The encyclopedia · Strategy & Leadership · Strategic decision · 2023–2026
Forever 21 left Japan three times — the third relaunch lasted under three years
Andesty HD relaunched Forever 21 in Japan in 2023 with Japan-specific designs. Profitability never came; the last store closed on 13 October 2025.
Andesty HD · Forever 21 · 2025-09-30
What happened
Forever 21 first came to Japan in 2000 with the San-ai Group and withdrew; it returned in 2009 with its own subsidiary, growing to about twenty stores in the fast-fashion boom, then withdrew in October 2019 after the US parent filed for bankruptcy. When the investment funds owning the brand and Itochu acquired the Japanese sales rights in 2022, Andesty HD — formerly Adastria — relaunched the brand in spring 2023: roughly eighty percent of the first collection designed for Japan, pitched as a break from the fast-fashion image.
The relaunch never turned profitable, and in March 2025 the US operator filed for Chapter 11 a second time, freezing design and product supply to Japan. On 30 September 2025 Andesty HD announced the withdrawal: it judged profitability 'difficult', with ZARA, SHEIN and GU squeezing the space in between; the impact on its own earnings was expected to be minor.
The wind-down ran fast. Stores closed on 28 September (Kyoto Porta, Aeon Mall Otaka, LaLaport Kadoma) and 30 September (Amu Plaza Nagasaki); the last, LaLaport TOKYO-BAY, shut on 13 October 2025, and the official online store closed at noon on 17 October, with remaining products carried on the andST platform and ZOZOTOWN. The business formally ends by February 2026 — Forever 21's third exit from Japan.
Why it happened
- A licensee's revival depends on the brand owner staying alive: the second US Chapter 11 froze the design and supply pipeline the Japanese operation ran on.
- Japan-specific product and an image reset could not make the numbers work against ZARA, SHEIN and GU.
- Andesty cut quickly because the exposure was containable — a licence, not an identity.
The lesson
Forever 21 re-entered Japan in 2023 with Japan-specific designs — its third attempt. Under three years later, with another US bankruptcy freezing supply, the licensee walked: exit number three.
Aftermath
Andesty HD exits with minor earnings impact and keeps its own brand portfolio; the company's FY2026 third quarter showed revenue ¥227.37B (+3.3%) and operating profit ¥13.89B (-5.9%). Forever 21's Japan business formally ends by February 2026, with leftover stock sold through andST and ZOZOTOWN.
Sources
- Nikkei — "Forever 21 withdraws from Japan for the third time; Andesty to end operations", 30 September 2025 (Andesty HD, formerly Adastria, ends Forever 21 Japan operations by February 2026; judged profitability difficult; minor impact on FY2026 earnings; history: first entered Japan 2000 with San-ai Group, re-entered 2009 with ~20 stores, withdrew 2019 after US bankruptcy; 2022 fund and Itochu acquired Japan sales rights; 2023 Andesty relaunch; 2025 second US bankruptcy)
- Fashionsnap — "Andesty HD withdraws from 'Forever 21' business; physical stores all close in October", 1 October 2025 (withdrawal within fiscal year ending February 2026; closures: 28 September Kyoto Porta, Aeon Mall Otaka, LaLaport Kadoma; 30 September Amu Plaza Nagasaki; 13 October LaLaport TOKYO-BAY final store; official online store closes noon 17 October 2025; products continue on andST and ZOZOTOWN; third entry to Japan via Itochu master licence, Andesty and Gatewin as sublicensees; ~80% of first relaunch collection designed for Japan; US F21 OpCo second Chapter 11 March 2025)
- SeventieTwo — "Forever 21 withdrawal, Zetton scandal — Andesty HD Q3 FY2026", 29 December 2025 (Forever 21 Japan business scheduled to end by February 2026, all stores already closed; withdrawal contributed to revenue decline in US-facing segment while apparel overall grew 3.5%; Q3 FY2026 revenue ¥227.37B +3.3%, operating profit ¥13.89B -5.9%, net ¥9.55B -3.5%)
spotted an error? The club wants to know.
More like this
Asics Trading ends four of its own shoe brands — everything becomes ASICS
A 43-year-old Japanese shoe brand gave up its stores and went back to being a contractor
Right-on shrank from 500+ jeans stores to 230 in a decade and was absorbed by World
Somewhere, someone solved the problem this company failed at. 2nd Opinion →

Comments · 0
Sign in to join the comments.