Early Life
Carl Stefan Erling Persson was born on October 4, 1947, in Stockholm, Sweden. He is the son of Erling Persson, who founded Hennes in 1947, which later became H&M. Stefan earned an Associate of Arts/Science degree from Stockholm University.
Rise to Success
Persson joined the family business in the 1970s and became CEO of H&M in 1982, succeeding his father. Under his leadership, H&M expanded significantly, opening stores across Europe, North America, and Asia. Persson served as CEO until 1998 and then as chairman until May 2020, when his son, Karl-Johan Persson, took over.
Key Business Strategies
Stefan Persson's key strategies included international expansion, offering high-quality, stylish clothing at affordable prices, and emphasizing sustainability. He oversaw the opening of stores in numerous new markets. Persson also focused on integrating online and in-store experiences and launched initiatives to promote eco-friendly practices.
Philanthropy
Persson is known for his philanthropic endeavors, including founding the Mentor Foundation, which combats substance abuse among young people. He and his family have also supported the Swedish football club Djurgårdens IF. The Persson family has donated over $100 million through the H&M Foundation.