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World The Swedish group H&M announces the removal of 1,500

09:50  01 december  2022
09:50  01 december  2022 Source:   rfi.fr

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Un magasin de l'enseigne H&M à Stockholm en Suède (image d'illustration). © AFP - Fredrik Sandberg jobs A store from the H&M brand in Stockholm in Sweden (illustration image).

The world's number 2 fashion has made this decision to save money: sales have dropped due to inflation, energy and freight costs have increased. To reduce its expenses, the H&M group is therefore one of the first major European retailers to have recourse to layoffs.

With our correspondent at Stockholm, Carlotta Morteo

The cleaver fell and, internally, we expected. Announced in September, the H&M restructuring plan planned to save the equivalent in crowns of 183 million euros per year from 2023. In October, 400 employees had already been notified of their dismissal in sixty Swedish stores.

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Finally, 1,500 jobs will be deleted, mainly in Sweden, where 10,000 people work for the clothing giant, out of the 170,000 employees in the world.

H&M said that the brand crosses opposite winds, and it's been a while since it lasts. First, the pandemic in 2020 with of closed stores and therefore falling sales. Then, the brand was subject to boycott in China, after H & M expressed its concerns about forced work in the Xinjiang.

and this year, the war in Ukraine prompted the group to close its stores in Russia, a loss of 200 million euros in the third half. The latest stores, including Flag-Ship Moscow, closed this Wednesday.

This is without counting the increase in the costs of textiles, electricity, freight and the decline in consumption, certainly linked to economic conditions, but also to the very strong competition from brands sold on the Internet. Or a real structural challenge for the Swedish clothing giant.

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