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Alibaba-backed Pakistani e-commerce platform Daraz cuts workforce by 11%
KARACHI, PAKISTAN (Reuters) -Alibaba-owned e-commerce platform Daraz Group is reducing its workforce by 11% to prepare for the ‘current market reality’, Chief Executive Officer Bjarke Mikkelsen said. In a letter to its employees on Monday and shared on the company’s website, Mikkelsen cited a difficult market environment, with a war in Europe, huge supply chain disruptions, soaring inflation, increasing taxes, and removal of essential government subsidies in its markets. The group operates in Pakistan, Bangladesh, Sri Lanka and Nepal.