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Faseeh Mangi and
Alibaba Group Holding Ltd.’s Daraz Group is cutting 11% of jobs to weather a slump in online commerce, joining a growing roster of tech names retrenching to weather a global downturn.
The Pakistani company, which Alibaba acquired from Rocket Internet in 2018, has quintupled active shoppers to more than 15 million over the past five years. But in 2022, that pace decelerated after the war in Europe and soaring inflation disrupted supply chains and economies, CEO Bjarke Mikkelsen said in a memo to employees posted on its website.