Daniel Ervér has taken over as president and chief executive officer of H&M Group following the resignation of former CEO Helena Helmersson.

What You Need To Know

  • H&M CEO Helena Helmersson resigned Wednesday and was replaced by Daniel Ervér

  • Helmersson had worked with the company for 26 years, the last four as CEO

  • She helmed the company during the pandemic and global supply chain shortages

  • Ervér takes over as H&M faces declining sales and increasing competition from other low-cost brands

Facing declining sales and increased competition from Zara, Shein and other low-cost brands, the Swedish fast fashion retailer said in a statement Wednesday that it is “in a strong position, with a positive profitability trend and good conditions to make further improvements in 2024.”

Sales at the second largest international clothing retailer fell 4% over the past two months compared with a year earlier.

Helmersson led the company for four years that coincided with an especially tumultuous period, navigating a pandemic, global supply chain challenges and inflation.

In her resignation letter, Helmersson, who worked with H&M for 26 years, said she was leaving with “mixed feelings.”

“I continue to have a strong belief in the company,” she wrote in a statement. “We have strong brands, a unique corporate culture and high ambitions in sustainability.”

Ervér has worked with H&M Group for 18 years, most recently as head of the company’s largest brand, H&M.

The retailer operates over 4,800 stores globally in 74 countries and employs 126,000 people.