COPENHAGEN—Swedish fashion giant H&M 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 labor market, as it tries to save 2 billion Swedish crowns ($190 million) a year.
The move by the world’s No.2 fashion retailer to reduce mainly back-office staff, comes amid surging inflation and soaring costs which have pressured companies across Europe and the United States to save cash.
The cuts by H&M, which employs roughly 155,000 people, are part of a plan laid out in September to save 2 billion Swedish crowns per year….