Wednesday, February 1, 2023

Everlane has reduced its workforce by 8.6% to reduce costs.

Everlane falls short. American Fashion Distribution Group Will reduce its headquarter staff by 17% and retail staff by 3% To cope with the increase in costs, which means the dismissal of 8.6% of the company’s employees, according to an internal communication intercepted business of fashion,

Specifically, Everlane Justified the decision by attributing the impact of inflation and consumer fear to the fall in demand due to a possible recession. The objective of the company is to recover profitability.

In November 2022, Everlane signed a $25 million loan deal with Gordon Brothers to fuel its growth. In September, the company raised ninety million dollars through a financing round aimed at refinancing its debt and increasing its liquidity.

in recent months, Everlane has launched a transformation plan promoted by Andrea O’Donnell, who Joined the company as CEO in October 2021 Replaced Ugg with the position of Brand Director of Deckers Group.

This new strategy involves “injecting more fashion” into the product.enhance, enhance the concept of a collection as opposed to individual items story telling of brands and enter the multi-brand channel for the first time.

As part of its transformation, the company recently hired a new creative director, Mathilde Mader, who has worked with designers like Kim Jones and Sonia Rykiel in the past. The designers will work hand-in-hand with Shu Hung, who has taken over as Creative Director from May 2021.

more layoffs in fashion

Today, another fashion distribution operator has announced massive layoffs in its office team to reduce costs: Stitch Fix. american online fashion company Will reduce its workforce by 20% and close one of its distribution centers in Salt Lake City,

except, Elizabeth Spaulding will step down as CEO, Stitch Fix has appointed company founder Katrina Lake as interim CEO.

Nation World News Desk
Nation World News Deskhttps://nationworldnews.com
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
Latest news
Related news