H&M Billionaire Stefan Persson In His Own Words

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Stefan Persson is one of the richest people in the world. Soak in these 10 nuggets of wisdom from the H&M magnate, who's worth $32 billion today.

Stefan Persson is one of the richest people in the world. Soak in these 10 nuggets of wisdom from the H&M magnate, who's worth $32 billion today.

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  • 1. H&M Billionaire Stefan Persson In His Own Words
  • 2. Who Is Stefan Persson? Source: Wikipedia Commons. Stefan Persson, 66, is chairman of Swedish clothing retailer H&M (Hennes & Mauritz).
  • 3. How rich is he? Source: H&M. Persson also owns 38% of H&M, including 70% of its voting stock. Worth $32.4 billion, Persson is the 19th richest man in the world today.
  • 4. All in the family: • Erling Persson started H&M in 1947. • Stefan joined his father‟s company in 1972, led H&M‟s European expansion as head of British operations from 1976, and became CEO in 1982. • After 16 years as CEO, Stefan retired to become chairman instead. • Today, Stefan‟s son Karl-Johan Persson runs the company while Stefan manages corporate strategy. Erling Persson. Source: H&M.
  • 5. H&M, a global empire. Source: H&M.Source: Wikimedia Commons. Today, H&M operates over 3,300 stores in 54 countries.
  • 6. How rich is he? H&M on New York‟s 5th Avenue. Source: Google Earth. Over 200 American stores, including this Manhattan location.
  • 7. I was promised witty wisdom! Source: Wikipedia Commons. All right, already. Enjoy these business insights, straight out of Stockholm. Source: YouTube.
  • 8. Stefan Persson on passion for business: “I don‟t think you can become an entrepreneur. It‟s a part of you. “I think you should be a bit stubborn. Maybe a little impatient. You have to burn for an idea. “I want to succeed. I want to win.”
  • 9. Stefan Persson on cost-cutting: “Trying to cut costs by reducing your advertising budget is as crazy as stopping the clock and expecting to save time.”
  • 10. Stefan Persson on taking big risks: “Our expansion into Germany in the „80s was a big question mark. It didn't pan out and the board of directors got cold feet. But we stuck with it and it proved to be a great call. “Today, Germany represents some 23% of total company sales and is the biggest market of the H&M corporation.”
  • 11. Stefan Persson on tax strategy: “There are times when I reflect on the fact that we are living in a country with very high taxes. “But my family and I don't complain. We live in Sweden and we want to do our part. “I don't think that you will become a happier person by moving from one country to the other simply for tax reasons.”
  • 12. Stefan Persson on customer loyalty: “Being first in a market is not everything. Customer loyalty is. “Loyalty is not won by being first. It is won by being best.”
  • 13. Stefan Persson on H&M‟s role: “We are not creating fashion. With our volumes, it would be too risky to do that. “But we are an independent force as a design unit. We take inspiration from life as we see it.”
  • 14. Stefan Persson on analyst estimates: “It is not our job to run after their expectations. “It is their job to interpret our results correctly.”
  • 15. Stefan Persson on brick-and-mortar stores: “A store is more than a place to buy something. “Today‟s customers seek inspiration and experiences.”
  • 16. Stefan Persson on pricing trade-offs: “We believe that no one should have to choose between price and quality, “between price and fashion, “between price and service.”
  • 17. Warren Buffett just bought nearly 9 million shares of this company!