Sweden's H&M to lay off 1,500 staff in drive to cut soaring costs and rescue profits

eCommerce and Retail Talk
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COPENHAGEN, Nov 30 (Reuters) - Swedish fashion giant H&M (HMb.ST) on Wednesday became the first big European retailer to start laying off staff in response to the cost of living crisis despite a still tight labour market, as it tries to save 2 billion Swedish crowns ($190 million) a year.
Link: Sweden's H&M to lay off 1,500 staff in drive to cut soaring costs and rescue profits | Reuters

Cuts are blamed on the price of energy? I predict a lot more pain to come in this case.
1,500 jobs out of 110k+ employees is not a large number is one positive (??) point here.

Hard to sell undifferentiated apparel right now, at almost any price.

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H&M is in a very competitive space at the moment: being undercut by Shein, Fashionova, and maybe Wish; and at their level from e.g. Asos, Primark (and a a cluster of European local players like Boohoo, Frasers, Lindex, Reserved, We, River Island, Matalan, Sainsbury Tu/Tesco F&F etc. etc.)

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