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Chinese ecommerce giant Alibaba-backed Daraz cuts workforce by 11%

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KARACHI (Reuters , Feb 7) – Alibaba Group subsidiary, Daraz Group, an e-commerce platform, is reducing its workforce by 11% to prepare for the ‘current market reality’, the group’s CEO Bjarke Mikkelsen said in a letter to employees shared on the company website.

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Mikkelsen cited a 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. The group operates in Pakistan, Bangladesh, Sri Lanka and Nepal.

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Daraz, Pakistan’s largest e-commerce retail platform, was founded in 2012 in Pakistan and acquired by Chinese giant Alibaba (9988.HK) in 2018. It has 100,000 SMEs in Pakistan on its platform.

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Daraz said in 2021 that it had access to 500 million customers with a team of 10,000 employees. It has invested $100 million in Pakistan and Bangladesh over the last two years.

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