Karl Persson: the worthy son of his father
Karl Persson is the heir of a multi-million dollar empire that is known all over the world. His father founded the H&M brand and gave the reins to his son, which was a great idea for business. Carl took the company to the next level, making it popular and recognizable in every country.
The Hennes & Mauritz brand was founded by Erling Persson the same year that his only son, Karl Stefan, was born. The idea of creation came to the entrepreneur’s mind after he returned from the USA, where the affordable clothing industry was developing at full speed. To sew the first batch of women’s clothing, Erling took a loan from a bank and opened a firm Hennes.
His products didn’t immediately win people’s hearts. At that time, clothes were bought in department stores, and Persson was selling things from the warehouse. But good quality and low price gradually played a role, and the brand began to enjoy success. In 1968, the company got a co-owner and it became known as Hennes & Mauritz.
When Karl Stefan Persson took over the management of the brand, the brand started to develop actively and entered the world market. The young businessman had two higher educations and understood what to do to expand his father’s enterprise. The first country where H&M products were presented was Great Britain. It quickly gained popularity among customers and allowed opening stores in other countries as well.
Karl Persson used an unconventional approach to brand management. He understood the importance of customer trust and actively implemented loyalty programmes. Giving gifts to customers was a creative and effective move. At the opening of the store, everyone was presented with a record of AVBA group, which was at the peak of popularity.
Carl Persson’s tactics are working, and management is still adhering to its principles. The company engages celebrities and creates collections together with the stars. All this increases the number of fans of the brand.
Carl Stefan Persson is not afraid to try something new. Previously he was on the boards of IKEA and Electrolux, but he left them, just as he was president of the brand. In 1998, the businessman decided to try himself as an investor and achieved success. One of his biggest deals was acquiring a village in Hampshire County and a whole block in the French capital.
Karl Persson is also known as a philanthropist. He set up a foundation, which is engaged in charity, helps in the fight against drug addiction. In addition, the entrepreneur is active in funding medical research and health projects.