Alibaba-backed Asian group Daraz cuts workforce 11% due to global economic crisis
Channel: Mediatrack
Date: 2023-02-08

KARACHI, PAKISTAN, Feb 7 (Reuters) - Alibaba-owned e-commerce platform Daraz Group is reducing its workforce in the Indian subcontinent by 11% due to the 'current market reality', Chief Executive Officer Bjarke Mikkelsen said, suggesting job losses that could affect about 300 people.

Daraz confirmed to Reuters that the cuts will affect a base of 3,000 full-time regional employees.

A difficult market environment, the Ukraine crisis, supply chain disruptions, soaring inflation, higher taxes and fewer government subsidies were among reasons for the cuts, Mikkelsen told employees in a letter on Monday, which was also published on the company's website.
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