Shopee's business in South America contracted, and it will close its local businesses in the three countries and withdraw from the Argentine market

2022-09-12 10:57

Shopee's business in South America contracted, and it will close its local businesses in the three countries and withdraw from the Argentine market

cbb574dc509f4c99b9417dd8b5ce7fa7.jpg

According to the latest news from Reuters, according to three sources directly familiar with the matter, sea Ltd(Donghai group)E-commerce Department(Shopee)On Thursday, he told employees that he would close local businesses in Chile, Colombia and Mexico and withdraw from Argentina completely


The source said that the Singapore based company will maintain cross-border business in Chile, Colombia and Mexico, but will cut most of its teams in these countries, affecting dozens of employees. Because shopee has a leading position in the Brazilian e-commerce market, it will not be affected


In an internal email seen by Reuters, Chris Feng, CEO of shopee, wrote to employees,"In view of the current rising macro uncertainty"Yes, the company needs"Concentrate resources on core business"And decided to focus on cross - border business in Mexico, Colombia and Chile


Shopee later confirmed in a statement to Reuters that it would"Chile, Colombia and Mexico operate cross-border models and close in Argentina".


In October last year, sea's market value soared to more than $200 billion because its gaming and e-commerce businesses were popular during the pandemic, but its share price has plummeted since then and is now only worth $27 billion


Another source told Reuters that sea's leadership has issued an internal instruction to shopee's manager, requiring it to make profits in the main Southeast Asian markets by 2023


"Shopee has been in existence for seven to eight years... So now they must concentrate on making profits in their core market,"Said Ke Yan, chief analyst of DZT research in Singapore


According to sources, shopee laid off employees in its e-commerce and food distribution departments in June, including its Southeast Asia and Latin America businesses According to Reuters earlier, shopee also canceled dozens of job opportunities in the past two weeks


0

广告

Next

Participate in comments

Online Service

Contact Information

service telephone
400-860-2030
Merchants wechat/line/whatsapp
18602075768
Contact email
service@toonies.cn