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Customers wait in line to pay at the first Forever 21 retail store in Lima, at Real Plaza Salaverry shopping mall October 1, 2014. Forever 21 opened its first store in Lima on September 27 Reuters/ Mariana Bazo

Forever 21, the rapidly growing U.S. fashion brand, opened its 5th Avenue shop on Feb. 07. The news of this opening was made public on Jan. 30 by the brand. The five-level flagship shop is now open at the location where the H&M shop was shut down last December. Australian pop singer Cody Simpson cut the ribbon and performed at the event to open the store.

The brand will be sharing the location with brands like Zara, Uniqlo and Topshop and other top brands. “We are very proud to continue our expansion and open our fifth store in New York City. This new store will offer our customers a wide selection of on-trend merchandise at a great value in the heart of New York City,” Linda Chang, the vice president of merchandising for the brand, said in an official statement.

Simpson entertained the young crowd at the opening event. “Cool acoustic set opening the new Forever 21 in NYC. Thanks for having me out, looking forward to you hearing the recordings of the new tune," the 18 year old singer posted on Instagram.

Forever 21 is among the fastest growing entrepreneurial ventures in fashion. Husband and wife, Do Won and Jin Sook Chang, came to the U.S. in the early 80s. The Korean couple opened the first Forever 21 outlet in 1984 in Los Angeles. Today the brand has close to 700 outlets in more than 40 countries.

In late 2010, the brand opened an outlet at the 5th avenue after the Takashimaya outlet closed down. The six-level shop was closed down in 2012. This brand new shop will now have five levels, featuring footwear, denim, F21 Contemporary, Forever 21 Men and Forever 21+.

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