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Low-cost fashion brand H&M said Wednesday that it will be reducing its global workforce by around 1,500 positions as part of a plan to reduce costs and further improve efficiency.
The Sweden-based company said a restructuring charge of 800 million kronor ($76 million) will be booked in the last three months of the year.
The staff reduction is estimated to provide annual savings of about 2 billion kronor ($190 million).
CEO Helena Helmersson said H&M was very mindful of the fact that colleagues will be affected by this. We will support our colleagues in finding the best possible solution for their next step.
H&M was founded in Sweden in 1947.
Besides the clothing retailer, the group includes brands like COS, Monki, Weekday, Cheap Monday, & Other Stories, H&M Home, ARKET and Afound.
It counts about 4,664 stores in 77 markets and has 57 online markets.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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