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Fast-fashion giant H&M is to cut 1,500 jobs from its global workforce, with the impact on UK roles uncertain.
The world’s second-largest clothing retailer is cutting roles “within central functions” as part of a drive to cut costs across the business, a spokeswoman said.
The biggest job cuts are in tech roles SwedenBoth employees and consultants will be affected.
The impact on the UK is currently unknown, as a spokesman said: “It is too early in the process to define how it will affect the UK specifically.”
The company expects to save kr2bn (£158m) overall through headcount reductions combined with administrative and overhead cost cuts to be booked in the final three months of the 2023 financial year.
High street brands including Cos, Monki and Arket make up the H&M group, which operates more than 4,600 stores in 77 countries. Founded in 1947, the company also operates 57 online marketplaces.
Profits fell 30% in the nine months to the end of August Close Russian operations Mounted after the invasion of Ukraine.
As sales moved online, about 200 brick-and-mortar stores were closed by the end of August, mostly in Europe. Summer sales were weak due to rising freight and raw material costs.
“The cost and efficiency program we have launched includes a review of our organization and we are 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,” said the H&M CEO. . Helena Helmerson.
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