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H&M Chairman Stefan Persson has invested about 538 million dollars in acquiring 20.6 million additional shares in the company this year.

Data from the Swedish Financial Supervisory Authority cited by Bloomberg show that Persson’s combined H&M stake - owned by his investment company Ramsbury Invest AB and his children - now stands at 39.7 percent, up from 38.5 percent at the end of last year.

Persson has acquired H&M shares this year in several tranches, most recently on May 22, when he purchased 350,250 shares. He also raised his holdings in 2016.

It’s worth mentioning that recently, shares of Hennes & Mauritz AB have gone down, weighted by analysts cutting their forecasts and ratings on Europe’s second-largest clothing retailer.

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