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.TRANSCRIPT
H&M Billionaire
Stefan Persson
In His Own Words
Who Is Stefan Persson? Source: Wikipedia Commons.
Stefan Persson, 66, is chairman of Swedish clothing retailer H&M (Hennes & Mauritz).
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.
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.
H&M, a global empire.
Source: H&M. Source: Wikimedia Commons.
Today, H&M operates over 3,300 stores in 54 countries.
How rich is he?
H&M on New York‟s 5th Avenue.
Source: Google Earth.
Over 200 American stores, including this Manhattan location.
I was promised witty wisdom! Source: Wikipedia Commons.
All right, already.
Enjoy these business insights, straight out of Stockholm.
Source: YouTube.
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.”
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.”
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.”
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.”
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.”
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.”
Stefan Persson on analyst estimates:
“It is not our job to run after their
expectations.
“It is their job to interpret our results
correctly.”
Stefan Persson on brick-and-mortar stores:
“A store is more than a place to buy
something.
“Today‟s customers seek inspiration and
experiences.”
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.”
Warren Buffett just
bought nearly 9 million
shares of this company!