Sunday Times E-Edition

H&M to cut jobs as inflation hits demand

Swedish fashion giant H&M this week became the first big European retailer to start layoffs, announcing 1,500 job cuts owing to softening demand as consumers cope with inflation.

The move by the world’s No 2 fashion retailer comes as the surging cost of living and the blow from the Ukraine war hurt consumer spending and pressured companies across Europe and the US to save cash.

The cuts by H&M, which employs about 155,000 people, are part of a plan to save 2billion Swedish crowns (about R3bn) a year.

Business What A Week

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2022-12-04T08:00:00.0000000Z

2022-12-04T08:00:00.0000000Z

https://times-e-editions.pressreader.com/article/282424173246767

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