H&M is undergoing a significant global organizational restructuring, moving from nine regional business units to 26 sales markets grouped into four new continental divisions. The Greater China region has been downgraded to one of these sales markets, now managed under the Asia Pacific division. This change, effective July 1st, involves workforce reductions, with the Greater China team seeing layoffs of over 40 employees, approximately a quarter of its original size. The restructuring aims to address stagnant growth and improve the brand's fashion appeal under CEO Daniel Ervér, though sales growth remains a challenge. AI
RANK_REASON Significant corporate restructuring and workforce reduction at a major global fashion retailer. [lever_c_demoted from significant: ic=2 ai=0.0]
- Continent Asia Pacific
- H&M
- Saed El-Achkar
- Daniel Ervér
- Greater China
- Helena Helmersson
- Lars Soderfjell
- & Other Stories
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