Qoo10 Slashes 80% of Workforce: Here's Why ???????? @StartupERA_IN

Singapore-based e-commerce company Qoo10 has announced significant layoffs, affecting approximately 80% of its workforce due to challenging market conditions and a strategic restructuring initiative.

The layoffs, which began in late August 2024, highlight the intense competition in the Southeast Asian e-commerce sector, particularly with the expansion of global giants like Amazon and Alibaba.

The company has not provided specific details on the restructuring but emphasized the need to cut costs and improve efficiency. This move raises concerns about Qoo10's long-term sustainability and underscores the broader economic challenges faced by businesses in the region.

NEWS Source:- https://techstory.in/qoo10-undergoes-massive-layoffs-80-of-workforce-affected/#google_vignette
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Company Profile:-

Founded:- 2010
Industry: Consumer Goods, E-Commerce
Location:- Singapore, Central Region, Singapore
Total Funding:- NA
Company Stage:- Acquired by eBay
Founders:- Ku Young Bae
Website:- www.qoo10.sg
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