H&M To Cut 1,500 Jobs Across The Globe As It Faces A Decrease in Profits

source: Hype MY

H&M, a well-known Swedish clothing retailer, announced on Wednesday that it will eliminate 1,500 employees across its global operations as part of a cost-cutting push and will record a restructuring charge of 800 million Swedish crowns (around RM341 million).

In September, the company launched a plan to save 2 billion Swedish crowns annually (around RM853 million). This was caused by the 30% fall in profits towards the end of August, due in part to the company’s decision to scale back operations in Russia in light of the war in Ukraine.

source: Time Out

Chief Executive of H&M, Helena Helmersson said in a statement: “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 is expected to reveal further tightening on sales and profits this month.