×
72 691
Fashion Jobs
PRANA
Director, Strategic Accounts & Sales Business Development
Permanent · CARLSBAD
BLOOMINGDALE'S
Asset Protection Visual Security Officer, Part Time - Bridgewater
Permanent · BRIDGEWATER TOWNSHIP
BLOOMINGDALE'S
Asset Protection Visual Security Officer, Part Time - Roosevelt Field
Permanent · GARDEN CITY
DECKERS
Business Systems Analyst - Plm
Permanent · GOLETA
BANANA REPUBLIC
General Manager - Tampa Premium Outlets
Permanent · LUTZ
CROCS
Crocs: sr. HR Systems Manager
Permanent · REMOTE
NORDSTROM
Asset Protection - Agent - Oakridge Rack
Permanent · San Jose
KOHLS
Full-Time Sales Supervisor - Softlines
Permanent · Forest Park
KOHLS
Full-Time Sales Supervisor - Hardlines
Permanent · Schaumburg
NIKE
Consumer Planner, Global Sports Apparel
Permanent · Beaverton
BLOOMINGDALE'S
Manager, Sales - Luxury Textiles And Corporate Services
Permanent · New York
BLOOMINGDALE'S
Asset Protection Outlet Associate, Part Time - Dolphin Mall
Permanent · Miami
BLOOMINGDALE'S
Asset Protection Visual Security Officer, Part Time - Soho
Permanent · New York
BLOOMINGDALE'S
Asset Protection Visual Security Officer, Part Time - Palm Beach Garden
Permanent · Palm Beach Gardens
BLOOMINGDALE'S
Asset Protection Visual Security Officer, Part Time - Norwalk
Permanent · Norwalk
BLOOMINGDALE'S
Asset Protection Detective, Part Time - ny 59th st
Permanent · New York
MACY'S
Asset Protection Captain, Santa Maria Town Center - Full Time
Permanent · Santa Maria
MACY'S
Asset Protection Detective, Arden Fair - Full Time
Permanent · Sacramento
MACY'S
Asset Protection Detective, Boston - Full Time
Permanent · Suffolk
MACY'S
Asset Protection Detective, West Dade Miami Int'l - Full Time
Permanent · Miami
MACY'S
Asset Protection Detective, State Street - Full Time
Permanent · Chicago
MACY'S
Asset Protection Detective, st Louis Galleria - Full Time
Permanent · Old Saint Louis
By
Reuters
Published
Jul 26, 2022
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Canada's Shopify cuts 10% of workforce as online shopping slows

By
Reuters
Published
Jul 26, 2022

Canada's Shopify Inc is laying off 10% of its workforce as the ecommerce company struggles with slowing growth due to a pullback in online shopping after benefiting from a pandemic-fueled surge in demand.

 

  Reuters

Its shares tumbled 14.7% on the U.S. bourses and on the Toronto Exchange, they shed 14% on Tuesday, pulling Canada's wider main stock index lower. The shares have lost 75% of their value so far in the year.

Shopify's turn of fortunes from the most valuable company in Canada last year to its present-day struggle to increase sales come as easing lockdowns have led consumers to return to brick-and-mortar stores.

Its sales growth during the pandemic led the Ottawa-based company to ramp up hiring and invest in technology, betting that the shift to online from physical retail shops would not subside.

"It's now clear that bet didn't pay off," Chief Executive Tobi Lütke said in a blogpost, adding that roles in recruiting, sales and support are the most affected.

The company had 10,000 employees as of Dec. 31, regulatory filing showed, up from 7,000 at the end of 2020.

"Ultimately, placing this bet was my call to make and I got this wrong."

Faced with competition from Amazon and other brick-and-mortar stores, Shopify is now tying up with social media firms including Twitter and YouTube as influencers start to sell their own brands.

The 18-year-old company will report its quarterly results on Wednesday, with investors keen to know if the partnerships with social media platforms to tap into the creator economy would be enough to lift it out of a slump.

"One of the positives for Shopify is that they're seeing some meaningful traction in social networking related ecommerce sales," D.A. Davidson analyst Tom Forte said.

 

© Thomson Reuters 2023 All rights reserved.