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Forever 21 operator files for bankruptcy amid financial struggles

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Bloomberg

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March 17, 2025

An operator of several Forever 21 retail stores, once a go-to destination for affordable and trendy fashion, has filed for bankruptcy following years of declining performance. 

Forever21

According to court documents, the company filed for Chapter 11 bankruptcy in Delaware, listing assets between $100 million and $500 million and liabilities ranging from $1 billion to $10 billion.

Bloomberg reported in February that Forever 21 had been exploring various turnaround strategies, including a potential second bankruptcy filing.

This marks the brand’s second bankruptcy, following its first in 2019, which led to intense disputes, minimal creditor recovery, and the closure of hundreds of stores. Today, according to its website, Forever 21 operates more than 540 locations worldwide.

The retailer was acquired out of bankruptcy by a group of buyers, including Simon Property Group, Brookfield Corp. and Authentic Brands, through their joint venture, Sparc Group.

Earlier this year, Sparc merged with JCPenney to form Catalyst Brands. At the time of the merger, Catalyst stated it was assessing strategic options for Forever 21’s operations.

The company’s struggles reflect broader retail challenges, as inflation prompts consumers to cut back on clothing purchases. Forever 21 has also faced increased competition from online shopping, drawing traffic away from malls.



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Peter Som launches buzzy new cookbook

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So is the nature of fashion that brands and designers come and go from the market. Just because a brand or a designer isn’t a regular fixture on the fashion week circuit is no indication that their creative days are behind them. It’s generally farther from the truth.

After his superstar designer turn in the 90’s, Isaac Mizrahi not only went to sell his label to Xcel Brands in 2011 after pivoting to a collection sold on QVC, but he launched a career in entertainment, appearing in plays and performing at spots such as Bemelmans Bar in New York City.

Peter Som – Yumi Matsuo

Another 1990’s-era designer, Todd Oldham, pivoted to hotel design, book publishing, and philanthropy. He even got into the sustainability movement by launching his Todd Oldham Maker Shop offerings using remnants from his brand archives. Tom Ford and Anthony Vaccarello have turned to film to express their creativity further. Platforms like Instagram allowed Jason Wu and Peter Som to explore their cooking creations. In the latter’s case, it has propelled Som into another spear of lifestyle creative, which has led to brand partnerships in the food and entertaining space and the release of his first cookbook.

FashionNetwork.com spoke with Som about the new tome that was released this week.

Anyone following Som on Instagram has gotten a teaser of what the designer has been up to in the kitchen. For Som, the pivot in focus had a deeper meaning than solving what’s for dinner.

Scallion pancakes by Peter Som
Scallion pancakes by Peter Som – Linda Xiao

“Over a few years, I realized I wanted to honor my grandmother and my mom’s stories through food. Cooking has always been a huge part of my life—during my runway collection years; it’s what kept my feet on the ground in a topsy-turvy industry—and over the years, it has become so important to who I am and what I love to do. I mean, food, for me, is joy,” Som said, adding, “I was very close to my grandmother growing up—she lived in San Francisco, and I grew up just across the Golden Gate Bridge in Mill Valley—so I saw her all the time—and much of my memories of her were helping her in the kitchen—her love of food and feeding people was definitely imprinted on me from a very young age.”

Expressing this to his audience was natural for Som, who engaged in today’s communication vehicle du jour, social media. “It’s the world we live in, isn’t it? Sharing what I’ve made in the kitchen was pretty natural—I’m a visual person, so now and then, I’d post something I’d made because I liked how it looked—the colors, the form; that’s how it started,” he recalled.

Charred Cabbage Caesar by Peter Som
Charred Cabbage Caesar by Peter Som – Linda Xiao

Here, viewers can find his recipes, such as Five Spice Roasted Chicken (another Five Spice recipe reimagines pumpkin pie); Seriously Fast Creamy Miso Pasta; reimagined Deviled Egg recipes; and Carrots with Gochujang Honey Butter, which the designer made post his first Met Gala.

Som encourages his audience to DM him for tips and a recipe. Many of these recipes first debuted among Som’s friends, primarily from creative fashion backgrounds.

He is also clear that it has allowed him to exercise his creative muscle.

“It’s absolutely a form of creativity. I’ve found—interestingly– that the approach to creating a recipe is quite similar to designing a garment. The fundamentals and techniques are obviously different—but in both cases, you’re dreaming up something within a certain framework. They say you eat with your eyes—like seeing a great sweater or dress in a shop window—a balance of color and proportion—something familiar mixed with something unexpected. And just like that sweater has to fit amazing and feel great—so too does a dish have to taste delicious and be packed with flavor,” he surmises, adding that applying his design proclivities to another medium was natural. “I’d like to think that creativity has no limits. Having that creative spark is the key to taking inspiration into reality—whether designing a collection or testing a recipe.”

Peter Som's new cookbook, 'Family Style'
Peter Som’s new cookbook, “Family Style” – HarperCollins Publishing

However, Som admits that one lasts longer than the other, wildly if the recipe succeeds: “Food is ephemeral- it’s created, eaten, and then gone! So, you’re capturing a moment in time—and you have to start from zero each time you want to have that dish. There’s something very elemental about it. There’s a definite beginning, middle, and end. Creating clothes involves more hands—many people touch each garment along the way. The creative part of things feels somewhat similar at its core, but its execution is very different. I love both!”

Som is still actively designing garments. He has had a successful collaboration producing a collection for Rent the Runway and has further yet-to-be-disclosed design projects on the horizon. The recipes and cookbooks have also led to partnerships with Uber Eats, Califia Farms, Mounts Veeder Winery, All-Clad cookware, and several neighborhood businesses.

Som will also engage in a bevy of book promotion-related events. “The avenues to explore how to do business in fashion are much broader now—and it’s very exciting,” he concluded.
 

Copyright © 2025 FashionNetwork.com All rights reserved.



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Klarna, OnePay unveil installment loans tie-up for Walmart shoppers in US

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Reuters

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March 17, 2025

Swedish payments firm Klarna said on Monday it is partnering with consumer finance app OnePay to offer installment loans for purchases at retail giant Walmart in the United States.

Reuters

Installment loans, a staple of consumer lending, allow borrowers to repay a fixed amount over a set period, making them a popular choice for big-ticket purchases such as electronics and automotives.

Unlike revolving credit, installment loans have fixed payments and often feature little to no interest, making them a cheaper alternative to traditional credit cards.

Retailers are increasingly partnering with lenders to offer installment financing at checkout, in the hopes of boosting sales by giving consumers more flexible payment options.

“This is a game changer,” said Sebastian Siemiatkowski, Klarna’s co-founder and CEO. “We look forward to helping redefine checkout at the world’s largest retailer — both online and in stores.”

Buy now, pay later pioneer Klarna is preparing for its long-awaited U.S. stock market debut, publicly filing for the IPO last week and disclosing that its revenue jumped 24% in 2024. While the fintech has yet to reveal terms, it is reportedly aiming to raise over $1 billion at a valuation exceeding $15 billion.

The fintech said the exclusive partnership with OnePay will give millions of Walmart customers flexible payment options and will be directly integrated at checkout this year.

It added that customers, once approved, can choose repayment terms ranging from 3 to 36 months and manage their loan directly on the OnePay app.

© Thomson Reuters 2025 All rights reserved.



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Ralph Lauren and Coach can make American luxury great again

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Bloomberg

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March 17, 2025

My boyfriend — a menswear afficionado — is obsessed with Ralph Lauren. Now, as the brand has polished its image, so is everyone else.

Ralph Lauren – Spring-Summer2025 – Womenswear – Etats-Unis – New York – ©Launchmetrics/spotlight

That has enabled Ralph Lauren Corp., as well as Coach owner Tapestry Inc., to outperform some European rivals. This is a dramatic reversal of fortune compared with a decade ago, but it’s one that has a solid chance of enduring, even as the luxury giants decide they want their middle-class customers back.

The two US companies have benefited from rampant price increases at the industry’s behemoths, which have alienated many customers. With Gucci and Prada out of reach, shoppers have turned to Ralph Lauren, which stretches from the top-end Purple Label to more premium Polo, as well as Coach, which is perceived as value for money, especially now that it has gotten more trendy. Add in the fact that their biggest market, North America, is leading the luxury revival, and this has created a rare window of opportunity for these semi-luxury names.

But this window may be closing. With the likes of LVMH Moet Hennessy Louis Vuitton SE attempting to recapture those they’ve priced out and US consumers looking more fragile in general, Ralph Lauren and Tapestry will have to prove their renaissance is more than being in the right place at the right time.

The odds are good, as their current success has not come about by chance.

Both companies have been repositioning for many years. Ralph Lauren, under Patrice Louvet, chief executive officer since 2017, and of course the creative direction of its founder, has been moving closer to its European rivals. It has focused on products it’s best known for, including cable-knit sweaters, blazers and chinos, improving style and quality. It has invested in its own shops and website, and cut back on selling apparel elsewhere. Where its brands are still on display in third-party stores, it has upgraded the selection and experience, for example through a recent Polo Country capsule for Net-a-Porter.

Even outlet stores, which play an important but undisclosed role in the business, have become more attractive places to shop. And effective marketing, such as dressing the US Olympic and Paralympic teams as well as a successful hospitality business, have created a buzz around the brand.

It’s a similar picture at Tapestry. CEO Joanne Crevoiserat, who took the helm in October 2020, put connecting with consumers, particularly Gen-Z, at the heart of her strategy. This has paid off, with compelling products such as the Tabby bag and most recently the Brooklyn, which has gained the top spot in fashion platform Lyst’s most recent index of the hottest items. Its cherry bag charm underlines another Gen-Z trend that Coach has been quick to jump on.

Consequently, both Ralph Lauren and Coach have been able to expand sales while cutting back on discounting, raising the average price at which products are sold, and bolstering profits.

European competitors are now realizing they pushed prices too far. The most striking example is Louis Vuitton’s reissue of its collaboration with Japanese artist Takashi Murakami. While many items still retail for thousands of dollars, the line also includes cheaper small leather goods. Advertising featuring actor Zendaya taps into Gen Z’s 2000s nostalgia, while a recent pop-up in London took a leaf from Ralph Lauren’s book with an Instagram-friendly café.

Amid concern that the US consumer is starting to crack and the turmoil of tariffs, it’s little wonder that shares in both Ralph Lauren and Tapestry have slumped over the past few weeks. But US luxury can hold its own.

At Ralph Lauren, women’s apparel is a significant opportunity alongside handbags, with the popularity of the $500 Polo ID bag boding well. While North America accounted for about 47% of revenue in the last quarter, there is scope to expand in Europe and Asia. Longer term, Ralph Lauren could push further into hospitality, for example adding hotels to its restaurants and more than 30 Ralph’s Coffee outposts.

Coach, meanwhile, released the New York range — including the Brooklyn and the Empire — last fall. Another blockbuster would provide a fresh avenue for growth. Its notable that Empire models costing around $700 and $900 have proved popular, potentially giving it scope to stretch its prices, although it must not make the same errors as its loftier peers. Sister brand Kate Spade’s sales are still falling. If Crevoiserat can follow the Coach playbook, she could finally fix the label. It also recently agreed to sell shoe brand Stuart Weitzman. Tapestry walked away from acquiring Capri Holdings Ltd. after a US judge blocked the deal, so we’ll never know if it could have worked its magic on Michael Kors, which continues to struggle.

Right now, there are more pressing matters, such as meeting demand for some of its hottest bags, as my boyfriend pointed out. The viral Empire Carryall in a deep burgundy that he’s been eyeing for months is still sold out. When a Coach bag is as much of a must-have as an Hermes Birkin or The Row’s Margaux, it suggests US luxury can survive the coming bling battle.
 



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