Companies

Daniel Ervér is the new President and CEO of H&M

Feb 1, 2024 Sweden

At the same time as reporting its 2023 results, the fashion group announced a change at the top. Daniel Ervér is the group’s new CEO, succeeding Helena Helmersson, who stepped down after four years in the role

Daniel Ervér has worked within the H&M group for 18 years in several roles in different parts of the company, most recently as head of H&M, the largest brand within the group. He took over as the Group’s CEO, but will continue to be operationally responsible for the H&M brand, so no successor will be appointed.

He follows Helena Helmersson, who stepped down after four years in the role and 26 years with the company, saying the last few years had been demanding. “I am very proud of what we together have achieved during the last years, when we have navigated through the pandemic and several geopolitical and macroeconomic challenges. However, it has been very demanding at times for me personally and I now feel that it is time to leave the CEO role, which of course has not been an easy decision”, commented Helmersson.

“As Helena has now chosen to leave the CEO role, we are pleased to appoint Daniel as CEO of the H&M group today. Daniel is a competent, experienced and respected leader and has the qualities needed to continue to develop the H&M group”, said Karl-Johan Persson, Chair of the H&M group.

He also thanked her “for her valuable contributions” at a time “largely marked by pandemic, geopolitical and macroeconomic challenges”. However, “during this time, we have gradually taken clear steps towards our long-term goals. The H&M group is in a strong position, with a positive profitability trend and good conditions to make further improvements in 2024”, he concluded

This announcement comes after a sluggish start to fiscal 2024, as the group’s net sales decreased 4% in local currencies from the 1^stof December 2023 to the 29^th of January 2024, on a comparable basis to the same period of the previous year. “The late arrival of normal autumn weather in the fourth quarter left a relatively brief window of time in which to sell the autumn assortment”, the group’s fiscal 2023 report. H&M is also closely monitoring the Red Sea situation to “minimise the impact on the company’s product availability, freight costs and stock levels”.

Image Credits: reuters.com

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