A warning shot.
To everyone's surprise, H&M announced on Wednesday the resignation of its CEO, Helena Helmersson.
“It was not an easy decision,”
explains the manager, after four years in this position and twenty-six at H&M.
The last three years have been very intense, personally.
I need to slow down and think.”
She is replaced, with immediate effect, by Daniel Ervér.
Aged 42, he too is a pure H&M product.
He entered there eighteen years ago.
He knows perfectly the workings of the Swedish giant, its culture and its brands (H&M the main one, but also Cos, Arket, & Other Stories and Monki).
His task will not be any less difficult.
During the 2022-2023 financial year (ending at the end of November), H&M certainly multiplied its net profit by 2.5, and turnover reached 236 billion crowns.
Also read Fashion: why the number of stores must fall further
But the drop in operating margin is worrying.
It exceeded 20% in 2010;
it fell to 7.2% in the fourth quarter of 2022-2023.
As for sales…
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