Fashion giant H&M is to cut 1,500 jobs worldwide as the rising cost of living bites.
The Swedish company said it is cutting costs and further improving efficiency. It aims to save 2bn Swedish krona (£158million) each year, from the second half of 2023.
The cuts are expected to cost £63.3million this quarter. The retailer, which also owns the Cos and Monki brands, employs around 155,000 people globally in 4,700 stores.
Cuts: H&M says it aims to save 2bn Swedish krona (£158m) each year, from the second half of 2023
Chief executive Helena Helmersson said: ‘We will support our colleagues in finding the best possible solution for their next step.’
Susannah Streeter, analyst at Hargreaves Lansdown, said: ‘Keeping lights and heating on in vast stores is becoming increasingly unaffordable.
‘With shoppers becoming impressively price-sensitive, retailers are finding it more difficult to pass on increases in input costs.
Shoppers are showing signs of trading down and hunting out bargains, so the pressure is on H&M to compete with chains seen as offering greater value.’
