Livspace lays off 2% of workforce

Omni-channel homeware, home textiles, and interiors business Livspace has decided to lay off approximately 2% of its total workforce. The business is pursuing profitability by the end of the 2024 financial year and is keen to cut costs where possible.

“In a company of our size, we will, in the normal course of our operations, redeploy resources,” a company spokesperson told the Economic Times. “This is organic and a reflection of adjustments and/ or performance management parameters.”

In 2020, the business had laid off 450 employees, which amounted to around 15% of its workforce at the time. The decision was made to mitigate the effects of the Covid-19 pandemic, as many startup ventures decided in order to cut back on costs.

“We are taking all the necessary steps to ensure we provide employees with a smooth transition in the form of an assistance package, extended medical insurance, and necessary outplacement services wherever possible within our network,” said the spokesperson about the new round of layoffs.

Livspace has laid off the majority of the employees from its technology and product teams, ET Bureau reported. The business, launched in 2015, has a current valuation of $1.2 billion.

Livspace lays off 2% of workforce

See also