The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
Amazon.com Inc is planning to lay off about 10,000 people in corporate and technology jobs starting as soon as this week, the New York Times reported on Monday, citing people with knowledge of the matter.
The job cuts will focus on the e-commerce giant’s devices unit, which houses voice-assistant Alexa, as well as its retail division and human resources, according to the report, which also said the total number of layoffs remains fluid.
The company did not immediately respond to a Reuters request for comment.
As of Dec. 31 last year, Amazon had more than 1.6 million full-time and part-time employees and had recently said it would freeze hiring to corporate workforce for the next few months.
ADVERTISEMENT
The news comes just weeks after Amazon warned of a slowdown in growth for the busy holiday season when it generates the highest sales, saying consumers and businesses had less money to spend due to rising prices.
Amazon is the latest US company to make deep cuts to its employee base to brace for a potential economic downturn.
Last week, Facebook-parent Meta Platforms said it would cut more than 11,000 jobs, or 13 percent of its workforce, to rein in costs. Others include Elon Musk-owned Twitter Inc, Microsoft Corp and Snap Inc.
Shares of Amazon, which have lost about 40 percent of their value so far this year amid a broader tech selloff, briefly pared losses and were last trading down 2.4 percent at $98.38.
By Tiyashi Datta and Nivedita Balu; Editor: Arun Koyyur
Learn more:
Amazon Becomes World’s First Public Company to Lose $1 Trillion in Market Value
Shares in the e-commerce and cloud company fell as much as 4.6 percent on Wednesday, pushing its market value to about $878 billion from a record close at $1.882 trillion on July 2021.
The app, owned by TikTok parent company ByteDance, has been promising to help emerging US labels get started selling in China at the same time that TikTok stares down a ban by the US for its ties to China.
Zero10 offers digital solutions through AR mirrors, leveraged in-store and in window displays, to brands like Tommy Hilfiger and Coach. Co-founder and CEO George Yashin discusses the latest advancements in AR and how fashion companies can leverage the technology to boost consumer experiences via retail touchpoints and brand experiences.
Four years ago, when the Trump administration threatened to ban TikTok in the US, its Chinese parent company ByteDance Ltd. worked out a preliminary deal to sell the short video app’s business. Not this time.
Brands are using them for design tasks, in their marketing, on their e-commerce sites and in augmented-reality experiences such as virtual try-on, with more applications still emerging.