CHIC U.S. CLOTHIER FOREVER 21 TO OPEN FIRST JAPANESE STORE
HMRZF | Quote | Chart | News | PowerRating -- Forever 21 Inc., the U.S.
operator of budget-friendly and fashionable clothing stores,
will open its first Japanese location in Tokyo's trend-setting
Harajuku district next month.
The store, scheduled to open April 29, will have one
underground and four aboveground floors for a total retail area
of roughly 1,750 sq. meters. It will be situated near the sites
of such retail giants as global No. 3 casual-clothing retailer
H&M Hennes & Mauritz AB of Sweden and Gap Inc. of the U.S., as
well as a Uniqlo T-shirt shop.
Forever 21 sells women's dresses for US$29, or around 2,780
yen, and offers T-shirts for US$5.80, or some 560 yen. Men's
jeans carry a price tag of US$29.90, or about 2,870 yen.
Popular among young women, Forever 21 launched its first
store in Los Angeles in 1984. Unlike Fast Retailing Co.'s (TSE:
9983) Uniqlo brand, the company buys clothing from various
manufacturers, which come up with product designs. It also puts
new items on store racks each day. The bulk of Forever 21 shops
are located in North America, but it also operates in China,
South Korea , the Middle East and elsewhere, bringing its
global network to some 430 outlets.
For the year ended in February, Forever 21 rang up sales of
some US$1.7 billion, or about 163.2 billion yen, up 33 per cent
on the year. The Japanese market could be worth a few hundred
billion yen in the future, says Vice President Larry Meyer.
Down the road, Forever 21 aims to focus store openings in
Tokyo and other big cities.
(Nikkei)
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