Yes, Etsy is laying off 225 employees — or some 11% of its total workforce — as the online marketplace, which lets independent vendors flog their handmade wares, struggles in a “very challenging” environment, with mounting competition in the e-commerce space from titans like Shein and Temu.
CEO Josh Silverman cited “essentially flat sales” as a key factor behind the cuts, despite annual revenues hitting a $2.6 billion high last year. However, Etsy’s 2022 results were hampered by high-profile acquisitions of Brazillian marketplace Elo7 and British second-hand specialists Depop the year before, with the company taking a $1 billion goodwill impairment charge for the sales last year, resulting in a $694 million loss.
