Swedish fashion retailer H&M will cut some 1,500 jobs as part of its cost cutting drive and book a restructuring charge of 800 million Swedish crowns ($75.80 million) in the fourth quarter, it said on Wednesday.

In September, H&M, the world's No. 2 fashion retailer, launched a plan to save 2 billion Swedish crowns per year.

"The cost and efficiency program that we have initiated involves reviewing our organization and we are very mindful of the fact that colleagues will be affected by this," Chief Executive Helena Helmersson said in a statement.

"We will support our colleagues in finding the best possible solution for their next step," she added.