Stefan Persson - The world's most tax-paying billionaire, kipping every penny brings success to H&M

In the top 100 richest people in the world, Stefan Persson only ranks at the bottom of the top 20 with a fortune of about $ 18 billion.

These things did not make it difficult or prevent him from setting records. S.Persson is probably the most taxed private businessman in the world. Because the Kingdom of Sweden has a very strict tax system: any citizen with an above-average income must pay taxes to the state from 45 - 60% of his total income. That is why many entrepreneurs of this Nordic country have moved abroad to live. But 61-year-old billionaire S.Persson still decided to stick with his hometown and continue to contribute millions and millions of dollars to the country.

Stefan Persson's Life

Stefan Persson was born in Sweden in 1947, a Swedish business executive who served as president (1998-) and chief executive officer (1982-98) of Hennes & Mauritz AB (H&M) Retail Clothing Stores. ).

Persson learned the experience and knowledge of fashion retail from his father, Erling Persson, who founded the women's clothing chain, Hennes ("Hers") in Vsters, Sweden. In 1947. CTY opened a store in Stockholm and quickly became a permanent fashion brand in the Swedish market, eventually expanding its reach to regional countries. Other Europe.

Men's clothing was added to the brand through the 1968 acquisition of Swedish hunting retailer Mauritz Widforss, then commonly known as H&M. Persson, who joined the family CTY in 1972, helped lead the CTY expansion in Europe and was present when the first British store opened in London in 1976. He assumed leadership, management and management roles. served as chief executive officer and CEO of H&M in 1982 when his father became chairman of the board.

Stefan Persson started with a tailor

Fashion business with reasonable and moderate prices is extremely difficult. Because most consumers, especially the beauty school, often like their fashion styles to be different, unique and must create a unique personality, unlike others. However, S.Persson succeeded in that he knew how to combine elements and characteristics that could not be reconciled: mass and individuality. That was his biggest success with the Hennes & Mauritz chain of stores.

Hennes (in Swedish means "for her") was founded and founded by Mr. Erling Persson - S.Persson's father in 1947. For a long time, Erling was a cheese carrier for the company. restaurants in Stockholm. But then he went to the bustling city of New York, USA and was very interested in retail clothing stores. Returning to Sweden, Erling borrowed a bank loan and registered the Hennes brand in the city of Vasteras. His brand sold women's-only clothing at near-original prices, in contrast to the high-fashion, high-fashion boutiques that dominated the market at the time.

With the strategy of selling cheap goods, Hennes' fashion has conquered and convinced most of the hearts of middle-aged Swedish women. Shortly, in 1968, a fashion supplier named Mauritz Widfors joined Hennes. And since then, the company has changed its name to the familiar brand Hennes & Mauritz (H&M). Also from here, in the chain of stores of the brand H&M began to appear both men's clothing.

The process of entering the world of H&M

If it weren't for Mr. S.Persson, H&M would have been just a mid-range fashion house in Sweden. But S.Persson, a graduate of two universities and the eldest son of Mr. Erling dreams of turning H&M into a globally recognizable brand. Erling accepted his son's will even though he felt that S.Persson wanted to conquer a distant and unattainable peak. At a meeting of the Board of Directors, H&M's management agreed with S.Persson's ideas and proposals, whose immediate goal is to conquer the European market, starting with the UK.

The success of H&M in the UK is a valuable experience. After 6 years - 1982, Erling officially handed over the leadership of the company to his son. From this point on, H&M stores sprang up like mushrooms in Europe. Since 2000, H&M has expanded its market to other continents. To date, the company has more than 1,400 stores with 60,000 employees in 28 countries, including the US, Australia, Canada and China. H&M's sales in recent years are about 10 billion USD with a net profit of about 1.5 billion USD.

"Star" goods but affordable

In addition to competing with the market at low prices, S.Persson also knows how to lure and entice consumers with superstars. If H&M sells lingerie, then fiery white-haired Anna Nicole Smith will be an advertising face. If it's a bathing suit, it will be Australian pop superstar Kylie Minogue. H&M also orders from famous and famous designers such as Karl Lagerfeld, Stella McCartney. Or at least the Madonna diva who wants to try her hand at fashion design.

Customers who can't afford Versace trousers for 700 euros, or a Dolce & Gabbana jacket for more than 1,000 euros, will certainly be satisfied with the brand's affordable fashion. H&M. In other words, S.Persson knew how to use superstars to attach to his low-cost fashion products.

With H&M, from concept to product, it only takes 3 weeks. Meanwhile, its competitor - American company Gap, takes up to 6 months for such a process. Towards the end of his life, Erling asked his son: "Where are you going in such a hurry?" S.Persson's answer was simple: "When you're running fast and your body is hot, don't stop. You'll catch a cold."

Stefan Persson is rich but lives a very simple life

Despite being rich, but S.Persson does not have the appearance and style of a fashion king, but is like a lovely and cute accountant who always knows how to spend, accumulate effectively, and save every penny. one. This also brings success to the H&M brand: Saving and improving the productivity of all employees in the company. S.Persson lived a simple life and did not allow himself to be lenient and generous with his employees. They are only allowed to take first-class airline tickets in case of necessity and necessity. If you use airline money to pay for a taxi, there must be a good reason. It is said that, in order to save costs, S.Persson also reduces the number of internal telephones, only executive personnel can use this service.

Competitors call S.Persson a miser, but that's not fair. He is a full-fledged, serious taxpayer for the national budget. In addition, H&M also donates a portion of its profits to the fight against poverty alleviation as well as ensuring clean water sources for many regions in Africa and Asia. Harsh economic policy is one of the factors that bring success to S.Persson.

However, there are exceptions to everything: More than 2 years ago, S.Persson first bought a beautiful and luxurious villa for himself. At that time, the rich websites also had something to say: S.Persson finally bought the house.

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