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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.
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.
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.
LVMH’s second-largest fashion brand, Dior, recently came under scrutiny for failing to meet UK legal requirements
Dolce&Gabbana, the iconic Italian fashion house, is contemplating opening its capital to new investors, considering options
Fast-fashion giant Shein is redirecting efforts towards a London listing after facing regulatory hurdles and opposition
Shares in Hugo Boss declined nearly 10% on Thursday, reaching their lowest level since 2022. This
Investors push for Inditex, Zara’s parent company, to follow industry peers like H&M and Primark by
