H&M slashes 1,500 jobs in cost-cutting effort

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The cost-cutting program will save the company 2 billion Swedish Krona each year

By Daphne Howland

New Delhi: H&M on Wednesday said it will reduce its workforce by 1,500 positions as part of its previously announced cost-cutting program.

The program overall will save the Swedish fast-fashion retailer 2 billion Swedish Krona ($188 million at press time) each year, according to a company press release.
The savings from its cost cuts are expected to show up in the second half of 2023, the company said. The contribution from the workforce downsizing is unclear.

“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,” H&M CEO Helena Helmersson said in a statement Wednesday. “We will support our colleagues in finding the best possible solution for their next step.”

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