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H & M Hennes & Mauritz AB
Type Public (OMXHM B)
Founded Västerås, Sweden (1947)
Headquarters Stockholm, Sweden
Key people Stefan Persson (Chairman of the board), Karl-Johan Persson (President and CEO)
Industry Fashion
Products Clothing, cosmetics
Revenue SEK 118,697 million (2009)[1]
Operating income SEK 21,644 million (2009)[1]
Profit SEK 16,384 million (2009)[1]
Employees 53,480 (FTE, 2009)[1]
Website www.hm.com

H & M Hennes & Mauritz AB (operating as H&M), is a Swedish clothing company, known for its fast fashion clothing offerings for women, men, teenagers and children. H&M has around 2,000 stores in 37 different countries and employs over 74,000 people.[2]

Contents

History

The company was established in Västerås, Sweden, in 1947 by Erling Persson though at the time it only sold women's clothing and was called Hennes, Swedish for "hers." In 1968, Persson acquired the premises and inventory of a Stockholm hunting equipment store named Mauritz Widforss. Included in the inventory was a supply of men's clothing, prompting Persson to expand into menswear. Accordingly, he renamed the store Hennes & Mauritz, later abbreviated to H&M. Erling's son Stefan became CEO in 1990 and Chairman of the Board in 1998. Today the majority of H&M's clothing is manufactured in Asia and Europe.[3]

H&M worldwide

Grand Opening of H&M in Hong Kong SAR, People's Republic of China.
H&M store on 125th Street in Harlem, New York City, USA
H&M store in the Ginza district in Tokyo, Japan.

H&M's first store abroad was opened in Norway. Then from 1964 onwards, H&M embarked upon a major expansion programme many further stores in Europe, including Portugal, the UK, Denmark, Switzerland and Germany. In the 1990s, the first stores opened in Finland, France, Belgium, Austria, Spain and the Netherlands. H&M has continued to expand its business and today H&M has an extensive network throughout much of Europe.

H&M opened its first US store in New York on 5th Avenue and 51st Street in March 2000. There are now 9 additional stores in Manhattan alone. As of January 2009, H&M has at least 169 individual stores in the United States. H&M opened its first Canadian store in March 2004. There are currently 48 stores in Canada, in Quebec, Ontario, Alberta, New Brunswick, Nova Scotia and British Columbia.

H&M opened its first Asian store (also H&M's first franchise) in Dubai in 2006. Kuwait was then followed by Dubai and opened at Salmiya at first. The first Israeli store opened in Tel Aviv in March 2010, and another one is expected to be opened in Jerusalem.[4] H&M expanded into East Asia in March 2007, with its first store opening in Central Hong Kong on March 10, 2007. Kylie Minogue opened the first store in East Asia, where she also exclusively launched her range of swimwear, "H&M loves Kylie". The first location in mainland China was opened in 2007. The first Japanese store was opened in Ginza on September 13, 2008, while a second store was opened in Harajuku in November 2008. Another store was opened in the Shibuya shopping district on September 19, 2009.[5] H&M has signed an agreement to open its first store in South Korea. The store will be located in the best business location in Myungdong in Seoul and is planned to open during the spring of 2010.[6]

On March 13, 2009 H&M launched their first shop in Russia in the Metropolis mall in Moscow, near Moscow Metro Voykovskaya station. And already in March 20, 2009 launched second shop in "MEGA" mall in Khimki. On October 22, 2009 third H&M store opened it's door in "MEGA" mall in Belaya Dacha. On 18th of October, 2009 was launched a shop in Europe's largest shopping centre "Golden Babylon" in Rostokino.

H&M also has plans to expand into South America with a focus on Brazil, though a specific date was not disclosed.

Although there are no H&M stores in Australia, in April 2007, pop superstar Kylie Minogue teamed up with H&M to introduce a swimwear line called, “H&M loves Kylie”, featuring a theme of Australia. “When we think of Australia and glamour, we think Kylie, who is such a stylish person,” H&M design head Margareta van den Bosch said in a statement.[7]

Collaborations

In November 2004, selected H&M stores offered an exclusive collection by fashion designer Karl Lagerfeld. The press reported large crowds and that the initial inventories in the larger cities were sold out within an hour,[8] although the clothes were still available in less fashion-sensitive areas until the company redistributed them to meet with demand.[9] In November 2005, the chain launched a collection by Stella McCartney and, in November 2006, by avant-garde Dutch designers Viktor & Rolf. H&M launched another collaboration with Madonna in March 2007, designed by the popstar.[10] In June 2007 the company worked with game developers Maxis to create a stuff pack for the latter's The Sims 2 computer game, H&M Fashion Stuff[11] In November 2007, the chain launched a collection by Italian designer Roberto Cavalli. It was reported that the clothing sold out very quickly. Also in 2007, another design with Kylie Minogue was launched in Shanghai, China.[7] In the fall of 2008 the Japanese company Comme des Garçons was selected as guest designer. For spring and summer 2009, the British designer Matthew Williamson created 2 exclusive ranges for H&M. The first being a collection of women's clothes released in selected stores. The second collecting saw Williamson branch into menswear for the first time. The 2nd collection also featured swimwear for men and women and was available in every H&M store worldwide.[12] From November 14 H&M released a limited edition diffusion collection with Jimmy Choo featuring shoes and handbags, ranging from £30 to £170 including a range of men's shoes. The collection also included clothing designed by Choo for the first time, many garments made from suede and leather, and was available in 200 stores worldwide including London's Oxford Circus store.[13] Sonia Rykiel is the latest guest designer to collaborate with H&M, after having designed a ladies knitwear and lingerie range to be released in selected H&M stores on December 5, 2009.

Brand

H&M is the 21st best global brand in the world. It is worth about 15 billion.[14]

The full company name Hennes & Mauritz was rebranded to H&M to simplify worldwide perception of the brand.

The company owns the two letter domain hm.com. The domain was registered in the early 1990s, but data on the first registration is lost. In 1998 Hennes & Mauritz was able to buy the domain hm.com from a company called A1 in a non-published domain transaction.[15] Today Hennes & Mauritz General is one of the few corporations worldwide to own a two letter domain name.[16]

Corporate objective

H&M describes its mission as “Fashion and quality at the best price”. H&M's goals for 2008 have been to intensify the sales in the existing stores, as well as to increase the number of new stores by 10% to 15% per year. In the year 2007 193 new stores opened its doors and 16 closed. Expansion and maintaining of financial stability are H&M's strategic goals. In the last 5 years the revenues rose by 73% and the earnings per share increased by 139%.[17]

Home furnishing

In a press release, H&M announced that it would begin selling home furnishings.[18] As of 2009, it is distributed exclusively by H&M's internet catalog, so it is only available in countries where H&M is sold online, such as Sweden, Finland, Norway and Germany.

Controversy

It has been reported that unsold clothing and other items in one New York H&M store are cut up before being discarded, presumably to prevent resale or use[19].

See also

References

  1. ^ a b c d "Annual Results 2009". Hennes & Mauritz. http://feed.ne.cision.com/wpyfs/00/00/00/00/00/10/6E/E6/wkr0011.pdf. Retrieved 2010-01-28. 
  2. ^ About H&M, HM.com
  3. ^ Facts about H&M, production information
  4. ^ [1]
  5. ^ Carter Associates
  6. ^ First store in South Korea
  7. ^ a b Australian singer Kylie Minogue chosen for H&M beachwear campaign - EnjoyFashion
  8. ^ Designplagg tog slut på en timme
  9. ^ H&M för snobbigt för Lagerfeld
  10. ^ H&M - Press
  11. ^ "The Sims(tm) 2 H&M Fashion Stuff". http://thesims2.ea.com/about/sp5_index.php. Retrieved 2007-12-25. 
  12. ^ [2]
  13. ^ "Jimmy Choo - press release". Cision Wire. http://www.cisionwire.com/h---m-hennes---mauritz-ab/jimmy-choo-brings-glamour-to-h-m-this-autumn. Retrieved 2009-06-17. 
  14. ^ [http://www.interbrand.com/best_global_brands.aspx?year=2009&langid=1000 Interbrand, Best Global Brand List
  15. ^ Historic Archive of the very first HM.com Website
  16. ^ VB.com Internet Hall of Fame - List of Large Companies that own a Two Letter .com Domain
  17. ^ "H&M Facts 2008". H & M HENNES & MAURITZ AB. 2009-01-29. http://www.hm.com/ca_fr/presse/communiqusdepresse/entreprise/financepressrelease.ahtml?pressreleaseid=406804&nodeid=336. Retrieved February 14, 2009. 
  18. ^ "H&M Home Fashions". H & M HENNES & MAURITZ AB. 2008-11-28. http://www.hm.com/us/press/pressreleases/fashion/fashionpressrelease.ahtml?pressreleaseid=741&nodeid=334. Retrieved April 10th, 2009. 
  19. ^ "A Clothing Clearance Where More Than Just the Prices Have Been Slashed". New York Times. 2010-01-06. http://www.nytimes.com/2010/01/06/nyregion/06about.html?ref=nyregion. Retrieved Jan 6th, 2010. 

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