In both the U.S.A. and Europe, a number of furniture and decoration companies ended 2023 in dire straits. They are facing a drop in demand, in a context of inflationary shocks, supply-chain pressures and budget cuts.
On 19 January 2024, online retailer Wayfair (revenue of US$12.2 billion in 2022, down by 11% in one year) announced a redundancy plan for 13% of staff, so 1,650 out of 14,000. This follows a memo sent by C.E.O. Niraj Shah at the end of December 2023 asking them to “work harder”. The plan, which will result in annual savings of US$280 million, is aimed at speeding up local decision-making. A sale of Wayfair is not expected, said Steve Conine, co-Founder of the company.
Wayfair has already laid of
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Article authors
Sophie Baqué
Chief Editor of mind Retail