Fashion retailer H&M to cut 1,500 jobs in cost saving drive

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

“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,” Chief Executive Helena Helmersson said in a statement.

“We will support our colleagues in finding the best possible solution for their next step,” she added.

($1 = 10.5546 Swedish crowns)