H&M family stock portfolio ‘larger than Swedish state’s’

The family which owns clothing giant Hennes & Mauritz is now on a par with the Swedish state as the largest shareholder on the Stockholm stock exchange.

Shares in H&M have shot up 20 percent since the start of the year, giving the value of holdings owned by Stefan Persson and his children a major boost and bringing the company’s stock market value up to 306 billion kronor ($40 billion).

As a result, the value of the family’s share of the discount clothier has shot up to 112.8 billion kronor, based on the June 2nd closing price of 370 kronor per share, according to the financial news website E24.

When factoring in Persson’s holdings in other listed companies and the family foundation, E24 estimates the family’s total stock portfolio reached a value of 114.3 billion kronor earlier this week.

The latest price rise was enough to put the family ahead of the Swedish state as the largest shareholder on the Stockholm stock exchange.

The Swedish state, on the other hand, which has ownership stakes in the Nordea bank, telecom provider TeliaSonera, and the airline SAS, had a stock portfolio worth only 114.2 billion kronor on June 2nd, according to E24’s figures, taken from SIS Ownership Data Corp.

With the current value of its portfolio, the Persson family could purchase any company on the Stockholm stock exchange except for three: H&M, Nordea, and TeliaSonera.

Behind the Persson family and the Swedish state, the third largest owner on the Stockholm exchange is investment fund Swedbank Robur, which has shares worth 94.3 billion kronor.

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Swedish retailer H&M sees profits slump after Russia exit

Swedish fashion retailer H&M reported 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.