Oscar Olsson, co-founder and chief executive officer of H&M’s newest label, has been working in the Swedish retailer for the last five years. Nyden is targeting millennials and operates through ecommerce.
H&M losses Nyden’s managing director. The Swedish company, second largest fashion distributor worldwide by revenues, has announced the departure of Oscar Olsson, who was at the helm of the group’s newest brand since early 2018.
Nyden was introduced last December as a brand targeting millennial consumers and selling primarily through the online channel. Collections are conceived in H&M’s design studio in Los Angeles, California.
In a statement, H&M explains that “Nyden is a minor development and start-up project within the H&M group: we continually develop and test new ideas, it’s our way of working.” The fast fashion retailer is already working on appointing a new manager for the brand.
Oscar Olsson, Nyden’s cofounder and head, was at the helm of H&M¡s innovation lab in the past
Olsson leaves H&M after a five-year career within the Swedish group. He joined the company’s expansion department and in early 2017 assumed a new role as head of the innovation lab, reporting to chief executive officer Karl-Johan Persson.
H&M ended fiscal 2017 with a 4% sales growth to 199.96 billion Swedish crowns (20.11 billion euros), less than expected by the group. The company is going through a store reorganization plan to improve business profitability with up to 90 closures.