By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
TechziTechziTechzi
  • Home
  • Community
    • Our Review
    • Join Our Slack community
    • Referral: Richieee
    • Referral: 6 for 6
  • Publications
    • Special Report: SE Asian Startup Funding
    • Top 30 Most Funded Southeast Asia Startups
  • Agencies
  • About
    • About us
    • Contact
Search
© 2023 Techzi . All Rights Reserved.
Reading: Daraz Lays Off Hundreds in Cost-Cutting Move
Share
Font ResizerAa
TechziTechzi
Font ResizerAa
Search
  • Home
  • Community
    • Our Review
    • Join Our Slack community
    • Referral: Richieee
    • Referral: 6 for 6
  • Publications
    • Special Report: SE Asian Startup Funding
    • Top 30 Most Funded Southeast Asia Startups
  • Agencies
  • About
    • About us
    • Contact
Have an existing account? Sign In
Follow US
© 2023 Techzi . All Rights Reserved.
e-Commerce

Daraz Lays Off Hundreds in Cost-Cutting Move

Rary Maharani
Last updated: March 4, 2024 3:57 am
Rary Maharani
Share
2 Min Read
SHARE
  • Daraz laid off up to 800 employees to cut costs.
  • The job cuts impacted around a quarter of Daraz’s global workforce.
  • It’s the second round of layoffs as Daraz struggles towards profitability.

Contents
Layoffs across South AsiaNot Daraz’s first round of job cuts

Daraz Group, the Pakistan-founded e-commerce platform acquired by Alibaba in 2018, laid off up to 800 employees this week across its operations in a bid to cut costs.

An internal memo by acting Daraz CEO James Dong stated the company’s “cost structure continues to fall short of our financial targets”, necessitating swift action to ensure long-term sustainability. The job cuts are estimated to impact around a quarter of Daraz’s global workforce.

Layoffs across South Asia

The deepest layoffs occurred in Pakistan, Daraz’s biggest market, where sources say between 250-400 staff lost their jobs. The company also reduced its headcount amid civil conflict.

The restructuring comes a month after founder Bjarke Mikkelsen departed as CEO. He said Dong would focus on integrating Daraz with other Alibaba e-commerce brands.

Not Daraz’s first round of job cuts

This is not the first time Daraz has slashed staff to cut losses. Last year, around 300 employees were laid off in an 11% reduction.

Despite short-term cost-cutting, Daraz maintains ambitious growth plans in South Asia backed by Alibaba. But the latest layoffs show the company still faces financial struggles on the path to profitability.

Founded as an online fashion retailer in Pakistan in 2012, Daraz was acquired by Alibaba in 2018. It now aims to serve 500 million online shoppers in South Asia within 5 years.

Daraz appears focused on boosting efficiency to achieve market dominance.

To read the original article in its entirety: https://www.techinasia.com/daraz-lays-staff-big-longterm-growth

TAGGED:div5

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share This Article
Facebook X Copy Link Print
Share
Previous Article Tokopedia Market Share Decline Spurred TikTok Acquisition, Says GoTo Chief
Next Article Uber Adds Local Store Pickups in India with “Store Pickup” Feature

Subscribe to our newsletter to get our newest articles instantly

Please enable JavaScript in your browser to complete this form.
=

Stay Connected

XFollow
InstagramFollow
YoutubeSubscribe
TiktokFollow

Latest News

Techzi is Pausing
Media December 24, 2024
Twitch Pioneer Emmett Shear Launches Mysterious AI Venture
AI December 24, 2024
OpenAI CEO Labels Musk a ‘Bully’ in Latest Tech Titan Clash
AI December 24, 2024
AI Revolution Could Spark Live Entertainment Boom
Culture December 24, 2024

You Might also Like

AgTechVC

Clay Capital’s $145M Fund Boosts Scalable and Sustainable Food Systems

February 12, 2024
EdutechFAANG

Google Fuels Thailand’s Digital Future with $1B Investment

October 4, 2024
AI

Jon Lee’s Fake Credentials Scandal

February 12, 2024
AI

OpenAI Store Flooded With Banned AI Girlfriends

February 12, 2024
EdutechStartups

Indonesian Edtech Startup Pintar Raises $3 Million to Upskill Workers

February 12, 2024
AIStartups

YC-Backed Defog Raises $2.2M to Democratize AI Data Analytics

February 17, 2024
VC

Philippine Car-Sharing Startup DOON Secures $1.5M Pre-Seed Funding

September 30, 2024
AIFAANG

Apple’s AI Ace Up Its Sleeve? Cook Keeps World Guessing

May 9, 2024
GamingVC

Tencent Surges Ahead: Stellar Profits and Capital Returns Delight Investors

March 25, 2024
VC

Singapore Stands Firm on GIC’s Global Focus

July 8, 2024
CultureFAANG

The Decline of Google’s Culture

February 12, 2024
AIFAANG

Amazon’s Rufus AI Chatbot Goes Live for All US Shoppers

July 18, 2024

Techzi

SE Asian tech news: Free & Comprehensive. Read more

Quick Links

  • Logistics
  • Marketplace
  • Mobility
  • Startups
  • VC
  • Food tech
  • Gaming
  • Health-Tech
  • Media
  • Social Media
  • SaaS
  • Travel

Quick Links

  • AI
  • Edutech
  • Climate
  • Creators
  • Crypto & Web3
  • Culture
  • Deep Tech
  • e-Commerce
  • FAANG
  • Fashion
  • Fintech

Techzi Tech Newsletter

FREE and Curated by Tech Insiders

Legal

Privacy Policy

Terms & conditions

TechziTechzi
Follow US
© 2024 Techzi . All Rights Reserved.
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?