Sweden’s billionaire Persson family is building its hold in H&M, the international fashion giant it created, which has given new force to speculation that the group might ultimately be taken private.
Fresh figures from Sweden’s financial watchdog indicate that Ramsbury Invest, the investment vehicle owned by Sweden’s richest man Stefan Persson, purchased 42.75 million H&M shares in the first six months of 2025 alone. That represents a significant increase from 2024, when the group acquired 56.85 million shares during the year and 55.65 million in 2023.
Experts argue that aggressive buying may be part of a long-term plan. “As the Persson family’s dividend income increases with their increasing stake, they have more cash to invest back into shares,” said Adam Cochrane, an analyst at Deutsche Bank. He thinks H&M can be fully taken over by the Persson family by 2030, as reported by Reuters.
As of late May, the Perssons and their associated entities controlled more than 64% of H&M’s shares, based on the website of the company. H&M did not comment on the stock purchases made recently and requests for comment were redirected to Ramsbury Invest which did not answer queries regarding its plans or a potential take-private bid.
Some investors believe it’s only a matter of time. “I think they will eventually take it private—the real question is when, not if,” said Peter Magnusson, a portfolio manager at Cicero Fonder. He noted that securing additional funding or a strategic partner would likely be necessary to complete such a deal.
With a market capitalisation of some 187 billion Swedish crowns (approximately (US $ 19.7 billion), H&M’s valuation is still considerable, although its share price has fallen about 9% since the start of 2025. Amidst a climate of global trade uncertainty and rising market volatility, investment bankers estimate that further publicly listed retail giants will search for the security of private ownership.
Started in 1947 by Erling Persson, H&M has a long history of being a family-owned business. Stefan Persson was the CEO from 1982 through 2009, when Karl-Johan, his son, became the CEO. In 2020, the board appointed a non-family CEO for the first time, with Karl-Johan becoming Chairman.
