After tech layoffs, also fashion giants are starting layoffs as part of cost-cutting drive strategy. “It’s very clear that when consumers have paid for their food … energy, gas, and so on there is less to spend. So what is obvious is that demand for value for money increases”. The lion’s part of the job cuts were related to administration and overhead costs and would be made in Sweden.
Sweden’s H&M to lay off 1,500 staff in drive to cut soaring costs and rescue profits