// Forever 21 names former H&M US executive Daniel Kulle as new CEO
// Forever 21 was recently bought out of bankruptcy for $80m (£62m) by Authentic Brands Group
// When Forever 21 collapsed late last year, it said it would close down its three stores in the UK
Authentic Brands Group has appointed H&M’s former US executive Daniel Kulle as the chief executive of Forever 21.
The move comes after Forever 21 was bought out of bankruptcy for $80 million (£62 million) by two of the retailer’s biggest landlords.
The landlords, Simon Property Group and Brookfield Property Partners, linked up with Authentic Brands – a licensing specialist that owns Sports Illustrated magazine – to take control of the US fast fashion retailer.
Kulle, who worked at H&M for more than two decades, will be tasked with the responsibility of steering Forever 21 out of bankruptcy as its new chief executive.
He was previously a strategic advisor to former H&M group chief executive Karl-Johan Persson, and a steering group member for three new digital start-ups within H&M.
Kulle played a vital role in quadrupling H&M’s North American from from $1 billion to $4 billion and open 600 stores, as well as establishing an online presence on the continent.
At Forever 21, Kulle will use his digital expertise to modernise its content and social media strategies.
He will also be be tasked with developing sustainability initiatives and to “re-energise” Forever 21’s core product categories and in-store experiences.
“Daniel is a well-respected, progressive fashion executive, and we are thrilled to welcome him to the team,” Authentic Brands chairman Jamie Salter said.
Forever 21 still has some 448 stores still open in the US after shutting down hundreds of them worldwide following its collapsed late last year.
Before Authentic Brands acquired it, Forever 21 said it would close down its three stores in the UK.
However, there is chance it may make a comeback as the new owners have vowed to look into expand Forever 21 internationally once again.