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H&M was founded in 1947 by Erling Persson as Hennes, which is Swedish for "Hers". In 1968, Hennes acquired Mauritz Widforss, a Stockholm-based retailer of hunting apparel and fishing equipment, and the name was changed to Hennes & Mauritz. H&M's brands include H&M, COS, Monki, Weekday, & Other Stories, Cheap Monday, H&M Home, and ARKET.

H&M's core values include empowering and trusting others to take ownership and embrace diverse perspectives. The company has also made efforts to create a more circular lifestyle, including collecting over 55,000 tonnes of clothing for reuse and recycling since 2013.

In 2023, Forbes named H&M the #1 company in the Clothing and Shoes category on its World's Top Companies for Women list.