A potent businessman and the CEO of Hennes & Mauritz, Karl-Johan Persson is the 15th richest man in Sweden. His estimated net worth is $1.6 billion as per Forbes.
Hennes & Mauritz (H & M) was founded by Karl’s grandfather in 1947. He graduated in 2002 from the European Business School in London in Business and Economics. Six years after this in 2007, after practising events management business that he had himself purchased in 2001, Karl sold the same business to MCI.
Before selling his business to MCI, he had already joined H & M by 2005. Gradually in H & M, he worked his way making the organization so successful that he was given the role of Head of Business Development along with Head of Expansion.
Finally, by 2009, he rose to the position of CEO of H & M and is continuing in the same position. H & M is a multi-national retail clothing company of Swedish origin and is famous for its fashionable clothing for men, women, children and teenagers. It has around 3500 stores across 57 countries and over 132,000 people are employed under it.
H & M is a huge company that can offer anything that will gain appreciation from the customers but its goal is to venture through new markets and make itself unbeatable amongst all. The first Australian store was opened under H & M in 2014. Karl was always keen on making H & M a successful and competitive fashion industry.
Persson runs this company with a long-term approach. According to him, he said that he could raise the price of his products or lower their quality for more production or rather decrease investing in the business but none will be profitable. So to take H & M into prominence into a long-term view moderate prices along with keeping the quality of the product intact.
Along with good management and processes, H & M houses in-house design, no middlemen, and large volumes of right product from the appropriate market, efficient logistics and cost-conscious products.
H & M has always strived to offer fashion and quality at best prices. Along with capitalizing on online sales, it has opened around 497 new stores in 2017. Starting from bed linens and bath mats to crockery and glassware, H & M Home division contains everything under the same roof.
In the last quarter of 2018, the net sales rose to reach 4.9 billion. In order to increase consumer ethnicity, this fashion chain has developed an environmental strategy beyond the use of sustainable materials and also encourages its consumers to recycle clothes through its garment recycling scheme, “Conscious Exclusive” collection.
On January 2019, Persson made a progressive move and released H & M’s gender-neutral clothing line in accordance with the Swedish designer level Eytys. It includes cotton sweaters, denim jeans, leather jackets and graphic tees.
Walking on the footsteps of his grandfather, today Persson holds over 12 million shares in H & M.