The fashion group Hennes & Mauritz (H&M) posted a burden of millions in the course of the planned savings measures in the final quarter.
1,500 job cuts
Expenses of a good 800 million Swedish crowns (73 million euros) will be incurred for the reduction of 1,500 jobs to reduce administrative costs and for other measures, as the company announced on Wednesday. With the steps, the Swedes expect annual savings of around 2 billion crowns, which should come into effect from the second half of 2023.
“The cost and efficiency program that we have initiated includes a review of our organization and we are aware that colleagues will be affected,” said H&M Managing Director Helena Helmersson. “We will support our colleagues in finding the best possible solution for their further path.”
The H&M leadership had already at the Presentation of business figures at the end of September referred to burdens from high freight and raw material costs and also announced cost reductions. In total, H&M recently employed around 155,000 people. (dpa)
This post was supplemented with a press release from H&M on 11/30/22 at 10:05 am.