E-commerce platform Shopee Philippines is laying off some of its employees to “optimize” its business following a reported net loss of USD 931.2 million in Q2 2022. Shopee’s offices in Singapore, China, and Thailand are also downsizing their workforce.
A Shopee representative has confirmed the planned downsizing of the company to Inquirer.net. Shopee headquarters is rationalizing the Philippine workforce to “low single-digit percentage” of employees to match their overseas counterparts. They also said that the move was a “prudent and sensible” measure, given the condition of the market today.
Operations in the Philippines will likely be unaffected by the downsizing according to Shopee.
“These changes are part of our ongoing efforts to optimize operating efficiency with the goal of achieving self-sufficiency across our business. We are extending support to our affected colleagues during this transition,” said Shopee.
Meanwhile, the e-commerce platform is teasing a new endorser in the country, which they plan to unveil later today, on September 29, 3 PM.
The identity of the endorser is still under wraps, however, netizens have begun speculating as to who it is. Stay tuned for more details.