PARIS — Swedish high street giant Hennes & Mauritz AB said its founders would donate 500 million Swedish kronor, or $75.4 million at current exchange, to the H&M Conscious Foundation.
The donation by the family of H&M board chairman Stefan Persson — son of H&M founder Erling Persson and father of chief executive officer Karl-Johan Persson — is earmarked in particular for initiatives promoting children’s health and right to education, among UN Millennium Development Goals.
The fast-fashion retailer established its foundation in 2007 to mark its 60th anniversary. To date, it has supported such charities as Hand in Hand, which combats poverty in India through microloans and training for female entrepreneurs.
In future, the foundation plans to support WaterAid, which provides the poor with access to clean water and hygiene, along with disaster relief efforts.
Karl-Johan Persson said the donation would “enable the H&M Conscious Foundation to carry out more initiatives on a greater scale in order to change and improve the lives of people in countries where H&M is present.”