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H & M

FB Roundup: ArcelorMittal, Melia Hotels, H&M

May 8, 2020

ArcelorMittal upbeat about steel recovery despite $1.1 billion coronavirus loss, Escarrer family has Melia Hotels audited for Covid-19 health and safety, H&M clothing sales plummet 57% in two months as lockdowns bite.

ArcelorMittal upbeat about steel recovery despite $1.1 billion coronavirus loss

Family-owned steel giant ArcelorMittal has suspended its dividend after a net $1.1 billion loss in the first coronavirus-stricken quarter of 2020, but its family principal says steel demand is beginning to rally as lockdowns ease.

FB Roundup: H&M, Louis Dreyfus Company and LVMH

January 31, 2020

Principal makes way for next gen succession at H&M, Louis Dreyfus Company heiress open to selling stake and Hong Kong headwinds hit LVMH.

Principal makes way for next gen succession at H&M

The billionaire Persson family principal of Sweden’s Hennes & Mauritz has called for his son to succeed him as chairman as the $1.7 billion fast fashion family business welcomes its first female chief executive in its 73-year history.

H&M becomes second family business recognised by social responsibility award

September 24, 2014

H&M has become the second family business to take out an award for social responsibility in business, after Axel Johnson Group took out the inaugural award last year.

H&M has become the second family business to take out an award for social responsibility in business, after Axel Johnson Group took out the inaugural award last year.

Karl-Johan Persson, the third-gen chief executive at Swedish fashion company H&M, was this week presented the Pontus Schultz award by Princess Victoria of Sweden.

The jury said that Persson won the award for improving wages and working conditions in the textile factories in a number of developing countries.

H&M third gen announces first Indian store

February 12, 2014

H&M third-gen Karl-Johan Persson has announced the fast-fashion retailer will open its first store in India this year, following approval from the Indian government granted in late 2013.

H&M third-gen Karl-Johan Persson has announced the fast-fashion retailer will open its first store in India this year, following approval from the Indian government granted in late 2013.

In December, the Foreign Investment Promotion Board approved a 7.2 billion rupee (€85 million) investment proposal from the Swedish chain to create a wholly-owned subsidiary in the country.

H&M given green light to launch in India

December 4, 2013

Swedish family empire H&M has been granted approval from the Indian Foreign Investment Promotion Board to launch its stores in the South Asian country, the government announced on Monday.

Swedish family empire H&M has been granted approval from the Indian Foreign Investment Promotion Board to launch its stores in the South Asian country, the government announced on Monday.

The 7.2 billion rupee (€85 million) investment will allow the fast-fashion giant to create a wholly-owned subsidiary in the country, where it has previously said it plans to open 50 stores.

Clothing giant has mindset of small company, says H&M CEO

December 6, 2011

Hennes & Mauritz is still run like a small family business, focusing on long-term results and maintaining the founder’s informal management style, despite being one of the biggest clothing retailers in the world, according to its chief executive.

In an interview with the Wall Street Journal, family member Karl-Johan Persson said H&M tends not to react as strongly to short-term market pressures as other publicly quoted companies.

Economic and currency headwinds hit H&M’s profits

September 29, 2011

Hennes & Mauritz, the Swedish fashion chain controlled by the Persson family, has reported an 18% drop in third-quarter net profit, as global economic conditions hit the fast-fashion retailer.

Although sales remained similar – SEK 26.91 billion (€2.9 billion) in 2011 compared to SEK 26.89 billion in 2010 – during the quarter, profits dropped to SEK 3.59 billion from 2010’s third-quarter figure of SEK 4.85 billion.

Karl-Johan Persson under pressure as H&M posts weak sales

August 16, 2011

Sales at Swedish family-run business H&M are not growing as strongly as forecasted, leaving managing director Karl-Johan Persson under increased pressure.

Last month, sales at H&M rose just 3% compared to July 2010 - a significant change on the company’s predicted growth of 4.7%. Comparable units sales also took a knocking, decreasing by 6%. Comparable units comprise the stores, online shops and catalogue sales in countries that have been in operation for at least a financial year.

Clothing chain H&M sees profits decline

March 31, 2011

Family-controlled fashion giant Hennes & Mauritz announced on 31 March that its net profits for the first quarter ending February 2011 fell by 30% compared with the same period last year, due to “external factors”.

The Stockholm-based retailer said that its net profits for the quarter fell to $414 million from $594 million the year before. It attributed this drop to negative currency effects, high cotton prices and an increase in transportation costs.

H&M sales jump is boost for family head

August 17, 2010

Family-controlled fashion giant Hennes & Mauritz reported a 10% rise in July year-on-year sales, the fastest rise for sometime, as the clothing retailer plans further rapid expansion.

The Swedish-based business, headed by the third generation of the founding Persson family, announced the results on 16 August, but gave few other details.

Overall, sales for July, including those at new stores, rose 21%, the fastest sales increase for the company in more than two years.