Swedish multinational apparel-retail company Hennes & Mauritz AB, considered one of the largest clothing brands globally, has cut more than 100 jobs from its Bangladesh production office, claimed media reports.
The move by the H&M is principally aimed to cope up with the rapid changes in the retail industry amidst the coronavirus pandemic, the report maintained citing sources even as H&M Bangladesh Country Manager, Ziaur Rahman, reportedly, underlined that to be more agile and customer centric, they have made some structural changes in the company.
To meet the new demands of H&M customers and in order to respond to the rapid changes in the retail industry, the Group is developing its organisation to become even more agile, fast moving and efficient, underlined H&M Group Communications Department’s Ulrika Isaksson.
Meanwhile, citing industry insiders, the report claimed that H&M sources more than US $ 3.0 billion worth of apparels annually from over 250 readymade garment factories in the country (Bangladesh) even as it is said to be gradually withdrawing its businesses from Tier-3 or silver category units and shifting towards platinum-and gold-rated factories.
