Henrik Henriksson
Eton Shirts
Henrik Henriksson
Eton Shirts
The role of the Chief Financial Officer (CFO) has evolved significantly over the past decade, from being a traditional number-crunching executive to a strategic leader who drives business growth and transformation. Today’s CFOs are expected to have a deep understanding of the business landscape, be highly adaptable to change, and possess strong analytical and communication skills.
One such example of a modern CFO is Henrik Henriksson, who currently serves as the CFO of Eton Shirts. Henriksson has been with Eton Shirts since 2019 and has been instrumental in leading the brand’s financial strategy, driving growth, and implementing operational changes. Under Henriksson’s leadership, Eton Shirts has successfully expanded into new markets, implemented new technology, and established sustainable business practices. He has also been involved in creating a culture of innovation and continuous improvement at the company.
Journey Towards Eton Shirts
Initially, Henrik Henriksson aimed to work for an international bank, but he stumbled upon H&M at a student fair and fell in love with the global retail giant. He was offered a position on the spot and spent the next two decades working in various finance and controller-related roles. These roles included Buying Controller, Project Manager for Expansion into China and Japan, Country Controller/CFO for H&M USA, and Brand Controller/CFO for the COS & Weekday brands. Henriksson feels that H&M has fostered his career.
In 2019, Henriksson received an offer from EQT, a renowned Swedish private equity company, to work alongside someone he had previously worked with at H&M. Henriksson accepted the offer, and he and his colleague started fresh as the CEO and CFO of Eton. Henriksson still remembers the CEO’s words when he was about to embark on this new adventure: “Henrik, it’s been a blast working together with you. Why don’t we just continue this joyride and show the rest of the world what we can accomplish with this beautiful, legacy brand called Eton?“
Driving Financial Success
Henrik Henriksson as the CFO advocates for increased agility and flexibility in business planning, recognizing that budgets and plans can be thrown off by unforeseen circumstances. He believes that the budget should provide a direction, and once agreed upon, all resources should be focused on implementing it. Henrik understands that every day brings new challenges and situations that couldn’t have been predicted, but he believes that it’s the response to these situations that determines success. When it comes to managing currency fluctuations, Henrik believes in working with natural hedging. By aligning debts with revenue and cost inflow, Henrik believes that the balance sheet and PnL can be balanced in his approach to risk management.
Henrik Henriksson believes that success at Eton should be measured by the company’s ability to meet or exceed its budgeted targets and walk the talk. To simplify the process, Henrik prefers working with a few KPIs such as revenue, EBITDA, and net working capital, which are integrated into a company-wide profit-sharing program that involves the majority of employees across all departments. This approach has fostered a culture of financial performance and winning within the organization, where employees share in the success of the company when it performs well. As the CFO, Henrik can discuss net working capital with warehouse workers, knowing that they share the same interest in improving the company’s financial situation.
Overcoming COVID
The biggest hurdle according to Henrik Henriksson in his career so far – was the COVID-19 pandemic, which had a devastating effect on Eton and its employees. The company’s revenue dropped by more than 50% overnight, which led to a significant shift in priorities and focus. To overcome this challenge, Henriksson and his team adopted a more transparent approach, worked harder, and concentrated on the most critical aspects of the business.
And when we asked Mr. Henriksson about his biggest achievement so far as the CFO at Eton, he spoke about how the company has undergone significant transformation since the summer of 2021, resulting in growth and profitability that has exceeded pre-COVID levels. He shares – “The company was able to double its sales since the low of COVID, and is now on track for healthy growth in 2023 and beyond”. He continued – “This success is due to leaner and more effective company operations, as well as broader and more exciting product offerings”. As CFO, Henriksson is incredibly proud of the team’s accomplishments in navigating the challenges of the pandemic and emerging stronger than ever. He looks forward to continuing the healthy growth trajectory in the coming years.
On a Personal Level
Henrik Henriksson grew up on a family farm in the Swedish mountains where his parents bred race horses and had hoped he would follow in their footsteps. Despite loving the beauty of horses and nature, Henriksson did not inherit their dedication. Instead, he discovered his passion for business and finance at the age of nine when he saw JR Ewing achieve success in an episode of “Dallas”. A decade later, Henriksson began working for a bank, which ignited his interest in finance and accelerated his path to becoming a successful businessman.
And today Henrik Henriksson, is a parent of six-year-old twins, prioritizes his family above all else. He believes in finding a balance between staying active and healthy through activities like skiing, golf, or padel, and indulging his passion for learning and socializing. Whenever he needs a break from the busy modern world, Henriksson and his family visit their farm, which provides them with a chance to reconnect with nature and recharge their batteries. These moments of rejuvenation are important for Henriksson’s energy levels and for connecting with his family.
Henrik Henriksson believes that there isn’t a clear separation between one’s personal and professional lives. He sees it as a way of life that demands constant attention and engagement, a mindset that he applies to all aspects of his life. According to Henriksson, achieving success in business requires a perpetual curiosity towards everything that’s happening in the world and not just in the workplace. This is a mindset that he brings to his work every day, and it reflects his genuine passion for what he does. For Henriksson, being always open for business is the key to success, and it’s a philosophy he applies both in his personal and professional life.
Henrik Henriksson holds an MBA from Jonkoping International Business School (JIBS), where he specialized in finance. He was drawn to JIBS because of its reputation for emphasizing entrepreneurship and international business. Henriksson’s dream was to become a banker and master international finance, which led him to spend a year in Switzerland taking specialized banking-related courses taught by some of the best in the industry.
Henriksson’s education equipped him with invaluable problem-solving skills, taught him the power of teamwork, and helped him develop into an effective leader. It also instilled in him the importance of questioning the status quo, as he understands that sometimes the best ideas have yet to be presented.
Company
Eton Shirts
Management
Henrik Henriksson
Chief Financial Officer
Description
In 1928 we set out to be a flagbearer for style, quality, and craft, reimagined for a changing world. Inspired by our founder Annie’s motto we have championed high-end men’s style ever since – for nearly a hundred years. From our beginnings in Sweden, husband-and-wife team David and Annie, and how their dedication to quality and daring decision to dream big in challenging times continues to drive us today.
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