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 of H&M Billionaire Stefan Persson In His Own Words
- 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 fathers company in 1972, led H&Ms 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, Stefans 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 Yorks 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 dont think you can become an entrepreneur. Its 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&Ms 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. Todays 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!