Forever 21 is back in Shanghai. Its fourth China attempt in 17 years.
A three-day beauty pop-up at West Bund Dream Center. Marilyn Monroe IP (Nostalgia x Americana). Lip products at ¥69 for two. Free gifts for check-in and social sharing.
The brand filed for US bankruptcy for the second time in March 2025, closing all 354 American stores by May 1st. In China, it has entered and exited three times since 2008.
Launch or Liquidation?
Current operator Chengdi is partly owned by Vipshop — China's leading off-price platform. When US retailers liquidate at scale, inventory hits the market cheap, and a Vipshop-connected operator has clear incentive to absorb and move that stock.
The beauty products here appear locally developed, but the broader apparel play through Vipshop's platform is a different question.
The ¥69 bundle, free gift mechanic, limited-time format — these are off-price activation tools. The pop-up framing is new. The playbook isn't.
Chengdi committed publicly to this relaunch: press events, metro advertising, festival placements. Sunk costs create their own momentum. Three prior China exits provide the reference point.
There might be a longer game. If Vipshop and Chengdi can demonstrate real traction in China, they move from licensee to leverage — and ABG, with no US retail and a CEO who called the acquisition a mistake, may not be hard to deal with.
