The Swedish clothing giant announced on Wednesday the elimination of 1,500 jobs as part of its economy plan announced in September.
“
The cost and profitability program that we have started means that we are reviewing our organization and we are aware that our colleagues will be affected
,” said group CEO Helena Helmersson, quoted in the press release.
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At the end of September, the world number 2 in the sector announced a new plan aimed at annual savings of 2 billion crowns (about 183 million euros).
In the third quarter, H&M's results were largely affected by its withdrawal from Russia.
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After shutting down all of its sales in the country in March following Moscow's invasion of Ukraine, the group announced in July that it was withdrawing from Russia.
In September, H&M said it had just over 30 stores.
