Hennes Mauritz AB, the fast-fashion retailer that’s been listed on the Swedish stock market since 1974, is steadily moving back toward private ownership.

The founding family has stepped up purchases of H&M shares, spending more than 63 billion kronor ($6.6 billion) since 2016 and fueling speculation it could take the Stockholm-based company back into private hands — despite denials from family members.

The Perssons, one of Sweden’s wealthiest families, have amassed a growing stake through the holding company Ramsbury Invest, saying little about their intentions other than that they “believe” in H&M, which was founded in 1947 by Erling Persson. The media-shy clan is now getting within striking distance of full control of the retailer, which in recent years has been losing ground among s

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