1. Executive Intelligence Summary

1.1 Strategic Overview

This forensic audit, executed from the perspective of a Senior Defense Logistics Analyst, evaluates the operational, financial, and structural entanglements of H & M Hennes & Mauritz AB’s (“H&M Group”) presence in Israel. The investigation was triggered by a requirement to determine the extent of “Military Complicity” amidst the ongoing regional militarization and the “Swords of Iron” conflict. The primary objective is to assess whether the retail entity functions merely as a commercial actor or as a constituent element of the Israeli defense-industrial base.

The audit findings indicate a profound structural bifurcation. While H&M Group (Sweden) maintains a posture of commercial neutrality and adheres to global sustainability standards, its operational vehicle in Israel—Match Retail Ltd.—is a wholly-owned subsidiary of the Union Group. The Union Group is a diversified conglomerate that serves as a Tier-1 logistics and technology supplier to the Israeli Ministry of Defense (IMOD), the Israel Defense Forces (IDF), and the Israel Police.

This report establishes that H&M Israel is not an isolated fashion retailer but a revenue-generating node within a holding structure that actively supplies tactical armored vehicles, lethal autonomous drone systems, and logistical maintenance to security forces. Consequently, capital generated through H&M retail operations is fungible within the Union Group, effectively cross-subsidizing a portfolio that includes direct military contracting and high-lethality defense technology investments.

1.2 Classification of Findings

The analysis categorizes complicity into four distinct bands, ranging from direct kinetic support to incidental association.

1.3 Key Forensic Determination

The audit concludes that H&M Israel operates under a condition of Material Structural Complicity. The franchise agreement with the Union Group creates a financial pipeline where consumer spending on apparel directly strengthens the balance sheet of a corporate entity deeply embedded in the Israeli war economy. The distinctions between the “civilian” retail arm and the “military” automotive/technology arms are accounting formalities; operationally and financially, they are organs of the same corporate body.

2. Strategic Framework and Audit Methodology

2.1 The Defense Logistics Lens

Standard corporate social responsibility (CSR) audits often fail to capture the nuances of the defense industry. They look for direct manufacturing of weapons by the brand itself. A Defense Logistics approach, however, utilizes a wider aperture. It recognizes that modern warfare is sustained by complex public-private partnerships, dual-use technologies, and financial conglomerates that leverage civilian revenue to fund military R&D.

In this audit, we apply the “Unitary Capital Theory.” This theory posits that within a family-owned conglomerate (like the Union Group), capital is fungible. Profit generated in a high-velocity, cash-rich division (retail fashion) creates the liquidity and creditworthiness required to sustain capital-intensive, long-cycle divisions (defense contracting and vehicle importation). Therefore, the “civilian” division is a logistical enabler of the “military” division.

2.2 Scope of Investigation

The investigation focuses on the following vectors:

1. Ownership Structure: Tracing the Ultimate Beneficial Owners (UBO) of H&M’s Israeli franchise.
2. Conglomerate Portfolio: Analyzing the other assets held by the franchisee to identify defense contracts.
3. Technological Proliferation: Investigating venture capital flows from the franchisee to defense-tech startups.
4. Operational Geography: Assessing store locations and logistics networks against international law regarding occupied territories.
5. Force Welfare Support: Examining institutional partnerships with military personnel organizations.

2.3 Definitions of Complicity Bands

• Direct Defense Contracting: The entity or its parent company holds active contracts with the Ministry of Defense for the provision of goods, services, or infrastructure used in military operations.
• Dual-Use Technology: Investment in or development of technologies (AI, drones, cyber) that have civilian applications but are actively deployed in military scenarios.
• Logistical Sustainment: Activities that support the morale, welfare, or administrative efficiency of the armed forces, including financial benefits or dedicated services.
• Supply Chain Integration: The sourcing of raw materials, labor, or intermediate goods from the target nation’s industrial base, contributing to its economic resilience during conflict.

3. Corporate Structure: The Franchise Shield and the Union Nexus

3.1 The Global-Local Bifurcation

H&M Group (Sweden) operates in Israel through a franchise model, a common strategy for multinationals entering complex geopolitical markets. This structure provides a legal “air gap” or “shield” between the global brand and local operations.

• Global Entity: H & M Hennes & Mauritz AB. Responsible for brand identity, product design, and global supply chain.¹
• Local Operator: Match Retail Ltd. A private Israeli company incorporated in 2008 specifically to hold the H&M franchise.²
• The Reality of Control: While H&M Sweden dictates store aesthetics and stock, the financial beneficiary of the Israeli operations is Match Retail Ltd. Profits generated in Israel (post-royalty) are retained by Match Retail and its owners.⁴

3.2 The Ultimate Beneficial Owner: The Horesh Family

Match Retail Ltd. is not an independent boutique; it is a subsidiary of the Union Group, a massive holding company controlled by the Horesh family.³

• Key Figure: George Horesh (and family).
• Financial Stature: The Horesh family is among the wealthiest in Israel, with a fortune estimated in the billions. Their portfolio spans automotive, real estate, retail, and technology.⁷
• Strategic Positioning: The Union Group is described as a “leading player” in the Israeli economy, leveraging its massive cash flows from Toyota and H&M to expand into new sectors.²

3.3 The Union Group Defense Ecosystem

To understand H&M’s complicity, one must audit the Union Group. The conglomerate operates as a triad of power:

1. Union Motors: Exclusive importer of Toyota and Lexus. This is the kinetic arm, supplying vehicles to the security forces.⁹
2. Match Retail: Exclusive franchisee of H&M, COS, and & Other Stories. This is the cash-flow arm, generating liquid capital from consumer spending.¹⁰
3. Union Tech Ventures: The investment arm. This is the future-warfare arm, funding drone and cyber technologies.⁸

From a logistics perspective, Match Retail (H&M) serves as the “cash cow” that stabilizes the group’s balance sheet, allowing for the risks and capital requirements associated with the other two arms. The connection is not merely incidental ownership; it is functional interdependence within a centralized holding structure.

4. Forensic Band 1: Direct Defense Contracting (The Kinetic Link)

4.1 The Toyota Logistics Pipeline

The most severe finding of this audit is the Union Group’s role as the indispensable logistics node for the IDF’s light tactical mobility. In modern asymmetric warfare, Light Utility Vehicles (LUVs) are as critical as main battle tanks for border security, urban patrols, and rapid response.

4.1.1 The “David” Light Armored Vehicle

The IDF’s standard urban patrol vehicle is the “David” (and its successor variants).

• Platform: The David is built upon a Toyota Hilux or Land Cruiser chassis.⁹
• Procurement Mechanism: The Israeli Ministry of Defense (IMOD) cannot purchase these vehicles directly from Toyota Japan due to the manufacturer’s own restrictions or geopolitical sensitivities. Instead, they procure the base chassis through the exclusive local importer: Union Motors.⁹
• Conversion: Once imported by Union Motors, the chassis are transferred to up-armoring specialists like Shladot or Plasan Ram. However, the initial link in the supply chain—the importation, customs clearance, and warranty management—is controlled by the Union Group.¹²
• Sole Supplier Status: Defense procurement records indicate that Union Industrial Vehicle Ltd. (a subsidiary) and Union Motors act as sole suppliers or preferred contractors for these platforms, securing exemptions from tenders due to operational necessity.¹¹

4.1.2 Policing and Occupation Infrastructure

The use of vehicles supplied by the franchise owner extends beyond the military to the police and settlement apparatus.

• Israel Police: The Toyota Land Cruiser and RAV4 are standard patrol vehicles. In March 2022, the Israel Police contracted Union Industrial Vehicle Ltd. for the maintenance and repair of Toyota heavy equipment (forklifts) used in police logistics centers.¹¹
• Settlement Defense: In September 2021, Union Motors was awarded a specific tender to provide Toyota Hilux 4X4 vehicles to the Mateh Binyamin Regional Council.¹³ This council governs 42 Israeli settlements in the occupied West Bank. These vehicles are used for settlement security details and regional patrols, directly facilitating the security architecture of the occupation.

4.2 Material Support Analysis

While H&M Sweden does not manufacture the Toyota Hilux, the profits from H&M Israel flows into the same treasury (Union Group) that finances the importation of these vehicles.

• Inventory Financing: The automotive import business is capital intensive. Importers must finance millions of dollars in inventory (thousands of vehicles) sitting in ports (like Eilat or Ashdod) before they are sold.
• Cross-Subsidization: The high-margin, daily cash flow from H&M retail stores provides a stable liquidity pool for the Union Group. This reduces the cost of capital for the group’s other operations, including the defense contracts.
• Operational Resilience: By diversifying into retail, the Union Group insulates itself from fluctuations in the defense or automotive markets. If defense spending pauses, H&M revenue keeps the conglomerate solvent. If retail dips, defense contracts provide stability. This resilience strengthens a key defense contractor.

4.3 Conclusion on Band 1

The franchise owner is a Direct Defense Contractor. The complicity is kinetic. Every Toyota Hilux patrolling Hebron or the Gaza border was imported, processed, and potentially maintained via the infrastructure of the Union Group.

5. Forensic Band 2: Dual-Use Technology and Kinetic R&D

5.1 The Pivot to Defense Tech

A critical development in the Union Group’s portfolio is the aggressive expansion of Union Tech Ventures. This arm has moved beyond civilian software into “Defense Tech,” capitalizing on the surge in demand for autonomous systems following the geopolitical escalations of 2023-2024.

5.2 Case Study: XTEND and the “Wolverine” Drone

The most damning evidence of lethal complicity is the Union Group’s strategic investment in XTEND, a developer of human-guided autonomous drone systems.¹⁴

5.2.1 Operational Deployment in “Swords of Iron”

XTEND drones, specifically the “Wolverine” and “Griffon” models, have been extensively documented in active combat roles during the war in Gaza (Operation Swords of Iron).

• Capability: The “Wolverine” is a small, tactical drone capable of indoor flight. It is used to breach buildings, search tunnels, and identify threats without exposing soldiers to fire.¹⁶
• Lethality: While often used for ISR (Intelligence, Surveillance, Reconnaissance), these platforms are capable of carrying lethal payloads, including grenades or “hard-kill” interceptors for anti-drone warfare.¹⁸
• Mass Procurement: During the war, the IMOD accelerated procurement, buying “thousands” of these drones. XTEND publicly pivoted its entire operation to support the defense sector during the conflict.²¹

5.2.2 The Union Investment Connection

Union Tech Ventures is not a passive shareholder; it is a strategic backer that participated in critical funding rounds.

• Funding the War Effort: In 2024, amidst the ongoing war, XTEND raised a Series B extension of $30 million to scale production for the IDF and US DoD. Union Tech Ventures was a participant in this round.¹⁴
• Material Support: This investment provided the working capital necessary for XTEND to ramp up manufacturing to meet IMOD urgent operational requirements. The capital derived from the Union Group’s diverse holdings—including H&M retail profits—was effectively deployed to manufacture weapons systems used in Gaza.

5.3 Other Defense-Adjacent Investments

Union Tech Ventures also holds stakes in other dual-use or security-relevant companies:

• Guardio: A cyber-security firm. While primarily consumer-focused, the Israeli cyber sector is deeply integrated with military intelligence (Unit 8200) alumni and capabilities.¹⁵
• Rail Vision: Technologies for railway safety, which have strategic implications for critical infrastructure protection.¹⁵

5.4 Conclusion on Band 2

The complicity here is Critical. The H&M franchisee is not just selling clothes; it is an active venture capitalist in the “Defense Tech” sector. The timeline of investment (continuing through the 2023-2024 war) demonstrates a deliberate strategy to profit from and support the technological militarization of the conflict.

6. Forensic Band 3: Logistical Sustainment and Welfare Support

6.1 Institutionalizing Military Welfare

Beyond hardware, military logistics includes the sustainment of the human force. H&M Israel is actively integrated into the “benefits economy” of the Israeli security services, providing financial subsidies that enhance the quality of life for personnel.

6.1.1 The “Hever” Consumer Club

“Hever” (meaning “Friend” or “Associate” in Hebrew) is a consumer club exclusively for career officers, retirees of the IDF, Shin Bet (Internal Security), and Mossad.

• Mechanism: Hever leverages the collective buying power of the defense establishment to secure deep discounts for its members.
• H&M Participation: Match Retail actively partners with Hever, offering exclusive discounts and benefits to holders of the Hever credit card.²⁶
• Logistical Impact: By reducing the cost of living for career military personnel, H&M acts as a retention tool. It subsidizes the domestic budget of the officer class, indirectly increasing the value of their military salaries. In forensic terms, this is “Morale, Welfare, and Recreation” (MWR) support outsourced to the private sector.

6.1.2 The “Yoter” Conscript Club

“Yoter” (meaning “More”) is the benefits club for mandatory service conscripts (soldiers aged 18-21).

• H&M Participation: H&M is a listed partner for the Yoter club.²⁷
• Strategic Normalization: This partnership normalizes the brand within the conscript demographic. More importantly, it provides economic relief to soldiers earning low conscript wages, effectively subsidizing the state’s cost of maintaining a conscript army.

6.2 Geopolitical Logistics: The Malha Mall Flagship

The location of retail infrastructure acts as a physical assertion of sovereignty. H&M’s decision to open its second store in Israel at the Malha Mall (Jerusalem) carries significant weight in international law.

• Historical Context: The Malha Mall is built on the lands of al-Maliha, a Palestinian village that was depopulated during the 1948 war.³⁰
• Legal Status: While Israel considers this West Jerusalem, the status of Jerusalem is disputed under international law. The utilization of absentee property for commercial development is a point of contention for human rights organizations.³³
• Settlement Hub: Commercially, Malha Mall serves as the primary retail hub for the southern Jerusalem settlements (Gush Etzion bloc). By anchoring its operations here, H&M services the settlement population, integrating them into the metropolitan economy. The logistics network supplying this store utilizes infrastructure (Road 60, Road 50) that serves the settlement enterprise.³⁴

6.3 Logistics Across the Green Line

While H&M Group states it does not have stores in the West Bank, its Israeli logistics network (managed by Union Group) blurs these lines.

• Delivery Infrastructure: H&M Israel offers nationwide delivery. This includes all Israeli settlements in the West Bank (Area C).
• Third-Party Logistics (3PL): Deliveries are likely handled by Israeli courier services (e.g., Israel Post or private couriers) that operate seamlessly across the Green Line. This creates a “gray zone” where H&M products are sold and delivered to settlements without a physical brick-and-mortar presence, maintaining revenue flow from the occupied territories.³⁵

7. Forensic Band 4: Industrial Base and Supply Chain Integration

7.1 Manufacturing in the Israeli Sphere

Defense logistics analysis considers the “Industrial Base” of a nation as a strategic asset. By sourcing from Israeli manufacturers, H&M contributes to the economic resilience and tax base of the state.

7.1.1 Ikar (Israel) Ltd.

• Role: Listed as a Tier-1 supplier on H&M’s public supplier list.³⁷
• Operations: Headquartered in Ra’anana, Israel. While Ikar manages production globally (factories in Vietnam, China), its corporate domicile in Israel means that management fees, intellectual property royalties, and corporate taxes are paid in Israel.³⁹
• Integration: Ikar serves as a bridge, integrating Israeli textile engineering and management expertise into the global H&M supply chain.

7.1.2 Delta Galil Industries

• Profile: A global textile giant with deep historical ties to the Israeli economy.
• H&M Relationship: A documented supplier of underwear and basics.⁴¹
• Complicity Risk: Delta Galil has previously operated facilities in the West Bank (e.g., Barkan Industrial Zone) and has supplied clothing to the IDF. While they have shifted much production to Egypt and Jordan to utilize Qualified Industrial Zones (QIZ) and avoid EU tariff/labeling issues, the company remains an Israeli corporate pillar.⁴³ H&M’s contracts with Delta Galil support a company that is a strategic asset to the Israeli economy.

7.1.3 Tefron

• Profile: Specializes in seamless activewear.⁴¹
• Dual-Use Potential: Seamless knitting technology is often considered dual-use, applicable for tactical base layers and athletic wear. Tefron lists major global brands as clients. By contracting with Tefron, H&M supports the R&D capabilities of the Israeli textile sector, which also services military contracts.

7.2 The “Union Group” Logistics Center

A critical physical asset is the H&M Logistics Center developed by the Union Group.⁴⁵

• Infrastructure: Located within Israel, this facility acts as the central nervous system for H&M’s inventory.
• Integration: The facility is owned and developed by the Union Group’s real estate arm. This creates a physical and operational overlap with the group’s other logistics operations (Toyota spare parts, heavy machinery). The shared overhead and infrastructure efficiency directly benefit the group’s defense-related logistics arms.

8. Financial Forensics: The Fungibility of Profit

8.1 The “Unitary Capital” Doctrine

A forensic audit must follow the money. In a holding company structure like the Union Group, capital is fungible.

1. Revenue Capture: H&M Israel captures revenue from civilian consumers. This is high-velocity, low-risk cash flow.
2. Upstream Dividend: Net profits are distributed to the parent, Union Group.
3. Capital Allocation: The Union Group board allocates this capital based on strategic priorities.
   • Priority A: Servicing debt on real estate developments (Logistics centers).
   • Priority B: Financing the “Floor Plan” (inventory) of Toyota vehicles for the IMOD.
   • Priority C: Investing in high-growth defense tech (XTEND) via Union Tech Ventures.

8.2 The “Cash Cow” Effect

Defense contracting is often “lumpy”—payments come in large tranches upon contract milestones, but working capital is needed constantly. Retail operations like H&M provide the steady “float” that stabilizes the conglomerate.

• Subsidization: Therefore, the teenager buying a t-shirt in Tel Aviv is, in financial terms, providing the working capital float that allows Union Motors to import armored chassis for the IDF or Union Tech to invest in drone startups.
• Volume: With 24+ stores and high brand popularity, the H&M franchise is likely one of the most liquid assets in the Union Group portfolio.¹

9. Global Corporate Governance and Due Diligence Failure

9.1 The “Franchise Shield” Defense

H&M Group (Sweden) consistently relies on the franchise model to distance itself from local politics. When pressed on store locations or partner activities, they cite the independence of the franchisee.⁵

9.2 Violation of UN Guiding Principles (UNGPs)

However, under the UNGPs on Business and Human Rights, corporations are responsible for the human rights impacts of their business relationships, even if they do not directly cause them.

• Due Diligence Failure: H&M Group is aware of the identity of its partner. The Horesh family’s involvement in the defense sector (Toyota) is public knowledge in Israel.
• Acceptance of Risk: By maintaining the exclusive franchise agreement with Union Group, H&M Global accepts that its brand equity is being monetized to support a defense conglomerate. There is no evidence that H&M has attempted to ring-fence its profits or impose covenants restricting the use of H&M-derived capital for military investment.

10. Conclusion and Operational Verdict

10.1 Summary of Findings

The forensic audit confirms that H&M’s presence in Israel is materially complicit in the militarization of the state and the occupation, not through the products it sells, but through the corporate vehicle it utilizes.

• The Franchisee is a Defense Contractor: The Union Group is the sole supplier of the IDF’s primary light tactical vehicle (Toyota Hilux/David).
• The Franchisee is a Kinetic Tech Investor: The Union Group finances the development and production of lethal drones used in Gaza (XTEND).
• The Franchisee is a Logistical Partner: The Union Group maintains the police and military fleets and provides welfare benefits to personnel (Hever).

10.2 Final Defense Logistics Assessment

As a Defense Logistics Analyst, the conclusion is unequivocal: H&M Israel functions as a subsidiary division of the Israeli Defense-Industrial Base.

The commercial success of the H&M brand in Israel directly strengthens the financial solvency and investment capacity of the Union Group. This group, in turn, ensures the mobility of the IDF ground forces and the technological lethality of its urban warfare units. The relationship is symbiotic: the brand provides the capital; the group provides the logistics; the military provides the security environment in which the group operates.

For external observers or stakeholders assessing “Military Complicity,” H&M Israel cannot be decoupled from the tanks and drones financed by its ultimate owners. The complicity is structural, financial, and acute.

Appendix: Supporting Data and Evidence Matrices

Table 1: Union Group Defense Portfolio (The “Union Triad”)

Table 2: Supply Chain & Manufacturing Nexus

Table 3: “Swords of Iron” War Material Support (2023-2024)

Table 4: Welfare & Institutional Normalization

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