Early Life
Carl Stefan Erling Persson was born on October 4, 1947, in Stockholm, Sweden. His father, Erling Persson, founded the retail company Hennes (later expanded and renamed H&M) in 1947, the same year as Stefan's birth, providing the family with early immersion in the clothing business from its inception. He earned an associate qualification from Stockholm University.
Rise to Success
Stefan Persson joined H&M in 1976 after earning a degree in economics. He quickly rose through the ranks, contributing to the brand's expansion. He took over the leadership of H&M in 1982, succeeding his father as CEO, and later became chairman, a position he held for 22 years. Under Persson's leadership, H&M expanded significantly, reaching international markets and cementing its position as a leader in the fast-fashion industry. He spearheaded the company's expansion beyond Sweden into key European markets and pioneered its fast-fashion model emphasizing affordable, trendy apparel. In May 2020, Persson stepped down as chairman.
Key Business Strategies
Persson's success is built on modernizing retail operations and expanding into new markets. His leadership was key to H&M's international growth, opening stores across Europe, North America, and Asia. Persson oversaw the rapid expansion of the company, opening stores in a number of new markets, including India and South Africa, with most new stores opening in China.
Philanthropy
Persson is known for his philanthropy. He co-founded the Mentor Foundation in 1994 to combat youth substance abuse internationally. He also supports the Swedish football club Djurgårdens IF and has co-funded a foundation for the club. The Stefan Persson family has donated $200 million to the H&M Foundation since 2013.
