According to Bloomberg, the JD.com-backed apparel e-commerce company Pomelo Fashion has fired 8% of its workforce and is now soliciting more money.
The Thai startup company said that the action was a part of its attempts to simplify its procedures in order to achieve more sustainable development. A total of 55 individuals from various teams will be laid off.
Morgan Stanley is helping Pomelo Fashion in its effort to raise more money, according to persons familiar with the situation who spoke to Bloomberg.
The layoffs occur despite a recovery in the company’s business: In the first half of 2022, compared to the same time last year, it reported a 93% gain in net revenue and a 134% growth in offline retail sales.
The Singapore-based e-commerce behemoth Shopee reduced employment in various countries in June, including ShopeeFood and ShopeePay.
Suntory One was one of the investors who contributed $34 million to Pomelo’s investment round in December of last year, bringing the company’s total capital garnered to US $98 million.
