H&M founding family boosts stake, buyout speculation intensifies
Regulatory filings released this week show that Ramsbury Invest, the family's leading holding company, purchased 42.75 million shares in the first half of this year. Ramsbury is primarily owned by Stefan Persson, Sweden's wealthiest individual and the son of H&M founder Erling Persson.
This marks a quicker pace than previous years. In 2024, Ramsbury acquired 56.85 million shares over the entire year, and in 2023, the family bought 55.65 million shares.
"As the family owns more shares, they have a higher dividend to reinvest, which would support increased share purchases," said Deutsche Bank analyst Adam Cochrane, who believes the family will eventually take H&M private, possibly by 2030.
According to H&M's website, the Persson family and its related entities held more than 64 percent of the company's shares as of the end of May.
H&M redirected Reuters' inquiries to a spokesperson for Ramsbury Invest, who declined to comment on the ongoing stake-building or the possibility of a future buyout.
"I think they will, in due time, take it private — the question is, is it now, or in ten or 20 years?" said Peter Magnusson, a portfolio manager at Cicero Fonder in Stockholm. He added that such a move would likely require outside financing or partners.
H&M, which was founded in 1947 by Erling Persson, is currently valued at around 187 billion Swedish crowns (US$19.7 billion). The business was led for nearly three decades by Stefan Persson, who handed the reins to his son Karl-Johan Persson in 2009. In 2020, H&M appointed its first chief executive from outside the family, while Karl-Johan became chair.
H&M shares have fallen nine percent since the start of the year. Some investment bankers expect more publicly listed retail companies to go private, especially amid ongoing market turbulence tied to U.S. President Donald Trump's tariff policies.
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