The programme, which aims to save SEK 2,000 million (around €183 million) a year from the second half of 2023, will cost around SEK 800 million (€73 million) in restructuring costs, which will be accounted for in the fourth quarter, says the Swedish fashion chain in a statement, noting that the cut in jobs is also due to the closure of its operation in Russia due to the invasion of Ukraine.

“The cost-cutting and efficiency-increasing program that we have started involves the restructuring of the organization”, said the executive president of the multinational, Helena Helmersson. She continued: “We are aware that some colleagues will be affected. We will support them in finding the best possible solution for the next step.”

The Swedish group, which has more than 100,000 employees, has 4,664 stores in 77 countries and is also present in 57 online markets.