Forever New Reports $400 Million Revenue, Expands Asia Presence
Australian fashion retailer Forever New, marking 20 years, has grown annual revenue to $400 million and is broadening its product range for international markets including Asia.
Two Decades of Growth and Strategic Shift
Australian fashion brand Forever New, celebrating its 20th anniversary this year, has reported a significant increase in annual revenue. Managing Director Carolyn Mackenzie noted the business grew from $269 million (US$189 million) in 2019 to approximately $400 million (US$281 million) today.
Since its first Australian store opened in 2006, the women’s fashion company has expanded globally, establishing a physical presence across North America, Asia, South Africa, and the Middle East. This milestone prompts a strategic re-evaluation, moving beyond its traditional focus on occasionwear to become more relevant across customers' daily lives.
Broadening Product Proposition
Forever New's strategic evolution involves expanding its offering beyond special event dresses. Mackenzie identified three core decisions driving this change: defining a unique brand identity, pursuing opportunities outside Australia, and diversifying its product line. The brand now incorporates workwear, knitwear, separates, and versatile essentials into its collections.
This shift aims to encourage more frequent customer engagement by providing options for work, weekends, and everyday dressing, rather than solely for occasional events. The pandemic accelerated this reassessment, highlighting the risks associated with relying on specific product categories.
Tailored International Expansion
The company's global growth strategy employs a flexible approach, combining various retail models such as standalone stores, concessions, wholesale agreements, and digital channels, rather than a uniform replication of its Australian operations. For example, Forever New initially entered the Middle East via Debenhams before transitioning to its own stores.
In the United States, Nordstrom has been instrumental in building demand and awareness alongside the Ever New digital platform. This adaptable strategy allows the brand to maintain a consistent global identity while adapting to specific local market demands and consumer preferences.
Asia Market Focus and Future Outlook
In Asia, Forever New aims to deepen its existing market positions and strengthen its digital and wholesale partnerships. The brand's ambition is to be recognized as a globally relevant fashion entity, not merely an Australian retailer operating internationally.
This involves enhancing product quality, fit, and design details without necessarily increasing prices, focusing instead on delivering greater value.
For beauty brands and retailers in Asia, Forever New's strategy to expand beyond niche categories into everyday lifestyle offerings reflects a broader consumer trend toward versatility and value, suggesting a potential shift in how various lifestyle product categories converge in the retail space.
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