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Fast fashion major H&M's CEO Helena Helmersson resigns as sales decline
Daniel Erver to take over as CEO with immediate effect.
Helena Helmersson began her career at H&M as a business controller and rose the ranks as global head of production within a decade. She is also a co-chair at Fashion Impact.
Fast fashion retailer H&M has appointed company veteran Daniel Erver as the chief executive officer, following the sudden exit of Helena Helmersson. The move coincides with with H&M reporting a 4 percent decline in sales for December and January compared to the previous year. H&M is facing tough competition in a challenging retail market, struggling to keep pace with Zara and the rapidly.
Helmersson, who spent four years in the company, cited in her resignation the ‘very demanding’ nature of the job and the lack of energy she had to keep going with it, as per reports.
Helmersson began her career at H&M as a business controller and rose the ranks as global head of production within a decade. She is also a co-chair at Fashion Impact.
Sales from December 1 to January 29 saw a 4 percent decline in local currencies compared to a 5 percent increase in the same period last year. The fourth-quarter operating profit of 4.33 billion crowns ($415.4 million) fell short of analysts' expectations.
JP Morgan analysts expressed disappointment in the results, noting that the weakness in H&M's fourth-quarter profit slightly diminishes the credibility of the 10 percent margin target, as per reports. Karl-Johan Persson is H&M's chairman and the grandson of the company's founder Erling Persson, remains optimistic. The Persson family maintains a 51% stake in H&M. growing online giant Shein.
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