Abstract
H&M´s founder Erling Persson, began as a buisnessman in Vasteras, Sweden. During a trip to the USA in 1947, Erling became interested in a new kind of clothing store that combined a high turnover of garments with low prices. Upon his return home, he opened the first Hennes retail store in Vasteras on September the 13th, 1947. He called it “Hennes”- the Swedish word for “Hers” because he sold women's clothing exclusively. Hennes expanded steadily during the 1950s and the 1960s. When the company expanded to Stockholm, Sweden in 1968, Persson acquired Mauritz Widforss, a hunting and gun store located in Sergelgatan in Stockholm. His acquisition included the store´s stock of men's clothing. The company changed its name to Hennes & Mauritz. Stefan Persson, Erling Persson´s son, was CEO of H&M from 1982 to 1988, a period of particularly rapid expansion. Since 1998, Stefan Persson has been executive Chairman of the Board. Rolf Eriksen was appointed CEO in 2000.
