The founding family of H&M, the famous fashion brand, is quietly buying more of its own company’s shares. H&M has been on the Swedish stock market since 1974, but it may be moving toward becoming a private company again.
Since 2016, the Persson family – one of Sweden’s richest – has spent over $6.6 billion to increase their ownership in H&M. They now control nearly 64% of the company, up from just 35.5% nine years ago. They are doing this through their holding company, Ramsbury Invest.
Although the family says they simply believe in H&M and have no plans to take the company private, many people think otherwise due to their steady buying of shares and quiet approach. H&M was originally started in 1947 by Erling Persson, the family’s founder.
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This move has raised questions about the future of H&M and whether it will remain a public company.
