Olx Group Cuts 800 Jobs Globally and Shuts Some Markets: Report
Olx Group, the renowned online marketplace and classifieds business under Prosus, has recently made a significant announcement regarding the reduction of approximately 800 jobs across various regions. In addition, the company has decided to close its automotive unit, Olx Autos, in certain markets after exploring potential buyers and investors. This move comes as part of Olx Group’s strategic decision to refocus its operations and optimize its presence in the global market. The details of these developments are presented below.
Job Cuts and Closure of Operations
Olx Group has initiated a workforce reduction that spans multiple markets and divisions. The affected employees have been duly informed about this decision, according to reliable sources close to the matter. Confirming the job cuts, an Olx spokesperson attributed them to the company’s previous announcement in March, where it expressed its intent to exit the Olx Autos business. Olx Group, headquartered in Amsterdam and operating in over 30 countries worldwide, has begun exploring individual country sales as the most favorable option for maximizing the value within local markets. This includes the discontinuation of operations in certain regions, such as Argentina, Mexico, and Colombia, due to the absence of viable buyers or investors. However, the company’s future plans for other markets are yet to be determined.
Support for Affected Employees
Olx Group has emphasized its commitment to providing comprehensive support to all impacted individuals during this transitional period. The company aims to ensure the smooth transition and well-being of its affected workforce.
Previous Workforce Reductions
This recent round of job cuts follows Olx Group’s prior announcement in January, where it revealed a 15% reduction in its global workforce, amounting to 1,500 jobs. However, it remains unclear whether any C-level officers were affected in these layoffs or the current headcount of the company.
Insights from Prosus’ Annual Report
According to Prosus’ annual report for the fiscal year ending on March 31, 2022, its classifieds business, predominantly represented by Olx, employed a total of 11,375 individuals across the globe. Notably, these latest job cuts come merely months after Olx confirmed its plans to reduce its global workforce by 15% (1,500 jobs) in January.
About Olx group:
OLX Group, headquartered in Amsterdam, is an online marketplace that operates globally. The consumer brand of OLX, originally known as OnLine eXchange, was established in 2006. Prosus, the international assets division of Naspers, is the owner of OLX Group.
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