H&M to cut 1,500 jobs globally as cost of living hits trade

Fashion giant H&M has revealed plans to cut 1,500 jobs globally as the soaring cost of living bites for customers.

The Sweden-based company said the move is part of a "global programme to reduce costs and further improve efficiency".

It said the cuts will affect thefirm'scentraloperations and will not impact stores.

The restructuring programme is designed to help make savings of £158.2 million each year, from the second half of 2023.

H&M said the cuts are expected to cost the firm 800 million Swedish krona (£63.3m) this quarter.

The retailer, which also owns the Cos and Monki brands, employs around 155,000 people globally and runs 4,700 stores.

Chief executive Helena Helmersson said: "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.

"We will support our colleagues in finding the best possible solution for their next step."