H&M Group lays off people

According to the “Swedish Daily News” report on May 8, H&M Group laid off 450 employees and 800 consultants. Most of the layoffs were affected by the COVID-19 epidemic, and the remaining 350 employees were laid off as a result of the company’s digital transformation and had nothing to do with the epidemic. H&M Group has previously announced that due to the epidemic, its sales have dropped by more than half since March 1, and global e-commerce sales have increased by 32%. The company is making up for the huge loss in revenue by cutting expenses. In the second quarter of this year, the company expects to have reduced operating costs by 20-25%.