Jumia Tumbles as Co-Founders Step Down From African E-Commerce Platform
- Jumia has sought to bring ecommerce business to Africa markets
- Company’s shares have slumped since high-profile New York IPO
A Jumia distribution warehouse in Lagos, Nigeria.
Photographer: George Osodi/BloombergThis article is for subscribers only.
Jumia Technologies AG founders Sacha Poignonnec and Jeremy Hodara both quit as co- heads of the Africa-focused online retailer, which has struggled with persistent losses since a high-profile New York listing.
Poignonnec and Hodara, former colleagues at McKinsey & Co., founded Jumia in Lagos in 2012 as a way to introduce e-commerce to Nigeria and other African countries where widespread internet use was starting to take off. Often compared with Amazon.com Inc., the company attracted international investors such as Mastercard Inc. and French drinks maker Pernod Ricard SA to achieve unicorn status, and the stock surged 75% on its US stock market debut in 2019.