Forever 21 names former H&M executive as new CEO

Authentic Brands Group has announced the appointment of former H&M executive Daniel Kulle as the new CEO of Forever 21.

Kulle is an executive with more than 20 years of experience in the fashion industry, most recently having the position of strategic advisor to former H&M Group CEO Karl-Johan Persson.

The news comes after earlier this month, a US judge said he would approve a deal for young fashion giant Forever 21 to be sold for £62 million to two of its largest landlords and the Authentic Brands Group, in a deal that ends the control of its founders, the Chang family.

Kulle will be take on the responsibility of steering Forever 21 out of bankruptcy as its new Chief Executive, whilst also using his digital expertise to change the brand's social media strategies.

In a statement about his future at the company, Daniel Kulle said: "Forever 21 enjoys strong brand awareness and affinity, a clear consumer set, and quick-to-market capabilities, allowing the brand to be nimble and leverage key trends and create strong value for its customers."

"The strong ownership structure, which combines ABG’s marketing prowess with Simon and Brookfield’s retail real estate expertise, creates a foundation for long-term growth.”