Hennes & Mauritz

"We are here to try to get an interview with one of Sweden's most powerful, yet most anonymous, businessmen. The man who is a pioneer in so-called "fast fashion" - cheap clothes with fast turnover - and who has built the world's second-largest clothing chain with over four thousand stores. In Sweden, its position is almost unique. Most Swedes have shopped at Hennes & Mauritz at some point: bought a dress for 149 kronor or a 5-pack of socks for 79.90 kronor."

"Eventually, Stefan Persson triumphs over Göran Persson's government. The tax proposal is changed, and Stefan Persson receives a nearly tailor-made law on wealth tax, where he is completely exempt from taxation. The law applies to the small group of shareholders who own more than 25 percent of the votes in a company that was listed on the stock exchange's A-list before January 1, 1992. Dagens Industri calls them "tax nobility".[61](private://read/01jas9tvg84jycb27616w1f9k8/#note-61) The number of companies affected can be counted on the fingers of one hand—and one of them is Hennes & Mauritz. Not only that, all members of the Persson family are covered by the law, regardless of whether the shares are owned directly or through wholly-owned companies."

""No one should take away Stefan Persson's significance for the company's success over the last decades, but father Erling's spirit has always hovered over the operations," writes Private Affairs. They conclude the article with "Long live Hennes & Mauritz," as if a king had left this earthly life.[99](private://read/01jas9tvg84jycb27616w1f9k8/#note-99)"

"At the time of his appointment as CEO, H&M had established itself as a distinct budget option in the fashion industry, which sometimes becomes a bit embarrassing for someone with Stefan Persson's circle in Djursholm. At this time, H&M's mail order customers, for example, could order "a batch of Italian fashion shoes with minor beauty defects". Stefan Persson also wants to sell finer clothes, not just the cheapest ones. In 1973, Hennes & Mauritz had attempted to buy BeKå, the largest and most prestigious department store in southern Sweden.[30](private://read/01jas9tvg84jycb27616w1f9k8/notes.html#note-30)"