Who founded clothing-retail company H&M (Hennes & Mauritz)?
Hennes & Mauritz AB is a Swedish multinational clothing-retail company known for its fast-fashion clothing for men, women, teenagers and children. As of November 2019, H&M operates in 74 countries with over 5,000 stores under the various company brands, with 126,000 full-time equivalent positions. It is the second-largest global clothing retailer, just behind Spain-based Inditex (parent company of Zara). The company has a significant online presence, with online shopping available in 33 countries.
Erling Persson (21 January 1917 – 28 October 2002) was the founder of H&M (Hennes & Mauritz). He got the idea following a post-World War II trip to the United States as he was very impressed by efficient, high-volume stores.
The company was established in Västerås, Sweden, in 1947 by Erling Persson, though at the time it only sold women's clothing and was called Hennes, Swedish for "hers." In 1968, Persson acquired the premises and inventory of a Stockholm hunting equipment store named Mauritz Widforss.
In 1982, Erling Persson's son, Stefan Persson took over the position as the Managing Director, and today he is the Chairman of the Board. The Persson family owns about 47% of the company and has a 74% voting right.