Forever 21’s new CEO is former H&M exec

Daniel Kulle will take over the fast-fashion brand, less than a week after troubled retailer sold for $81M

Feb.February 25, 2020 04:50 PM
Daniel Kulle (Credit: Getty Images)

Daniel Kulle (Credit: Getty Images)

Forever 21 has appointed a new CEO less than a week a bankruptcy court judge approved the fashion retailer’s sale to a trio of investors for $81 million.

Daniel Kulle will take the top job after more than two decades at H&M. The announcement was made Tuesday by Authentic Brands Group, which reached a deal to buy Forever 21 with Simon Property Group and Brookfield Property Partners. The sale was finalized last week.

Kulle most recently served as H&M’s North America president, according to Bloomberg, which first reported on the appointment.

Kulle, who will be based at Forever 21’s West Coast headquarters in Los Angeles, will focus on modernizing the brand’s “content and social media strategies,” among other areas, according to the announcement. Authentic Brands’ CEO Jamie Salter called Kulle “a well-respected, progressive fashion executive.”

A bankruptcy court judge approved the Forever 21 sale after a planned auction failed to attract other bidders. The deal effectively ended the tenure of the company’s founding family, the Changs, who had owned and operated the retailer for almost 35 years. The company filed for bankruptcy in September, and had said it would shutter 178 stores.

David Simon, CEO of Simon Property Group, said in an earnings call earlier this month that the new ownership group would keep Forever 21’s remaining stores open, and continue to operate its website.

Write to Sylvia Varnham O’Regan at [email protected]

Related Articles

Urban Outfitters CEO Richard A. Hayne and Ralph Lauren store CEO Patrice Louvet (Credit: Getty Images)

More major retailers furlough employees, withhold rent

Macy’s in Herald Square and CEO Jeff Gennette (Credit: Google Maps, D Dipasupil/FilmMagic)

Macy’s announces furloughs for “majority” of its workers

(Credit: iStock)

NY restaurants, hotels warn of mass layoffs as US sees record jobless claims

The lifeline would allow the company to continue operating while it puts together a recovery plan. (Photo by Noam Galai/Getty Images)

Neiman Marcus in talks about possible bankruptcy: report

Robert Taubman and David Simon (Credit: Donato Sardella/Getty Images, Mireya Acierto/Getty Images, iStock)

With malls shut, what happens to Simon and Taubman’s deal?

Subway sent its landlords a “force majeure” letter last week (Photo by Mikko Robles/NurPhoto via Getty Images)

Major US retailers tell landlords they can’t pay rent

Workers board up the Time Square Sephora location (Credit: Liao Pan/China News Service via Getty Images)

NYC storefronts begin boarding up as virus empties streets

(Credit: iStock)

Retailers tell landlords they could stop paying rent soon