H&M to cut 1,500 jobs globally

329

The Brussels Times

1st December 2022 – (Stockholm) Swedish fast-fashion chain Hennes & Mauritz (H&M) plans to cut 1,500 jobs worldwide as part of its plans to save €73 million by the end of the year. The company is looking to generate funds in order to finance major corporate restructuring, the company announced on Wednesday.

In September, H&M unveiled its plans to reduce its operating costs by 182 million per year, the first of the effects of which it hopes to see by mid-2023.

The Swedish multinational company currently employs 155,000 employees globally. In Belgium, the company owns 61 locations, as well as 15 additional stores owned by its subsidiaries, which include Weekday, COS, Monki, and Arket.