Us or inter nation retailer that has entered the Canadian market within the 5 years - Assignment Example

The company was started by Do Won (Don) Chang along with his better half Jin Sook. Their first store opened in 1984 and today it has more than 500 outlets/stores across the globe. The company operates as private limited company and top management primarily consists of family members only. Do Won Chang operates as CEO of Forever 21, the position of Chief Merchandising Officer is held by Jin Sook Chang, wife of Do Won Chang and those of Chief Marketing Officer and Chief Visual Officer are held by Linda and Esther, (Chang’s daughters).

The American retail chain was founded in California, in 1984 by Do Won Chang and his wife (Jin Sook Chang). The store was sized 900square feet and located in Figueroa Street and by the end of 1st year; sales of Forever 21 had risen from $35,000 to about $700000. The founder further reinvested and expanded into new stores. In 1989 the brand opened its 11th retail outlet at Panorama Mall in California and improved its (presence by increasing the size of the store to 5000 square feet. In 1995, Forever 21 opened its first store outside California and reached a total of about 40 stores by 1997.

In 1999, Forever 21 had the opportunity to create its own prototypical store in a mall with display of merchandise and redesigning the complete store and increased the size of the store to 9000 square feet. By 2001, Forever 21 expanded drastically and had opened its flagship stores in Miami, Texas, Chicago, Edmonton, Canada and Los Angeles. The average size of the stores was 24000 sq feet and offered one stop shopping experience to its customers. Forever 21 ranked amongst the 50 largest privately held companies.

By 2005, the company had launched 355 stores nationwide and continues to do so (Forever 21-a, n.d). Currently the brand has about 500 stores and operates (from various locations) Financially, the company has been