Singapore’s Zilingo Cuts Jobs After Putting Global Push on Hold
Singapore’s Zilingo Cuts Jobs After Putting Global Push on Hold
(Bloomberg) -- Zilingo, a fashion technology platform backed by Temasek Holdings Pte, has cut 5% of its 900-strong global workforce as part of a strategy to refocus on Asia and emerging markets, according to a person familiar with the matter.
The Singapore-based startup dismissed 44 employees, including about 30 in the city-state, according to the person, who asked not to be named because the information is private. The company is streamlining its business to focus on profitability and putting on hold expansions in the U.S. and Europe, where consumption is slumping due to the coronavirus outbreak, the person said.
“Zilingo has had to make several tough decisions to take forward its business plans in the course of time,” a company spokesperson said. “We are solely focusing on our core business plans in Asia and emerging markets.”
Zilingo has been one of the startup sensations in Southeast Asia. It is run by a 28-year-old chief executive officer, Ankiti Bose, and was valued at $970 million in early 2019.
The company began expanding into the U.S. late last year to help American brands find new places to manufacture their products. It connects businesses with 6,000 factories globally.
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