Forever21cfo Turnover Growth Slows Or Withdraws From UK Market

It is reported that the United States

C.Elizabeth Jain Jain, chief financial officer of group Forever 21, left office in June 10th and will be temporarily responsible for the financial work until the new CFO is in place.

According to data, Elizabeth Jain joined Forever 21 Inc. in October 2010 as chief financial officer, then promoted to temporary CFO in December 2012 and became official CFO in April the following year.

At present, she also serves as director of Pathways of NGO organization.

Forever 21 Inc. founder and CEO Do Won Chang Zhang Dong Wen? Denying the group's financial problems, and thanked Elizabeth Jain for its contributions to the company in the past six years.

Do Won Chang said the Forever 21 Inc. business is solid, and the company continues to evaluate its portfolio and actively expand Forever 21 and cheap brand F21 RED stores worldwide.

Since August 2015, the market has seen a slowdown in the growth of Forever 21, and the financial problems of the company have always been the focus of the industry after seeking external loan financing.

In early April of this year, Forever 21 withdrew from the Scotland market, and then the group closed two shops in California.

The delay in payments has attracted the attention of the industry, especially the banking industry.

Since the announcement of the withdrawal from the Scotland market at the beginning of this month, sources said that the fast fashion brand Forever 21 of the United States closed two stores in California, and the delayed payment by the company to the suppliers was much more intense for the banking industry.

The Forever 21 Inc. denied that the above funds were tight, saying it did not exist.

However, the denial of Forever 21 Inc. is clearly difficult to dispel industry concerns, especially at the end of April, Forever 21 Inc. supplier Pearl-Vina Co. said that the fast fashion company had postponed payment to them.

In addition, Forever 21 Inc. has refused to disclose its group operation and financial status to its creditors.

Earlier, Gary Wassner, the chief executive of New York creditor Hilldun of Forever 21 Inc., publicly complained that it could not keep abreast of the financial situation of the fast fashion group.

In September 2015, Forever 21 Inc. was reported to have a financial problem due to slower growth.

It is reported that Forever 21 Inc. low-key contact Wells Fargo Fargo & Co. (NYSE:WFC) Wells Fargo Bank and Private Equity Firm TPG Capital hopes to get a loan of $150 million.

Forever 21 Inc. has predicted that revenue in 2015 is expected to grow 10% to 4 billion 700 million US dollars over the same period last year, but sources said that the growth pace of the company has gradually ceased. Moreover, due to the fact that productivity has not kept up with the growth of large retail stores, the same store sales have plummeted to negative growth in the past 2 years. Meanwhile, RBC Capital Markets analyst Brian Tunick also estimated that the Forever 21 21 brand is also dealing with the problems faced by other young retailers. The sales growth of the same store in the first 12 months ended August 2015 is negative.

RBC Capital Markets analyst Brian Tunick says most brands will be short of cash flow after 5-10 years of rapid expansion, not enough to support the continued expansion of the brand.

Forever 21 Inc. now has more than 773 stores in 49 global markets, excluding customs stores. The company has added 34 stores so far this year and will open 48 more by the end of the year.

The medium term target released by the group in 2014 is: by 2017, there were 1200 stores in the world, with an annual revenue exceeding US $8 billion.

In addition, in May, Forever 21 Inc. collaborated with Alliance Data Systems Corp. (NYSE:ADS) to carry out credit purchase services. Forever 21 Inc. said that the project sought to enhance customer loyalty and make good use of it.

Help group make better marketing plan.

In the latest interview, Forever 21 Inc. founder and CEO Do Won Chang also acknowledged that the group would appropriately cut costs.

According to the 2016 Forbes wealth list, Do Won Chang and Jin Sook have a net asset value of US $4 billion 400 million, ranking 380 in the world, 133 in the US, and fifty-third in the retail industry.

According to the latest "American self-made list of women riches list", Forever21 co founder Jin Sook Chang Jin Shucai Fuda is 2 billion 900 million, ranking ninth in the list. It is the only female millionaire in the US retail industry who ranks second after the founder of Doris Fisher, the founder of the Gap cap Pu Group.

Once with the "American Dream" emigration to California Korean couple Do Won Chang Zhang Dong Wen? And Jin Sook? Jin Jin Shu soon discovered the way to make a fortune. The two people were acutely aware that in the United States, "driving a good car is made of clothes", and then opened the first clothing store Fashion 21, and later renamed Forever 21.