor to Karl-Johan Persson, H&M Group’s former chief executive. But he held several roles during his tenure there, including a nine-year stint as chief executive of H&M's North American division.
Forever 21 was sold earlier this month to Authentic Brands Group (ABG), Simon Property Group and Brookfield Property Partners, which collectively paid $81 million for the brand. (The family that founded and ran Forever 21 for over 30 years, the Changs, gave up ownership during the deal.) The acquisition followed a tough year for the brand. In August 2019, it filed for bankruptcy as it struggled with debt and mismanagement amidst fierce competition in the online shopping space.
In an emailed statement to BoF, ABG confirmed Kulle’s appointment.
“Daniel is a well-respected, progressive fashion executive, and we are thrilled to welcome him to the team,” said Jamie Salter, the founder, chairman and chief executive of ABG .
“Knowing Daniel personally for several years, I’ve seen his tenacious working style first-hand. His strategic vision and experience will build on Forever 21’s heritage and undoubtedly usher in a new era for the brand,” added David Simon, chairman and chief executive of Simon Property Group.
This is a developing story. Stay tuned for updates.