The spectral and magnetic properties and variability of the B2Vnp emission-line magnetosphere star HR 7355 were analysed. The object rotates at almost 90 per cent of the critical value, meaning it is a magnetic star for which oblateness and gravity darkening effects cannot be ignored any longer. A detailed modelling of the photospheric parameters indicates that the star is significantly cooler than suggested by the B2 spectral type, with T-eff = 17 500 K atypically cool for a star with a helium-enriched surface. The spectroscopic variability of helium and metal lines due to the photospheric abundance pattern is far more complex than a largely dipolar, oblique magnetic field of about 11-12 kG may suggest. Doppler imaging shows that globally the most He-enriched areas coincide with the magnetic poles and metal-enriched areas with the magnetic equator. While most of the stellar surface is helium enriched with respect to the solar value, some isolated patches are depleted. The stellar wind in the circumstellar environment is governed by the magnetic field, i. e. the stellar magnetosphere is rigidly corotating with the star. The magnetosphere of HR 7355 is similar to the well known sigma Ori E: the gas trapped in the magnetospheric clouds is fairly dense, and at the limit to being optically thick in the hydrogen emission. Apart from a different magnetic obliquity, HR 7355 and the more recently identified HR 5907 have virtually identical stellar and magnetic parameters.