The Swedish fast-fashion chain H&M is to cut 1,500 jobs across its global operations as part of efforts to save 2bn Swedish Kroner (£158m) a year, amid slowing sales and rising costs for clothing retailers.
The group, which operates more than 4,600 stores in 70 countries with chains including Cos, Monki and Arket as well as its core brand, announced plans for the job cuts after profits fell 30% in the nine months to the end of August, partly resulting from the wind down of its operations in Russia in light of the war in Ukraine.
