Forever 21 is an American retailer chain, founded in 1984 by Jin Sook Chang and Do Won Chang. This company is associated with fashion and clothing industry and is best known for its youth-oriented products. The marketing mix of Forever 21 explains the marketing strategy of the company. The 4Ps in the marketing mix of Forever 21 are:
Product
Forever 21 is a global fashion brand with a wide range of product portfolio. It has grown into the clothing lines which include XXI Forever, Love 21, Forever 21, and Heritage. It sells fashion accessories, home items, personal care products, and clothing for women, men, and kids.
Some of its product are sweaters, jackets, jeans, jumpers, nightwear and undergarments for men and women in the clothing category, watches, brooches, hair accessories, bracelets, earrings, necklaces in the jewelry category, trendy footwear and men accessories. The home products it sells include mirrors, towels, decoration pieces, party items, cellphone accessories, crockery, etc.
Price
Forever 21 is famous for its trendy apparel and pricing policy. It meets the fashion demands of its customers by supplying quality products at affordable rates. It keeps the prices low than its competitors which encourages customers for bulk purchasing. Forever 21 uses economic pricing strategy which makes the products pocket-friendly. This brand has become everybody’s first choice which results in higher sales and revenue. In 2013
Forever 21 generated revenue worth of $3.7 billion and, in 2014, the revenue increased to $3.8 billion.
Place
Forever 21 is an American enterprise, having headquarters in Los Angeles, California, the U.S. It has spread its network in different countries around the world. Forever 21 has over 600 outlets across Africa, America, Middle-East, Asia, and Europe. Some of its major stores are in countries like United States, China, Japan, Malaysia, Israel, Germany, Bahrain, Costa Rica, France, UAE, Philippines, Canada, Mexico, Poland, Brazil, Australia, South Korea, India, Greece, and Russia. The retail stores of Forever 21 are almost as big as 38000 sq ft area.
Forever 21 has a vast distribution network and channel across the world. It includes manufacturing, supplying, and selling services and franchise options. About 60% of the total production for the company happens in the manufacturing plants located in China. Forever 21 has a joint alliance of 50% in the middle-east, while it has sole ownership in rest of its outlets.
Promotion
Forever 21 has a global presence and makes use of every media channel for its advertising. Since its launch, the company has been selling its product across the world. It has adopted several pricing policies to maintain the loyalty of its customers. Forever 21 follow many promotional ideas to attract its customers. It uses multiple social media platforms like Facebook, Instagram, Twitter, Pinterest, etc. to increase brand awareness among the masses.
Forever 21 also takes help of print and digital media and billboards for its promotion. The official website of Forever 21 keeps on providing necessary information and discounts to lure its customers.