H&M Mission And Vision Statement: So, here is the analysis of the mission and vision statement of H&M, 2021 in the following. We have focused on the supportive elements of the statements which clearly describe how much they are efficient and approachable for the great achievement of the company for years.
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H&M is a Swedish Multinational Retail Company specializing in offering fashionable and unique style clothing for all the ages such as women, men, teenagers, and children. According to the details of November 2019, H&M manages its stores in more than 74 countries with over 5,000 stores under the various company brands.
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Established in 1947, H&M started its journey from a little Swedish clothing organization and now it became one of the greatest clothing retail companies on the earth with regards to modest and chic garments.
It is the world’s second-largest clothes retailer, behind only Inditex of Spain (parent company of Zara). Erling Persson founded the firm, which is now run by his son Stefan Persson and Helena Helmersson, and it offers online shopping in 33 countries.
H&M has been able to build a powerful and realistic brand identity under which the item is all about tailored to the specifications and desires of the customers. They have shown to the industry that fashion does not have to be expensive, and that you do not have to earn a lot of money to be able to wear stylishly.
Since 1947, the organization has developed itself as a leading company throughout the industry, thanks to its solid mission and vision statements, as well as its core values. The continuous success of this company is solid evidence of having these valuable corporate principles.
A corporate vision statement serves as a roadmap to a specific future, while a corporate mission statement emphasizes the strategies for achieving the ultimate targets.
Background of the H&M Company
H&M has grown from a small boutique to an empire. Hennes & Mauritz, also branded as H&M, is a high-end retail shop that can fulfill everyone’s desire in the best possible manner.
H&M is an international Swedish retail chain that has grown to become the world’s second-largest retailer. They have clothing for women, men, teenagers, and children. H&M has taken over seventy-four countries and has created the most recent trend in the fashion world.
The company was founded by Erling Persson in 1947 in Västerås, Sweden, featured the selling of women’s exclusive clothing. It was the first shop of H&M and known as Hennes. In 1968, Persson owned the hunting clothing retail chain Mauritz Widforss, which resulted in the addition of a menswear collection. After that, it changed its name to Hennes & Mauritz (H&M).
In 1974, the company was registered on the Stockholm Stock Exchange. In 1976, the first store outside of Scandinavia opened in London.
H&M started to flourish in Europe and began selling online in 1998 when it purchased the domain hm.com from a management firm A1 in a non-public domain agreement.
The opening of its first U.S. store on Fifth Avenue in New York City on March 31, 2000, led to the establishment of the company’s growth outside of Europe.
In 2008, the company started its another business of selling home furnishings through the company’s online catalog and now H&M Home stores are located worldwide and providing its services successfully.
To expand their business in Asia and the Middle East, they introduced a variety of concepts such as Weekday, COS, Cheap Monday, and Monki in 2009 and 2010.
The branding consultancy Interbrand listed the company as the twenty-first most influential global brand and made it the highest-ranked retailer in the survey. It is projected to be worth $12–16 billion.
H&M had 2,325 outlets at the end of 2011 and 2,629 at the end of August 2012. Its 3,000th store opened in Chengdu, China, in September 2013.
As a part of the COVID-19 pandemic, H&M revealed in October 2020 that it plans to close 5% of its global stores in 2021.
H&M’s website demonstrates multibillion-dollar growth corporate strengths hidden under numerous brand names. H&M mostly trades under well-known brand names such as H&M Home, H&M, Monki, Cheap Monday, COS, among several others. These are unbiased brands who express their own sense of fashion through their clothes.
|Name of the Company||H&M (Hennes & Mauritz)|
|Industry Served||Clothing Retail Company|
|Geography areas served||Worldwide|
|Headquarters||Stockholm, Sweden, Northern Europe|
|Current CEO||Helena Helmersson|
|Revenue||2,480 crores USD|
Headquarters of H&M
H&M, the largest clothing retail chain company is headquartered in Stockholm, Sweden. H&M’s American retail stores are headquartered in New York City on Fifth Avenue.
Significance of Mission and Vision Statements Of H&M
To make the company an international brand and a pioneer of renewable and affordable fashions, the corporate’s mission and vision statements are priceless.
The mission statement of H&M (Hennes & Mauritz) retail clothing stores represents the vision of the company for providing unique fashion, quality, and price to their valuable clients. This ideology has made the brand one of the most successful fast fashion apparel retailers across the world.
These ideas are extremely appealing for introducing more innovative designs to drive a positive change among the people. The mission statement focuses on the exceptional experiences that the organization leaves in the lives of its clients through its products and services.
H&M has successfully communicated its vision to their customers to build a strong brand identity and a permanent place in their clients’ minds. It is relevant for the constructivist approach.
Throughout the past few decades, competition among organizations that sell low-cost and fashionable clothing has grown, motivating H&M to never stop producing and expanding their market.
Their advertising procedures are the essential parts to draw the attention of people but in the meantime, the mission and vision statements together with the core values help the company to bring huge success and capability to hold their clients for years.
Alignment for H&M Staff
H&M’s mission, vision & core values highly encourage 50 percent of its staff to work actively and achieve the vision of the company rapidly. In addition to being compensated, the “business project” for 10% of H&M employees is the most important aspect of their job.
When it was asked that what makes them so inspired towards their work, 50% of employees answered clearly about the mission and vision statements of H&M. Likewise, the research strongly shows that a focused mission statement and consistent core organizational values are essential to sustaining employee alignment.
Even, young people who don’t have a high salary because they are either heading out with their careers or are still in college, H&M has given a perfect alignment to them.
The Mission statement of H&M
H&M mission statement describes
“To drive long-lasting positive change and improve living conditions by investing in people, communities and innovative ideas.”
Analysis of the H&M Mission Statement
This declaration demonstrates how the corporation reveals its style of apparel and inventions to the public by improving the shopping environment and affecting people’s lives. It consists of two elements such as:
- Enhancing the shopping experience
The first component shows that their first priority is to make their clients happy and satisfied which will help to bring a permanent positive change in the clothing industry. H&M supports a remarkable way in order to provide absolute freedom and convenience to their customers when selecting their products. H&M opens its outlets to all over the world to welcome everyone, not only their clients which makes it captivating and winning brand to the clients. To get most reliable shopping experience, people love to visit H&M stores for again and again.
- Improving lives or communities
H&M pays special consideration in the design and implementation and display of fashions for men, women, and children to ensure that the brand serves the individual needs of all, regardless of gender or age, and has an impact on their lives. Such beauty makes it easy for all customers to buy and appreciate the elegant value they want.
The mission statement is referred to a “business concept.” by H&M. However, mission statement reveals the basic business approaches upon which everything is planned to achieve the organizational goals.
The H&M mission statement and H&M Business Concept are identical. It is clear, straightforward, and easy to recall for the employees at all levels.
It also supports “fashion and quality” at the best price. Although this may be the mission statement of every apparel retail company in the world, but H&M establishes its own brand of “quality” through core values known as the “H&M Spirit” and very precise business guidelines known as the “H&M Way.”
The Vision statement of H&M
H&M’s vision statement defines “to lead the change towards circular and renewable fashion while being a fair and equal company.” This statement actually shows how dedicated the company is, in providing the latest fashion, designing and their affordability. It has the following parts:
- Lead the change towards fashion
The first element of the Mission statement showcases the organization’s pure commitment to prioritizing trendy fashion along with its accessibility. The company wants to change the way of fashion, implementing the new and flexible designs in their business. They have represented their own brand of quality apparels to make them affordable to their customers. The company keeps all its wide range of brands updated with what is in demand. The company keeps its extensive selection of products up to date to fulfill the demands of their clients.
- Being fair and equal company
H&M’s fairness and equity are expressed in a variety of ways, including its friendly nature, commitment to sustainability, and reasonable pricing on their products. This element demonstrates how the company keeps a close eye on current trends while also encouraging introduction of new ones. The company’s product range is increasingly changing to meet market demand.
H&M’s business operations are supposed to be socially, culturally, and environmentally sustainable. They define sustainability as the desire to meet the needs of both present and future generations.
The H&M Core Values
H&M’s core values consist of:
- We believe in people
- Entrepreneurial spirit
- Constant improvement
- Straightforward and open-minded
- Keep it simple
These values are highly responsible for possessing an impressive culture in the company that distinguishes it as one of the most sought-after corporations in the world.
H&M is an innovative, customer-focused, value-driven and responsible fashion company. “The H&M way” supported by the above mission and vision statements of the company helps to maintain a magnificent culture, values, guidelines and a helpful attitude towards their clients.
The H&M corporate statements together with the fundamental principles support the company to manage the overall performance, unity and motivating new talents with the growth and development of the company.