Fashion

H&M Appoints New CEO and Reports Q4 Operating Profit

January 31, 2024

H&M, the world's second-largest apparel retailer, named Daniel Erver as its next CEO.

H&M, the world’s second-largest fashion retailer, announced the appointment of Daniel Erver as its new CEO.

The decision comes alongside the release of the company’s fourth-quarter financial results, which showed a change in leadership.

Q4 Operating Profit Slightly Below Expectations:

H&M reported its operating profit for the fiscal fourth quarter (September-November), reaching 4.33 billion crowns ($415.4 million).

Although this figure marked a substantial increase from 821 million in the same period the previous year, it fell slightly below expectations. Analysts had predicted a mean operating profit of 4.57 billion crowns.

Challenges in the Fashion Retail Landscape:

The fashion retailer has faced challenges, including shifting its price-sensitive customers to budget-friendly alternatives like SHEIN.

Intense competition from Zara owner Inditex has added to the competitive landscape, prompting H&M to navigate consumer behavior and preferences changes.

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James Adam

James Adam, a noted business writer for CEO Times Magazine, specializes in insightful industry analysis and executive profiles. Known for his clear, concise style, James offers readers an expert perspective on global business trends and market dynamics.

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