Business
Shein’s Singapore Restructuring: Over 20 Job Cuts Amidst Uncertain London IPO
Shein is cutting down on jobs unusually in Singapore while its London IPO is still uncertain. The speedy-style dealer is terminating over 20 employees in a reshuffle of its IT R&D department.
Over 20 staff members have been impacted by job cuts, which come as part of a reorganization of its global IT research and development center, according to a company announcement made to the South China Morning Post. The employees were informed about this decision on Wednesday.
The low-key Chinese businessman, Xu Yangtian, also known as Sky Xu, founded Shein. The company led the way in directly selling inexpensive items to international customers by collaborating closely with manufacturers. Its affordable clothing became a hit in Western markets, particularly in the US.
Simultaneously, the firm has been grappling with reshaping its identity as an international enterprise after relocating its main office from China to Singapore.
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