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Stefan Persson, chairman of Swedish retailer Hennes and Mauritz (H&M) vividly remembers his company’s first attempt at international expansion. It was 1976; the year H&M opened its London store in Oxford Circus. “I stood outside trying to lure customers by handing out Abba albums’ he recalls with a wry laugh. Persson, the 29, son of the company’s founder, waited for the crowds. I still have most of those albums,’ he says. But Stefan is not crying that u ...

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