* Background Of The Entrepreneur
* Reasons For Selecting The Entrepreneurial Career
* Starting The Enterprise
* The Type Of Enterprise
* Process Of Setting This Enterprise, Products/Services
* Investment Made
* Growth Profile
* Marketing Practices Followed
* Profit Or Loss
* Problems Faced
* Environmental Concerns Undertaken
* Social Responsibility
* Future Expansion/ Projects
Background of the Entrepreneur:
Stefan Persson (born October 4, 1947) is the son of Erling Persson who founded the Swedish fashion company Hennes & Mauritz (H&M). Persson was born the same year, 1947, as H&M. His father, Erling, was the son of a butcher in Västerås, an hour or so outside of Stockholm. Stefan Persson chairs the hugely successful clothing retailer Hennes & Mauritz AB, a company founded by his father in Sweden in 1947. Known informally as "H&M," the international chain of nearly 900 stores has mastered the art of delivering cheap but chic styles and is poised to corner this segment of the United States market. Ranked Sweden's richest private citizen, Persson is widely credited with taking the company global when he succeeded his father as chief executive officer in 1982.Since 1982 Stefan has been the main shareholder of H&M. According to Forbes Magazine, Persson has worth US$22.4 billion in 2010, making him the second richest person in Sweden and the 13th richest person in the world. In 2009 his son Karl-Johan Persson took over as President and CEO of Hennes & Mauritz. Stefan lives in Stockholm, Sweden.
Reasons for Selecting the Entrepreneurial Career:
As an entrepreneur, the senior Persson traveled to New York City just after World War II and was impressed by large department stores like Macy's and the range of women's apparel they offered. Returning to Vasteras, he opened a women's clothing store, Hennes ("hers" in Swedish), which offered inexpensive but stylish apparel. It proved a hit with locals, and was soon able to open a Stockholm store, where lines around the block formed on its first day of business. "The idea of providing such garments for the average woman fitted in well with the egalitarian mood of post–war Sweden," noted Financial Times writer Nicholas George, who wrote that the Scandinavian country's thriving economy helped make it rise quickly to the list of the world's most affluent nations. "It is often said that if Per–Albin Hansson, the legendary Social Democratic leader, created Sweden's 'people's home' with welfare and security, Ingvar Kamprad, founder of IKEA, furnished it and Erling Persson clothed it." Persson's father, Erling, died at age 85 in October of 2002. He and his sister, Lottie, hold some 70 percent of H&M voting shares, and 37 percent of its capital.
Starting the Enterprise:
H&M was established in Vasteras, Sweden in 1947 by Erling Persson. At the very beginning, when the first store was opened, it was actually given the name Hennes (the Swedish word for “hers”) because only women’s clothes were sold there at that time. The Hennes company became "H&M" in 1968 when it bought Mauritz Widforss, a Swedish hunting and gun retailer, which gave them a men's clothing line. By then, it had cautiously ventured abroad, opening stores in Norway and Denmark. Persson joined his father's company in 1972, and helped out at the launch of H&M's first London store four years later by standing outside and handing out ABBA records as a promotional stunt. He became board chair in 1979, with his father remaining chief executive officer (CEO), and began to accelerate the expansion process soon afterward. The company moved into West Germany in 1980, and by 1985 had 200 stores across the continent and in the United Kingdom. In the following years, H&M kept expanding continuously. Especially after 1982, it expanded with a high speed. Stefan became Chairman of the Board in 1998. Today the majority of...
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