Forever 21 taps H&M’s Daniel Kulle to take over as new CEO

Bloomberg

The new owners of Forever 21 Inc have hired an executive from another fast-fashion chain to steer the troubled retailer outside of bankruptcy.
Daniel Kulle, who worked at Hennes & Mauritz AB for more than two decades, will take over as Forever 21’s chief executive officer, Authentic Brands Group Inc said in a statement. Authentic Brands is part of a group that bought Forever 21. Kulle recently served as H&M’s North America president for nine years.
His arrival signals a shift for Forever 21, which was tightly controlled by its founders until last year’s bankruptcy filing. Authentic Brands said he will focus on improving e-commerce and making the company more environmentally friendly — an important issue for the chain’s client base. He will also oversee new in-store events and expand Forever 21’s loyalty program and stable of partner brands.
These goals may prove challenging as the retailer seeks to rebuild its business following bankruptcy.
“We have to get everything going again because there’s been some bumps in the road,” Kulle said in an interview. “We have to get everything up to speed again.”
Forever 21 filed for Chapter 11 in late September. The founders struggled to retain control before and during the process, which spooked some potential lenders and buyers. Much of Forever 21’s distress was due to its large and expensive stores, poor inventory management and losses in some international markets.
Jamie Salter, CEO of Authentic Brands and a longtime friend of Kulle, said the former H&M executive was the right person for this turnaround job.