STOCKHOLM, Jan 30 — Sweden’s H&M said today its chief executive, one of its founding family members, was stepping down to replace his father as chairman, as the world’s second-biggest fashion retailer races to keep pace with a fast-changing market. The news came as H&M reported its...
Thursday, 30 Jan 2020 05:01 PM MYT
The news came as H&M reported its first rise in annual profit since 2015 following heavy investments, and a rise in fiscal fourth-quarter pretax profit that beat market expectations. Its shares rose 9 per cent in early trade. “The timing is favourable for making this change now, since we have gradually improved profits and have a strong position with many well-established brands, millions of customers worldwide and good financial strength,” he added.
“I think it is a sensible succession. Karl-Johan is not going anywhere, in reality he has just got a change of mandate, and Helena has been around for some time.” “The ongoing transformation work has contributed to continued positive sales development with more full-price sales, lower markdowns and increased market share,” H&M said.
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