H&M to cut 1,500 jobs to save about $190 million annually

Sweden-based H&M will reduce its global workforce by around 1,500 to save about $190 million annually as part of a plan to reduce costs and further improve efficiency.

The low-cost fashion brand said that a restructuring charge of $76 million will be implemented in the last part of the year.

According to H&M CEO Helena Helmersson, they are very mindful that colleagues will be affected by this and will support them in finding the best possible solution for their next step.

The group's other brands include COS, Monki, Weekday, Cheap Monday, & Other Stories, H&M Home, ARKET, and Afound in addition to the clothing retailer. It includes 57 online markets in addition to 4,664 outlets spread throughout 77 markets.