Overall, it is estimated that this will provide annual savings of around SEK 2 billion ($0.19 billion) which are expected to become visible in the second half of 2023. The programme is expected to result in a restructuring charge of just over SEK 800 million in the fourth quarter of 2022, the company said in a press note.

“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. We will support our colleagues in finding the best possible solution for their next step,” said Helena Helmersson, CEO.

Fibre2Fashion News Desk (KD)