Fashion retail giant H&M slashes 1,500 jobs to cut costs

Swedish fashion retail giant H&M on Wednesday announced it will lay off 1,500 employees in a cost-cutting move.

The company said it expects to save around 2 billion Swedish krona ($189.5 million) per year.

H&M's global cost and efficiency program is estimated to result in a restructuring charge of just over 800 million krona ($75.8 million) in the fourth quarter of 2022, read a statement.

"The cost and efficiency program that we have initiated involves reviewing our organization and we are very mindful of the fact that colleagues will be affected by this," CEO Helena Helmersson said.

"We will support our colleagues in finding the best possible solution for their next step," she added.