Sweden’s H&M Group is initiating a global program to reduce costs
Overall, this is estimated to provide annual savings of approximately SEK 2 billion (USD 0.19 billion), which are expected to become visible in the second half of 2023. The program is expected to result in a restructuring charge of just over SEK 800 million in the fourth quarter of 2022, the company said in a press release.
The Swedish clothing company H&M Group has initiated a global program to reduce costs and further improve the efficiency of the business. The program relates to administrative costs and overheads and involves a reduction in the workforce by approximately 1,500 positions. All in all, this is estimated to provide annual savings of approximately SEK 2 billion.
“The cost and efficiency program that we have initiated means reviewing our organization and we are very aware that colleagues will be affected by this. We will support our colleagues in finding the best possible solution for their next steps,” said Helena Helmersson, CEO.
Fibre2Fashion News Desk (KD)