- Israel strikes central Beirut, killing 22
- Solar storm could impact US hurricane recovery efforts: agency
- Delta eyes Election Day travel pullback as profits climb
- Florida battered by hurricane, floods but spared 'worst-case scenario'
- UK's William and Kate in first joint public engagement since cancer treatment
- Over 200 women in legal talks with Harrods over Fayed abuse claims
- A very stiff breeze: BBC says sorry for 20,000 kph wind forecast
- Musk finally unveiling his long-promised robotaxi
- London's Frieze art fair goes potty for ceramics
- US, Europe stocks fall on US inflation data
- US consumer inflation eases to 2.4% in September
- Hurricane Milton tornadoes kill four in Florida amid rescue efforts
- South Korea's Han Kang wins literature Nobel
- Ikea posts fall in annual sales after lowering prices
- Stock markets diverge, oil gains after China rebounds
- World can't 'waste time' trading climate change blame: COP29 hosts
- South Korean same-sex couples make push for marriage equality
- Mumbai declares day of mourning for Indian industrialist Ratan Tata
- 7-Eleven owner restructures to fight takeover
- Sri Lanka recovering faster than expected: World Bank
- Hong Kong, Shanghai rally as most markets track Wall St record
- Uniqlo owner reports record annual earnings
- Hong Kong, Shanghai rally as markets track Wall St record
- Indonesia biomass drive threatens key forests: report
- Mumbai mourns Indian industrialist Ratan Tata
- China opens $71 bn 'swap facility' to boost markets
- Asian markets track Wall St record as Hong Kong, Shanghai stabilise
- 'Denying my potential': women at Japan's top university call out gender imbalance
- China's central bank says opens up $70.6 bn in liquidity to boost market
- Youth facing unprecedented wave of violence, UN envoy warns
- 'A casino in every kitchen': Brazil's online gambling craze
- Nobel chemistry winner sees engineered proteins solving tough problems
- Discord seen as online home for renegades
- US forecasts severe solar storm starting Thursday
- Ratan Tata: Indian mogul who built a global powerhouse
- One dead as storm Kirk tears through Spain, Portugal, France
- Indian business titan Ratan Tata dead at 86
- Fed minutes highlight divisions over rate cut decision
- Steve McQueen debuts new WWII film at London festival
- Nobel winners hope protein work will spur 'incredible' breakthroughs
- What are proteins again? Nobel-winning chemistry explained
- AI steps into science limelight with Nobel wins
- Overshooting 1.5C risks 'irreversible' climate impact: study
- Demis Hassabis, from chess prodigy to Nobel-winning AI pioneer
- Global stocks diverge as Chinese shares tumble
- Time runs out in Florida to flee Hurricane Milton
- Chad issues warning ahead of more devastating floods
- Creator's death no bar to new 'Dragon Ball' products
- Chinese stocks tumble on lack of fresh stimulus
- Trio wins chemistry Nobel for protein design, prediction
Zalando to cut 'hundreds of jobs'
German online fashion retailer Zalando said Tuesday it plans to cut hundreds of jobs to help it confront a "more challenging" economic environment after years of rapid growth.
"We have decided to start a program that will remove several hundred overhead roles across many of our teams," co-chief executives David Schneider and Robert Gentz said in a letter to staff.
The Berlin-based company, which operates in 25 European countries, currently has a workforce of around 17,000 people.
Zalando benefitted from a boom in e-commerce during the coronavirus pandemic, when lockdowns prompted customers to do more online shopping.
But those "strong pandemic tailwinds" have faded since 2022, Zalando said, "and the macroeconomic environment has become more challenging" as high inflation sees customers cutting back on spending.
At times, the company "expanded too much", the co-CEOs added.
Zalando needs to be "a big company with a small company structure and mindset," they said, one that "embraces simplicity, pragmatism and frugality".
Details of the jobs cull are still being worked out, they added, but would include senior-level positions.
Jobs in customer care, logistics centres and at the company's outlet stores would not be affected.
Founded as a Berlin start-up in 2008, Zalando quickly rose to become Europe's leading online fashion and lifestyle retailer.
But the company was forced to issue a profit warning last June after drastically downgrading its full-year earnings forecasts.
The group is due to announce its 2022 results next month.
Revenues are forecast to stay roughly unchanged at 10.4 to 10.7 billion euros ($11.0-11.4 billion), while pre-tax profits of 180-260 million euros are expected, significantly below the previous year's 468 million euros.
The Zalando job cuts are the latest in a wave of layoffs in the global tech industry, as the once unassailable sector girds for a downturn.
German software giant SAP said last month it would slash around 3,000 jobs this year, following similar announcements by the likes of Meta, Amazon, Google and Microsoft.
M.Mendoza--CPN