Swedish fast fashion giant H&M is slowing down at the start of 2024 and is losing its CEO Helmersson, who has been replaced by Daniel Ervér, 42, who has worked for the group for 18 years. The company struggles to increase sales in an increasingly competitive market: in the 12 months net revenues increased by 6% to SEK 236 billion (or EUR 21 billion), with the brands in its portfolio (Cos, Monki, Weekday, & Other stories and Arket) up 15%. H&M faces not only competition from Zara, but now also from Shein and its own low-cost competitors, from Temu to Aliexpress. Operating profit for the fourth quarter was SEK 4.33 billion (EUR 384 million), up from SEK 821 million a year earlier, but below the SEK 4.57 billion expected by analysts in a survey by the LSG-London stock exchange group.
