CURRENT AFFAIRS

Detailed explanation-1: -Aditya Birla Fashion and Retail, an Aditya Birla Group company, has acquired the rights for global fashion chain Forever 21 in India from the current franchisee Diana Retail for an undisclosed sum.

Detailed explanation-2: -Indian business of Forever 21 has been acquired by Aditya Birla Fashion and Retail Limited. ABFRL has also been appointed as the exclusive franchisee for the Forever 21 brand in India and will operate Forever 21 retail outlets and also carry out online retailing in the country.

Detailed explanation-3: -FOREVER 21 is a fashion industry leader making the latest trends accessible to all while inspiring unique style and confidence. With a renewed focus on the customer experience, the brand offers high style designs and fashion basics with compelling values and a dynamic store environment.

Detailed explanation-4: -By the time Forever 21 realized the importance of online sales it was too late. Not only was Forever 21 expanding its store fleet too aggressively at the wrong time it was also opening stores that were too large. Some of Forever 21’s stores were over 100, 000 sq. ft.