NI jobs at risk as H&M cuts 1500 jobs

H&M, which has seven stores in Northern Ireland, looks set to cut around 1,500 jobs across its global workforce.

The Swedish fashion giant, which is estimated to have a workforce of around 200 in Northern Ireland, said the move is part of a “global programme to reduce costs and further improve efficiency in the business” following a slow-down in consumer spending.

They have three shops in Belfast and one in each of Ballymena, Craigavon, Newry and Londonderry.

The company hopes to save two billion Swedish Krona (£160m) each year, from the second half of 2023.

According to Companies House they have 6,000 employees in the UK — down from the roughly 8,000 it employed in the UK prior to the start of the coronavirus pandemic.

A spokesperson for the company could not confirm how many jobs in the UK would be affected by the restructuring.

Helena Helmersson, chief executive officer of H&M, said: “The cost and efficiency programme that we have initiated involves reviewing our organisation and we are very mindful of the fact that colleagues will be affected by this.

“Long-term initiatives to meet customers' ever-increasing expectations are continuing. In a situation of high inflation where household living costs are rising significantly it is more important than ever to offer customers the best value for money.

“We will support our colleagues in finding the best possible solution for their next step.”