Fashion giant H&M has revealed plans to cut 1,500 jobs across its global stores after a slowdown in consumer spending.
The Sweden-based firm said the move is part of a "global programme to reduce costs and further improve efficiency in the business". The restructuring programme is designed to help make savings of two billion Swedish Krona (£160 million) each year, from the second half of 2023.
Helena Helmersson, chief executive officer of H&M, said: "The cost and efficiency programme that we have initiated involves reviewing our organisation 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."
