number 2 in the world fashion retailer H&M on Wednesday said it would cut 1,500 jobs to reduce costs amid falling demand as consumers cope with rising living costs.
The Swedish company, which employs about 155,000 people, launched a plan to save 2 billion Swedish crowns a year in September.
H&M said in a statement that a restructuring fee of 800 million Swedish crowns ($75.80 million) will be paid in the fourth quarter.
“The cost and effectiveness program that we initiated involved a review of our organization and we are very mindful of the fact that colleagues will be impacted by this,” the CEO onion Helena Helmerson speak.
“We will support our colleagues in finding the best possible solution for their next step,” she added.
H&M says the benefits will take effect in the second half of next year.