Shopper-to-consumer (C2C) e-commerce platform Carousell has laid off about 110 workers, or 10 per cent of its whole workforce, in an effort to cut back prices.
Siu Rui Quek, co-founder and CEO of Carousell, mentioned that he takes accountability for the “selections which have led us right here”.
The Singapore-headquartered firm operates in Malaysia, Indonesia, the Philippines, Cambodia, Taiwan, Hong Kong, Macau, Australia, New Zealand and Canada.
“Emails will probably be despatched to everybody in affected enterprise models, clarifying in case your position was impacted,” he mentioned in an announcement.
“Parting with teammates, whom we’re grateful to for becoming a member of us on this mission, is a really tough choice. We’ll remember to deal with everybody impacted with compassion and to lend as a lot help as we are able to to them,” mentioned the CEO.
The corporate will provide 1 month of wage for yearly of service, rounded as much as the closest half yr, to every impacted worker.
“We’ll be certain that each impacted teammate can have a minimum of 3 months of compensation, topping-up the distinction the place obligatory,” mentioned Quek.
The CEO mentioned as we emerged from the Covid lockdowns of 2021 throughout key markets of the group, “we have been optimistic concerning the restoration to come back and wanting to reignite development in our core classifieds enterprise”.
“Trying again, I would made vital errors: First, I used to be too optimistic concerning the tempo of our affect versus our enhance in investments. Second, whereas it’s simple responsible market situations, I additionally underestimated the affect of rising our crew measurement too shortly,” he admitted.
(Solely the headline and film of this report might have been reworked by the Enterprise Normal employees; the remainder of the content material is auto-generated from a syndicated feed.)