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


OSLO: 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. ($1 = 10.5546 Swedish crowns) - Reuters

Article type: free
User access status:
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

H&M , jobs , cost cutting , restructuring ,

   

Next In Business News

FBM KLCI stays in range-bound trading ahead of peak earnings period
Ringgit extends winning streak on expectation of slower US interest rate hike
Elon Musk’s mysterious ways on display in Tesla tweet trial
MAHB's passenger throughput expected to rise in 2023
Bursa Malaysia sees net foreign outflow of RM57.8mil in holiday-shortened week
Corporate earnings in view for February trading
Trading ideas: Revenue, MAHB, SCIB, Hextar Industries, EcoFirst and LYC
Influencers focused on strengthening their niche
Seeing green
EU needs way to compete with US, China on clean energy

Others Also Read