H&M Billionaire Stefan Persson In His Own Words

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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

Page 1: H&M Billionaire Stefan Persson In His Own Words

H&M Billionaire

Stefan Persson

In His Own Words

Page 2: 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).

Page 3: H&M Billionaire Stefan Persson In His Own Words

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.

Page 4: H&M Billionaire Stefan Persson In His Own Words

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.

Page 5: H&M Billionaire Stefan Persson In His Own Words

H&M, a global empire.

Source: H&M. Source: Wikimedia Commons.

Today, H&M operates over 3,300 stores in 54 countries.

Page 6: H&M Billionaire Stefan Persson In His Own Words

How rich is he?

H&M on New York‟s 5th Avenue.

Source: Google Earth.

Over 200 American stores, including this Manhattan location.

Page 7: H&M Billionaire Stefan Persson In His Own Words

I was promised witty wisdom! Source: Wikipedia Commons.

All right, already.

Enjoy these business insights, straight out of Stockholm.

Source: YouTube.

Page 8: H&M Billionaire Stefan Persson In His Own Words

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.”

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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.”

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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.”

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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.”

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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.”

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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.”

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Stefan Persson on analyst estimates:

“It is not our job to run after their

expectations.

“It is their job to interpret our results

correctly.”

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Stefan Persson on brick-and-mortar stores:

“A store is more than a place to buy

something.

“Today‟s customers seek inspiration and

experiences.”

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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.”

Page 17: H&M Billionaire Stefan Persson In His Own Words

Warren Buffett just

bought nearly 9 million

shares of this company!