Online marketplace Redbubble is to slash 14 per cent of the group’s personnel to save costs as trading remains “difficult”.
According to independent sources, Redbubble employs 2000 employees, which means 280 jobs would be eliminated.
According to a trading report that includes unaudited figures for the half year ending December 31, the company’s underlying marketplace revenue (MPR) is up 2% to $290.4 million after momentum increased throughout the second quarter.
Increased promotional activity to acquire new and existing consumers, on the other hand, had an influence on its gross profit after paid acquisition (GPAPA) margin.
In the United States, apparel sales remained “pretty resilient,” offset by discretionary categories such as wall art and homewares.
To “align” with business priorities, the group is halting investment in Redbubble brand recognition and decreasing overall general costs. It has reduced its FY23 operating expenses to a range of $125 million to $135 million, while its MPR has remained generally consistent with the previous year.
When the business announces its audited half-year results next month, more financial details will be released.
