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Forever 21 (Business Objectives (Rebranding company instead of mass…
Forever 21
Business Objectives
Vision: 'Providing clothing to anyone who wants to be trendy, fresh and young in spirit'
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Rebranding company instead of mass provducing non-unique clothes with low prices: Rebranding their clothes to make them unique, fashionnable and trendy in order to bring back their original image back .
Closing down some stores instead of rapidly expanding:
- compared to the rising of cheap internet boutiques forever 21 struggles to survive from the competition leading it to close down some stores around the world .
- In an age where online fashion and technology is growing so fast a lot of customers choose to purchase clothing online than going to a physical store.
- It is hard for forever 21 to keep up with other online fashion brands.
- Also because of the growing fast fashion empires H&M and ZARA, forever 21 struggles to compete with them. Forever 21 has already started downsizing its stores.
- And as one of the largest tenants of America's mall's, a widespread shutdown of Forever 21 could exacerbate what's already being referred to as the "retail apocalypse,"
- They have already closed more than 15,000 retailers across the US and could shut down 75,000 more, according to investment firm UBS.
Customers may become interested in their clothes again, due to the old style coming back, and Forever 21 paying more attention to the customers wants rather than just mass producing.
Quality over quantity producing, so customers can buy clothes of more quality, that are made with more care, while the company can save money by producing less.
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