Fashion retailer H&M to cut 1,500 jobs in an effort to save costs

Swedish fashion company H&M said on Wednesday it would cut about 1,500 jobs as part of its efforts to cut costs and set aside 800 million Swedish crowns ($75.80 million) for restructuring purposes in the fourth quarter.

In September, H&M, the world’s second largest fashion retailer, launched a plan to save SEK 2 billion annually as reported by Reuters

“The cost and efficiency program that we have initiated includes a review of the company’s situation, and we are well aware of the fact that colleagues will be affected by this,” the company’s chief executive, Helena Helmerson, said in a statement.

“We will support our colleagues in finding the best possible solution for their next steps,” she added.