The CEO of H&M is leaving the company after Shein has eaten her toast. The Swedish fashion group is seeing its top manager leave and has chosen Daniel Ervér as a replacement to turn around the current delicate situation.
Ervér has worked for 18 years at H&M in different positions of responsibility and now takes over the helm of H&M, which is facing a drop in sales in the new year. Helmersson, who has been with the fashion retailer for more than 25 years, has tendered her resignation on the grounds that her four-year tenure has been too demanding for her personally. However, the former CEO says she is proud and satisfied with her achievements.
H&M's share price has plummeted by nearly 9% on the Stockholm Stock Exchange today, as reported by El Confidencial.
In the last financial year, the company obtained a net profit of 8,723 million kronor, or 772 million euros, a 144% increase year-on-year. Operating profit for the year as a whole reached 1.287 billion euros.