AgTalk | Fashion with best value: Forever 21's Alex Ok

Forever 21, is a trendy and affordable clothing retailer brand, headquartered in Los Angeles, California. The brand known for offering the hottest and most current fashion trends for young women, men and teenagers, at a great value, is a model for fast fashion. Forever 21 is growing quickly featuring new and exciting store environments with a constant flow of fun and creative clothing designs and accessories. A phenomenon in the fashion world it provides shoppers with an unprecedented selection of today’s fashions, always changing and always in style. The retailer which operates in United States, has international operations in Canada, China, Colombia, Costa Rica, Europe, Hong Kong, India, Israel, Japan, Korea, Mexico, Philippines and United Kingdom.

In 1989, Alex Ok entered into a successful partnership with Founders Do Won Chang and his wife Jin Sook when they had just seven Forever 21 stores and quickly became one of Forever 21’s largest suppliers. With time, Forever 21 has grown into a leading fashion empire and today the company leads from 117 stores to over 500 stores worldwide with over 30,000 employees.

Over the past nine years, Alex Ok, has played an integral role in making Forever 21 one of the most recognizable apparel retailers worldwide.  Ok grew up in Busan, Korea where he graduated from high school and soon moved to Seoul, to further his education where he graduated from Seoul National University with a major in Economics. At Forever 21, Ok oversees all aspects of the organization, including store operations and merchandising.

In an exclusive conversation with Adgully, Alex Ok, President, Forever 21, shared their India related plans and how brand Forever 21 is establishing itself here.

Following are the excerpts of the conversation:

Adgully (AG): Please brief us about the company, how it was established and its journey thereon?

Alex Ok (AO): With over 33,000 employees and 594 stores in 33 countries, Mr. Chang has cultivated the business from a 900 square foot store into a $4 billion enterprise.   In the last three years, Forever 21 has seen explosive growth opening over 130 stores in over 15 countries, including department store locations carrying a wide range of merchandise for women, men and girls.

AG: Forever 21 is a known and established brand abroad, what made you to venture into India. What was the thought behind the same?

AO: As one of the world’s largest consumer markets, India grants Forever 21 the opportunity to offer its consumers the latest fashion at the best value. By the beginning of 2014 we project to have seven stores throughout the Mumbai and New Delhi regions. We see a lot of potential in the Indian fashion space, and once we found the right partner and locations, we knew it was the right time for our entry into India. 

AG: Can you please share with us the company’s India related plans?

AO: We just celebrated the grand openings of our fourth and fifth stores in Mumbai at Oberoi Mall and Viviana Mall, and plan to open additional stores in the Mumbai and Delhi area by the beginning of next year and are also looking into further locations in Bangalore, Chennai, Pune and Hyderabad.

AG: What is your view about retail industry in India? Also tell us how the industry is performing in the present scenario?

AO: India has a rapidly growing retail industry and Forever 21 saw the opportunity to offer the Indian consumers the latest fashion at the best value. Our stores in India are doing well and we are looking forward to opening more locations throughout the country.

AG:  What differentiates Forever 21 from the other brands of the same category?

AO: Forever 21 differentiates itself from other brands by staying on top of trends and offering fresh up to date merchandise on a daily basis at the best value.

AG:  What is the key USP of Forever 21?

AO: Our model of fast fashion has worked by providing the consumer an exciting shopping environment with fresh merchandise brought in daily at a great value.

AG: Please update us about the presence of your stores and how they are strategically placed in metros Mumbai and Delhi.

AO: We currently have five stores open within both Mumbai and Delhi:  DLF Place – Delhi and Mumbai, Infiniti Mall – Mumbai, Pacific Mall – Delhi, Oberoi Mall - Mumbai and Viviana Mall – Mumbai.

AG:  So,  are you focusing on standalone stores or the large format of retail environment?

AO: We focus on finding the best location; whether it is standalone or within a mall we want to make sure the space is optimal for our customers to have the best shopping experience.

AG: This year seems to be sluggish, how has it impacted your business?

AO: During a lull in the marketplace businesses are forced to be better. We make sure to continue providing consumers with a satisfying shopping experience including what they want now at a great value. As a result of the value we offer and our willingness to constantly change, we are able to keep our customer’s enthusiasm strong. Regardless of the retail climate, we still offer customers the latest fashion trends at a great value which allows people to experiment with fashion while remaining within their budget.

AG: How would you view the growth abroad in the last two years and what kind of growth do you foresee for the brand in the near future?

AO: Growth both within the United States and internationally has been very rewarding as we have entered several new markets including Colombia, China, France, Germany and Israel within the last two years . By the beginning of 2014 we will be opening two additional stores in India bringing the total number of Forever 21 locations to seven within the Indian market. In the coming years we intend to continue focusing on international expansion throughout Latin America, Europe, Asia and will continue expansion throughout India in the Bangalore, Chennai, Pune and Hyderabad to further broaden our reach to consumers.

AG: In India, is the focus only the metros or Tier II cities as well?

AO: We see a lot of potential in the Indian fashion space, and once we find the right locations we plan to expand further into India. Currently we have two back-to-back store openings scheduled in New Delhi and Noida by the beginning of 2014 and are also looking into additional locations in Bangalore, Chennai, Pune and Hyderabad.

AG:  What are the plans on the anvil to further promote and market the brand Forever 21 in India?

AO: With five stores already open in India, we are taking our key learnings from past openings and applying them to our future branding strategy.  The best form of marketing for the brand has always been and currently is by word of mouth; we rely heavily on word-of-mouth communication, allowing customers that have experienced our stores to share their excitement with future consumers. With the addition of every store we become increasingly more visible, allowing for more consumers to be introduced to the brand.