Authentic Brands taps former H&M executive to helm Forever 21

Business

Forever 21’s new co-owner Authentic Brands Group said on Tuesday it had appointed former H&M (HMb.ST) executive Daniel Kulle as the new chief executive officer of the bankrupt apparel retailer.

Kulle, a two-decade veteran at the Swedish apparel retailer, most recently worked as strategic adviser to former H&M Group Chief Executive Karl-Johan Persson.

Authentic Brands hopes Kulle’s arrival would strengthen the company’s loyalty program and improve its online and in-store shopping experience.

The brand management company said earlier this month it had partnered with mall owners Simon Property Group Inc (SPG.N) and Brookfield Property Partners (BPY.O) to acquire Forever 21.

Authentic Brands and Simon Property would own 37.5% each of the retailer.

Forever 21 filed for Chapter 11 bankruptcy protection in September, hit by the rising popularity of online shopping and changing fashion trends among millennial shoppers.

During Kulle’s stint as the president of H&M North America, annual sales in the region increased to $4 billion from $1 billion as the company opened 600 stores and expanded its digital presence in new markets.