Mar 23, 2018
Shopclues restructures, lays offs 45 - 50 employees
Mar 23, 2018
Shopclues has laid off between 45 and 50 employees but the fashion retailer has stated that this constitutes less than four percent of its total workforce.
Between 45 and 50 staff have been made redundant by Shopclues across multiple functions in the business. In an official statement, the business said that this constituted only a small proportion of the total workforce.
"Unfortunate as it might be, the rigours of a merit-based system requires that we keep the bar high on individual performance,” said a company spokesperson. “As we wrap up the review cycle for FY 2018, this decision has impacted less than four percent of the total workforce." The business is believed to have between 1,150 and 1,200 employees.
The development was first announced by @Corporatekumar, an anonymous Twitter user. It was after this that Shopclues made a statement on the matter.
Shopclues is backed by both Tiger Global Management and GIC and is the Indian arm of the international Clues Network. A recent report by Paper. Vc. stated that Shopclues was allocated around 1,027 equity shares by its parent company for its current round of fundraising.
Copyright © 2024 FashionNetwork.com All rights reserved.