Fashion retailer H&M to cut 1,500 jobs in cost-saving drive

'We will support our colleagues in finding the best possible solution for their next step,' Chief Executive Helena Helmersson said in a statement



Photo: Reuters
Photo: Reuters

By Reuters

Published: Wed 30 Nov 2022, 12:34 PM

Last updated: Wed 30 Nov 2022, 3:19 PM

Swedish fashion retailer H&M will cut some 1,500 jobs as part of its cost cutting drive and book a restructuring charge of 800 million Swedish crowns ($75.80 million) in the fourth quarter, it said on Wednesday.

In September, H&M — the world's No 2 fashion retailer — launched a plan to save 2 billion Swedish crowns per year.

"The cost and efficiency programme that we have initiated involves reviewing our organisation, and we are very mindful of the fact that colleagues will be affected by this," Chief Executive Helena Helmersson said in a statement.

"We will support our colleagues in finding the best possible solution for their next step," she added.

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