E-Commerce Platform Daraz To Cut Workforce By 11pc

Web Desk — Daraz Group, Chinese e-commerce giant Alibaba subsidiary, is going to reduce its workforce by 11 percent to prepare for the ‘current market reality’.

The group CEO Bjarke Mikkelsen shared this information with employees in his letter on the company website.

Mikkelsen cited multiple issues for taking this difficult decision. He said the difficult market environment, with a war in Europe, huge supply chain disruptions, soaring inflation, increasing taxes, and removal of essential government subsidies in its markets led the company to reduce its financial burden. Daraz Group operates in Pakistan, Bangladesh, Sri Lanka, and Nepal.

Pakistan’s largest e-commerce platform Daraz was founded in 2012 and later Alibaba acquired it in 2018.

Daraz managing director Ehsan Saya says both Bangladesh and Pakistan have a similar number of staff impacted since both of them are similar in market size.

Saya said 11pc employee cut across the group will also mean an 11 percent cut in Pakistan.