H&M CEO quits as fashion group fails to keep up with rivals

H&M unexpectedly announced a change of leadership on Wednesday, with company veteran Daniel Ervér taking over as CEO from Helena Helmersson as the Swedish fashion retailer’s performance continues to lag rivals such as Inditex and Shein. Shares in H&M dropped 12% as the company revealed sales for December and January fell by 4% compared to the previous year, a bad sign for the key Christmas shopping period. Read more at Reuters.