Daraz, which operates across South Asian countries, including Nepal, Pakistan, Bangladesh, Sri Lanka, and Myanmar, has announced a new round of layoffs.
While the exact number of employees affected has not been disclosed, sources indicate that hundreds have been laid off. Daraz has yet to comment on the impact of these layoffs on its operations in the region.
Last year, Daraz announced a reduction in its workforce by 11 percent, citing market conditions, the Ukraine crisis, supply chain disruptions, inflation, higher taxes, and reduced government subsidies as contributing factors. At that time, Daraz employed approximately 3,000 staff across the region.
In an internal memo circulated last Tuesday, Daraz’s Acting Chief Executive, James Dong, expressed reluctance in bidding farewell to many members of the Daraz family. According to Dong, despite efforts to explore various solutions, the company’s cost structure continues to fall short of financial targets.
Regarding this, Dong emphasized “the need for swift action to ensure long-term sustainability and continued growth in the face of unprecedented challenges in the market.”