H&M family fashion a £1.1bn windfall for themselves

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H&M family fashion a £1.1bn windfall for themselves as they begin a major shake-up

By Daily Mail City & Finance Reporter

Published: | Updated:

The family behind H&M was £1.1billion richer last night as they embarked on a major shake-up of how they run the fashion business.

Shares rose more than 9 per cent as it produced stellar results and announced that Stefan Persson, whose father Erling Persson founded the company in Sweden in 1947, was standing down after 20 years as chairman. 

He will be replaced by his son, Karl-Johan Persson, H&M’s chief executive.

Handing over the reins: Karl-Johan Persson (right) is replacing his father Stefan (left) as H&M chairman

The rise in the share price earned the family, who own a 41 per cent stake, a £1.1billion windfall. 

H&M is worth £24billion, second in global fashion retail only to Spanish rival Inditex, owner of Zara.

Karl-Johan Persson will be replaced as chief executive by the firm’s first ever female boss, chief operating officer Helena Helmersson, 47, who started with the business in 1997.

 

 

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