Clothing chief tops Swedish tax league

The Swedish head of retail clothing giant H&M paid more tax last year than anybody else in the country, business daily Dagens Industri reports.

With a taxable income of 2.3 billion kronor, Stefan Persson paid a whopping 682 million kronor ($84 million) into the state coffers, over 500 million kronor more than his nearest competitor, business tycoon Fredrik Lundberg.

Persson’s sister, Lottie Tham, also of H&M, came third on the list with a tax bill last year of 113.5 million kronor.

Musician Benny Andersson came in fifth place, paying 69.3 million kronor on profits from Abba’s music and his Stockholm hotel, Rival.


Swedish retailer H&M sees profits slump after Russia exit

Swedish fashion retailer H&M reportedĀ a sizeable drop in third-quarter profit on Thursday following its decision to leave the Russian market.

Swedish retailer H&M sees profits slump after Russia exit

The world’s number two clothing group is among a slew of Western companies that have exited Russia following Moscow’s invasion of Ukraine.

H&M paused all sales in the country in March and announced in July that it would wind down operations, although it would reopen stores for “a limited period of time” to offload its remaining inventory.

The company said Thursday its net profit fell to 531 million kronor ($47 million) in the third quarter, down 89 percent from the same period last year. “The third quarter has largely been impacted by our decision to pause sales and then wind down the business in Russia,” chief executive Helena Helmersson said in a statement.

The group said in its earnings statement that it would launch cost-cutting measures that would result in savings totalling two billion kronor.