H&M to Cut 1,500 Jobs in Cost Saving Drive

A woman is reflected next to the logo of the H&M fashion retailer in the newly opened Mall of Berlin shopping center in Berlin, Germany, in this September 25, 2014 file photo. REUTERS/Thomas Peter

Swedish fashion retailer H&M will cut some 1,500 jobs as part of its cost cutting drive and book a restructuring charge of 800 million Swedish crowns ($75.80 million) in the fourth quarter, it said on Wednesday.

In September, H&M, the world's No. 2 fashion retailer, launched a plan to save 2 billion Swedish crowns per year.