Fashion giant H&M to lay off 1,500 workers

Despite a still-tight labour market, H&M started laying off employees as the first major European retailer in an effort to save $190 million annually in response to the rising cost of living.

H&M’s cost-saving measures would begin to take effect in the second half of 2022, while it will incur a restructuring charge of 800 million Swedish crowns in Q4.