Faire Announces Second Round of Layoffs
Wholesale marketplace Faire has laid off 20% of its staff, or about 250 people - the second such layoff in the past 13 months.
From TechCrunch:
Wholesale marketplace Faire has laid off 20% of its staff, or about 250 people, as part of a restructuring, according to multiple reports.
Business Insider broke the news, reporting that the job cuts were companywide. Faire in October of 2022 had laid off 7% of its staff, which totaled about 1,200 at that time, according to reporting by The Information. So this round marks its second round of known cuts in just over a year.
As COVID restrictions loosened in recent years, many brands who sell into the wholesale market have seen significant growth, driven by pent-up demand for in-person retail. Anecdotally, I've heard that growth has begun to plateau, as this report supports that. However, business must still be strong for Faire, with no reports of decline, despite recession rumors circling for almost a year. This feels like a corrective action stemming from basic over-hiring.