H&M is the second largest fashion retailing company in the world. Founded in 1947 by Erling Perssonin Västerås, Sweden, the store (originally called Hennes) was a women’s clothing specialty retailer. It later expanded to include menswear after the successful acquisition of men’s clothing brand Mauritz Widforss. The acquisition also resulted in a change of name to Hennes & Mauritz, which was later changed to H&M for easy pronunciation as the company began to expand into international markets.
Today, H&M controls global brands such as H&M, COS, Weekday, Cheap Monday and Monki and operates 4,739 stores in 71 markets, with 47 online markets. The company continues to be actively managed by the Persson family, with Erling Persson’s son Stefan leading the firm as Chairman of the Board, while Stefan’s son Karl-Johan works as President and CEO. The Persson family also collectively controls a 46 per cent stake and retains 74 per cent of the voting rights.