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 so@therealdeal.com