Hit for Misses
With high fashion at low prices, this clothes-minded dynamo's store is right on target with young women.
Vital Stats:
Don Chang, about 50, of Forever 21 Inc.
Company: Los
Angeles-based retail clothing company specializing in trendy,
youthful women's wear
2004 Sales
Projections: more than $600 million
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Full Service:
Emigrating from South Korea in 1981, Don Chang's first job in
the United States was at a gas station, where he realized the
nicest cars that came in belonged to those in the Los Angeles
fashion industry. In 1984, with the money he saved from working up
to three jobs at once, Don and his wife, Jin Sook Chang, opened
their first Forever 21 store on Figueroa Street in downtown Los
Angeles.
Mass
Consumption: In malls, Don saw limited options for those
without a lot of money to keep up with new trends. His solution:
Offer style with everyday low prices to "make more people
happy."
"This
is definitely the American Dream."
Cheap Thrills:
Bucking the industry standard of high markups, Forever 21 appeals
to fashion- and finance-conscious teens-and women-with its daily
delivered variety of sporty, sexy and business-conservative
clothing and accessories, many for less than $20. Jin Sook, a
former hair designer, is chief merchandiser.
House of
Style: The prices might be bargain-basement, but the stores
are clean, loftlike environments resembling upscale boutiques. The
ambience is furthered by ritzy locations in retail centers like
Fashion Island in Newport Beach, California.
Crossing
Borders: With 176 stores already open in 25 states and
Canada, Forever 21 opened its first store outside of North America
in the United Arab Emirates last November. For style-savvy guys, a
men's version of the store launches in 2005.