Global fashion retailer H&M is reducing its workforce by about 1,500 positions as part of a cost savings and efficiency program. Overall, the Swedish company estimates the program will provide annual savings of about SEK 2 billion (€182.2m), which it expects to “become visible” in the second half of 2023. The program is expected to result in a restructuring charge of just over SEK 800 million (€72.9m) in the fourth quarter of 2022, H&M added.

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