You’ve probably seen the headlines. Shaquille O’Neal—NBA legend, DJ Diesel, and the guy who seemingly owns half the franchises in America—is often linked to the fast-fashion giant Forever 21. But if you’re looking for a simple "Shaq bought it with a check" story, it’s actually a lot more interesting than that. The reality of who owns Forever 21 is a masterclass in modern corporate maneuvering, private equity, and the massive business empire known as Authentic Brands Group (ABG).
Shaq doesn't just "own" Forever 21 in the way he might own a house or a car. He’s part of a much larger machine.
The Power Players: Who Really Controls Forever 21?
Back in 2020, Forever 21 was in deep trouble. They had filed for Chapter 11 bankruptcy, and the future looked pretty bleak for those massive yellow shopping bags. That’s when a group of heavy hitters stepped in to pick up the pieces for about $81 million—a steal considering the brand's peak valuation.
The ownership isn't held by one person. Instead, it’s a split.
- Authentic Brands Group (ABG): This is the "brain" of the operation. They specialize in buying brands that have lost their way and reviving them through licensing.
- Simon Property Group: One of the biggest mall owners in the world. They had a vested interest in keeping Forever 21 alive because, honestly, if Forever 21 leaves a mall, that’s a lot of empty square footage to fill.
- Brookfield Property Partners: Another real estate giant that initially took a 25% stake, though they later swapped some of that interest for equity in ABG itself.
Basically, the landlords teamed up with a brand management firm to save their own tenant. It was a survival move.
Where Does Shaq Fit Into This?
This is where people get confused. Shaq is the second-largest individual shareholder in Authentic Brands Group.
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Think about that for a second.
When ABG buys a brand—whether it’s Reebok, Brooks Brothers, Quiksilver, or Forever 21—Shaq is technically a part-owner of that brand by extension. He’s not the CEO of Forever 21. He’s not picking out the crop tops for the summer collection. But he is a massive stakeholder in the parent company that calls the shots.
He actually sold the rights to his own brand—the "Shaq" name and likeness—to ABG years ago. In exchange, he got a massive stake in the company. He realized that instead of just being a spokesperson for hire, he could be the guy who owns the brands that hire the spokespeople. It was a genius move.
The Evolution of the Empire
By 2026, the retail landscape has shifted even further. Forever 21 has had to pivot hard to keep up with digital-native giants like Shein. In fact, in a "if you can't beat 'em, join 'em" twist, ABG entered into a partnership where Shein actually took a stake in SPARC Group (the entity that manages Forever 21's operations) while ABG took a stake in Shein.
It's a tangled web. You’ve got Shaq owning a piece of ABG, which owns Forever 21, which is now in bed with Shein.
Why This Ownership Model Actually Works
Most people think of a company owner as someone sitting in an office above the store. That’s not how it works anymore. ABG operates on what they call an "asset-light" model.
They don't want to deal with the headache of manufacturing clothes or managing the logistics of a warehouse in New Jersey. They own the intellectual property—the name "Forever 21" and the logo. They then license that name to "operating partners" who do the actual work of making and selling the clothes.
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Shaq’s role is more about the "vibe" and the strategy. He’s an active partner who helps with marketing and big-picture decisions, especially with brands like Reebok where he’s literally the President of Reebok Basketball. For Forever 21, he provides the kind of cultural gravity that most corporate suits just can't buy.
The Recent Turmoil
It hasn't all been smooth sailing. Just recently, in early 2025, Forever 21 hit another rough patch, leading to more restructuring and a second bankruptcy filing for the operating entity. This is a crucial distinction: the brand (owned by ABG and Shaq) is usually fine, while the operating company (the part that pays the rent and employees) is the one that struggles.
This structure protects the owners. If the stores fail, ABG still owns the name and can just find a new partner to sell the clothes online or in different shops.
What This Means for You
If you're a fan of the brand, the ownership situation explains why you’re seeing Forever 21 show up in weird places—like on Shein’s website or in different types of "store-within-a-store" concepts. The owners are trying to squeeze value out of the name without being tied down by the dying traditional mall model.
Shaq’s involvement is a signal of the "celebrity-as-conglomerate" era. He’s shown other athletes that you don't just endorse a product; you buy the company.
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Next Steps for Savvy Observers:
Check your labels. You'll start to see the ABG influence across dozens of brands in your closet. If you're interested in the business side, keep an eye on Authentic Brands Group's potential IPO. They’ve teased going public for years, and if they do, Shaq's "second-largest shareholder" status is going to make him even more of a financial powerhouse than he already is.
Keep a lookout for more Shein-Forever 21 collaborations. That partnership is the primary way the brand is staying relevant with Gen Z in 2026. The days of the massive, three-story Forever 21 flagship are mostly over, replaced by a faster, leaner, and much more digital version of the brand.