Faire lays off 20 percent of employees

Wholesale marketplace Faire is understood to have laid off 20 percent of its workforce in a bid to restructure the company to align with its “long-term vision”.

The 250 job roles that were cut were believed to be company-wide, spanning everything from engineering to design to data science, according to a source for Business Insider.

In a statement to the news outlet, Faire said: “We built our former organisational structure with multiple layers of management to support our pace of hiring.

“When we slowed down hiring last year, naturally we weren’t able to grow into that larger structure.”

The company added that it would continue to support its independent retailer client base, noting that it was thankful to the team members who had contributed to Faire’s success so far.

It marks the second time that Faire has laid off members of its workforce, having previously cut 7 percent of jobs in October last year, as reported by The Information at the time.

The B2B marketplace, founded in San Francisco, California, in 2017, set about on a significant international expansion strategy following its launch, swiftly moving across Europe where it brought its offering to local, independent brands.

Most recently, commerce developer Shopify teamed up with Faire, becoming a shareholder in the company and cementing its place as the recommended wholesale platform for its own merchants.