Opportunity Business Proposal
Introduction and Business Opportunity
Forever 21 is consistently considering and applying new ideas in order to stay ahead of the fashion industry. H&M, our close related competitor is now in the shadows in comparison to the newest simple fashion trendsetters, UNIQLO. H&M currently holds about 4.3 billion in sales, UNIQLO with 5.6, and Forever 21 trailing behind with 4 billion. Forever 21 would benefit in creating their own line of clothing, rather than just “buying” items in mass quantities. With the creation and production of the line, Forever 21 is to collaborate with designer and celebrity clients in order to expand domestically and internationally. With this association and marketing to young adult working women and men, revenue will increase drastically.
Development and Need for Renovation
Forever 21 will need to collaborate with smaller designers and gradually increase with larger names. Small scale introduction collaborations will include, Isaac Mizrahi for the clothing line and Christian Siriano for a shoe line. As these collaborations bring success, we may move forward with large designer names such as Carolina Herrera, Derek Lam, Vera Wang..etc. Forever 21 currently holds the position as the retailer of cheap product. The need for this improvement will have people taking Forever 21 as a serious fashion retailer that offers economically high fashion product, without the “cheap” factor.
Reasons for this renovation
- Gain new clients in all markets. Increase in quality of women and men’s apparel and market to clientele ages 25-45.
- Offer greater quality of product, start Forever 21 product line, exclusive to company.
- Gain more seriousness from clientele, both current and potential
- Greater competitive edge among other retailers, including H&M and UNIQLO.
- Stocks will increase
There are many advantages with this marketing, collaboration and advertising strategy.