This archive report was first published on 5 December 2019.
Published on December 5, 2019, Jumia Kenya's recent layoffs have highlighted the company's struggles with mounting costs and losses.
According to Gadgets Africa, Jumia Kenya has laid off 30 workers, as its owners seek to reduce costs. The company confirmed the layoffs, stating that it is working with the affected employees to find suitable replacements.
These layoffs come as part of Jumia's efforts to cut costs, following a difficult year for the company. Jumia listed on the New York Stock Exchange (NYSE) at a share value of $44, but the stock is now trading at less than 15% of its initial listing price, closing at $6.07 today.
The company has also faced several challenges, including accusations of falsifying sales data and dubious sales practices by its Nigerian sales staff, which accounted for 4% of its sales in the first quarter of 2019.
