LivSpace Layoffs: Despite profitable business, home decor brand announces massive job cuts- Here’s what company says

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by Samuel Pordengerg Mar 20, 2023 News
LivSpace Layoffs: Despite profitable business, home decor brand announces massive job cuts- Here’s what company says
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Home decor brand announces massive job cuts despite profitable business.

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LivSpace Layoffs: Livspace, an omnichannel home interiors and renovation company headquartered in Singapore, has laid off at least 100 employees from across several teams, as part of its cost-cutting measures, the media reported.Inc42, a leading startup coverage portal, in a report, said that the layoffs impacted 2 percent of the workforce of Livspace affecting product, engineering, content, and marketing teams of the home decoration firm.

The company said that the layoff is organic and a reflection of normal adjustments.

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The company said in a statement that they will redeploy resources.

The business has more than doubled over the past year and it aims to turn profitable in the coming year.

Livspace laid off 450 employees during the first wave of the Covid-19 epidemic.

Livspace earmarked $100 million to invest in new offerings. This will include direct-to-consumer private labels, brand extensions, and content destinations in the home interiors, renovation, and related home improvement segments.

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Livspace wants to create multiple home interiors and renovation solutions and D2C offerings that serve homeowners in India, Southeast Asia, and the Middle East region.

"As we continue to scale across new segments in existing geographies and enter new regional markets, we are looking for successful businesses and like minded entrepreneurs that help us scale even faster," said Anuj Srivastava CEO and Co-founder of Livspace.

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Livspace is present in over 45 cities in Southeast Asia and India.

KKR and Ingka Group Investments are two of the top global investors that have invested in the home décor company.