H&M group CEO Helena Helmersson has resigned from her role as the business revealed sales in the key December and January months sunk 4% year on year.
Helmersson, who is replaced by H&M veteran Daniel Ervér with immediate effect, said she had decided to leave the job after four years, adding that it had been “very demanding”.
She has spent 26 years at the Swedish fashion giant, the last four as CEO.
Ervér, who is the current head of H&M, the group’s biggest brand, will remain operationally responsible for the brand alongside his new group president and CEO position.
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H&M group chair Karl-Johan Persson thanked Helmersson for “her valuable contributions during a very intense time”.
“Helena is an appreciated leader that has decisively and effectively led and navigated the H&M group through a time largely marked by pandemic, geopolitical and macro-economic challenges.
“During this time, we have gradually taken clear steps towards our long-term goals. The H&M group is in a strong position, with a positive profitability trend and good conditions to make further improvements in 2024.”
Ervér added: “Together with all committed colleagues, we will continue to create unbeatable value for our customers and profitable growth. Our focus will be on offering our customers the best combination of fashion, quality, price and sustainability in an inspiring and attractive shopping environment.”
Earlier this week, executive search firm Korn Ferry found UK retail CEO appointments plunged by more than a quarter in the UK last year compared to 2022.
Just 31 chief executives were hired in the sector in 2023, down from 41 the year before, making it the most significant drop in more than a decade outside of the Covid period.
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