H&M replaces the owner and general director

The richest man of Sweden and the main owner of H&M holding Stefan Person (about $ 19 billion) transfers business management to his son Karl Yohan Person, the company said . Persson Sr. managed the company for more than 20 years.

• Prior to this, Person Jr. was 10 years as the CEO of H&M.
• The new general director of the company is proposed to appoint Helen Helmerson, who is now acting as the chief operating director. Appointments must pass on May 7, 2020.
• Stefan Person explained that for the company it is time to change management. “We moved from one brand to a multibrand company with nine brands. In recent years, we have made significant and necessary investments in the infrastructure of our joint group-mainly in logistics and technology, ”said Person Sr.

In fact, H&M is losing popularity. Over 10 years, under the leadership of Karl Yohan Persson, H&M ceded the status of the largest fashionable retailer of the Spanish company Inditex, owning the Zara brand. The shawls of the Swedish company during this time grew by only 10%, while Inditex has risen almost four times, writes Forbes.

Recently, H&M holding has been conducting large -scale changes, with which he is trying to get out of the crisis. In 2018, the company's sales collapsed recordly, in 2019 they grew up, but did not reach the previous level. Recently, the American unit H&M allowed customers to pay for purchases after they take the goods.

One of the reasons for the convulsive searches of the new model was the global loss of interest in Fast Fashion. Other companies are also trying to change or sell a loss -making business: after the capitalization of the brand of lower linen Victoria's Secret in the context of the total market growth in 2019 fell by 29% to $ 6 billion, its owner Veksner began to negotiate the sale of the company (we wrote about this here ).