Acquisition Of Forever 21 Finalized
BROOKFIELD PROPERTY REIT INC CL A COMMON (BPR)
Company Research
Source: PR Newswire
NEW YORK and INDIANAPOLIS and CHICAGO, Feb. 19, 2020 /PRNewswire/ -- Authentic Brands Group (ABG), a global brand development, marketing, and entertainment company, today announced the acquisition of America's original fast fashion retailer, Forever 21. ABG and Simon Property Group (Simon) (NYSE: SPG) will each own 37.5 percent, and Brookfield Property Partners (Brookfield) (NASDAQ: BPY) will own 25 percent of the intellectual property and operating businesses. With this move, ABG, Simon, and Brookfield become the new ownership group for Forever 21. Building on the success of Aéropostale, this similar ownership structure positions Forever 21 for long-term performance and growth. This acquisition further diversifies ABG's experiential retail and eCommerce vertical and boosts the value of its brand portfolio to $12.5 billion in global annual retail sales. "Forever 21 is a powerful retail brand with incredible consumer reach and a wealth of untapped potential," said Jamie Salter, Founder
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