H&M announced a plan to "reduce costs and further improve efficiency." That plan calls for a reduction of its workforce by approximately 1,500 positions.

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

H&M says it will also reduce administrative and overhead costs, which it believes will save the company $2 billion annually.

H&M is a Swedish brand with stores across six continents. Reuters reported that most of the job cuts would be made in Sweden. However, it's unclear whether any of the cuts would trickle down to the U.S., where the brand has a large footprint.

H&M is the second-largest fashion retailer in the world. It reportedly employees more than 150,000 people worldwide.