H&M Layoffs: Sweden’s veteran fashion company H&M is preparing for layoffs. Not only this, apart from H&M, US food delivery service DoorDash Inc has also decided to cut 1250 jobs.
Layoffs in H&M: After Meta, Amazon and Twitter, Sweden’s leading fashion company H&M is now preparing for layoffs. The company has decided to lay off 1500 employees globally. The world’s second largest fashion retailer company H&M has decided to lay off employees due to high inflation and cost increases due to the Russia-Ukraine war.
Not only this, apart from H&M, US Food Delivery Service DoorDash Inc is also preparing to lay off its employees. DoorDash Inc has decided to cut 1,250 jobs.
This is what the CEO of the company has to say
News agency Reuters quoted H&M CEO Helena Helmersen as saying that some steps are being taken with the aim of reducing costs and improving efficiency. Under this, the organization is also being reviewed. Some colleagues will also be affected by this. Please tell that H&M has around 1,55,000 employees worldwide. The company believes that the move to lay off employees will help save 2 billion Swedish crowns ($190 million) a year.
Recently there have been retrenchments in many big companies.
The company has taken this decision at a time when there are continuous reports of all the employees being fired in IT companies. On November 9, Mark Zuckerberg, CEO of Facebook’s parent company Meta Platforms (META CEO), also announced the removal of 11,000 employees. The company cited the reduction in revenue as the reason for the layoff. At the same time, Amazon, Google and Twitter have also made layoffs recently.
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