Balenciaga has introduced a bag that resembled to Lays Chips bag. The bag was introduced at Paris Fashion Week 2022. The bag is estimated to cost around USD 1,800. The handbag is available in leather which is printed with Lay’s chips bag of different flavours. It has also launched a spicy Balenciaga flavoured version. The interior of the handbag has a metallic silver lining and also features the Balenciaga text in the outside. The bag also has a zipper at the top for closure. Also Read | ‘Shoelace’ Earrings by Balenciaga Priced at Rs 20,847 Leaves Netizens Baffled, Call It Crime Against Fashion (View Viral Photos).
Balenciaga Launches Lay’s Chips Bag Priced USD 1800
(The above story first appeared on Morning Tidings on Oct 12, 2022 11:33 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website morningtidings.com).
New Delhi: Crypto lending exchange Crypto.com has laid off more employees in the second round and this time, the firing of employees is worse than the previous job cut, as the global crypto meltdown gets deeper. According to a Decrypt report, citing sources, the latest round of job cuts has not been announced publicly. Cryptocurrency prices in India today (18 Aug 2022).
During the call, “leadership expressed they had no intention of going public. Top management is unlikely to make an announcement as, after the June layoffs, they claimed that everyone’s job was safe, and that no more layoffs will happen,” the report said late on Wednesday, citing sources.
According to the report, the Singapore-based company this time fired people “from critical products like exchange, app and wallet.” “The company is hiding the fact that they’ve laid off more than 1,000 employees even though they officially announced laying off 260,” a Crypto.com employee had said on LinkedIn.
“They’ve removed the company directory so we can’t see the numbers go down. It’s not good for morale to see that 1/3 of the invitation list on your next meeting is disabled accounts,” the employee had mentioned.
In June, Crypto.com announced it’s laying off around 260 employees, or nearly 5 per cent of its workforce. Its CEO Kris Marszalek said the company’s approach is to stay focused on executing against its roadmap and optimising for profitability.
“That means making difficult and necessary decisions to ensure continued and sustainable growth for the long term by making targeted reductions of approximately 260 or 5 per cent of our corporate workforce,” he had announced.
(The above story first appeared on Morning Tidings on Aug 18, 2022 11:56 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website morningtidings.com).
San Francisco: Chicago-based e-commerce marketplace Groupon has confirmed that it has laid off more than 500 of its employees – 15 per cent of its 3,416-person headcount and is also planning to slash costs. The reduction impacted workers in teams, including merchant development, sales, recruiting, engineering, product and marketing, TechCrunch reported on late Monday. Netflix Lays Off 150 US-Based Employees Amid Slow Revenue Growth: Report.
“Our overall business performance is not at the levels we anticipated and we are taking decisive actions to improve our trajectory,” CEO Kedar Deshpande said in a statement provided to the website.
The chief executive says that the layoffs, as well as a reinvestment in marketing and initiatives that drive customer purchase frequency, will set the company up to generate positive cash flow by the end of 2022.
In a letter to staff, Deshpande said that Groupon is reducing its North America sales teams to focus on “self-service merchant acquisition capabilities”. It is also re-organising the company to focus “only on mission-critical activities and leaning on more external support”. “In addition, we are proposing to reduce cloud infrastructure and support functions as we wrap up cloud migrations,” the CEO said.
Groupon is also closing its Australia Goods business, more than a decade after launching there in the first place. Finally, Groupon said that it will “rationalise” its real estate footprint to be more in line with hybrid work.
(The above story first appeared on Morning Tidings on Aug 09, 2022 09:33 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website morningtidings.com).
New Delhi: E-commerce platform Shopify on Tuesday announced to cut 10 per cent of its workforce — around 1,000 employees across verticals — as it failed to predict that the e-commerce industry would continue to grow beyond the pandemic at the same pace it did during the two-year period. The company CEO Tobi Lutke said in a statement that Shopify has to go through a reduction in workforce that will see about 10 per cent leave by the end of the day. Cloudflare Outage Hits Shopify, Discord & Other Services in India.
“Most of the impacted roles are in recruiting, support, and sales, and across the company we’re also eliminating over-specialized and duplicate roles, as well as some groups that were convenient to have but too far removed from building products,” he informed.
The company was sending emails to those affected and they will “have a meeting with a lead in their team”. Lutke said that before the pandemic, ecommerce growth had been steady and predictable.
“Was this surge to be a temporary effect or a new normal? And so, given what we saw, we placed another bet: We bet that the channel mix – the share of dollars that travel through ecommerce rather than physical retail – would permanently leap ahead by 5 or even 10 years”, he mentioned.
Shopify’s workforce jumped from 1,900 in 2016 to around 10,000 in 2021 to meet the expected growth. However, Lutke said that it is now clear that bet didn’t pay off.
“What we see now is the mix reverting to roughly where pre-Covid data would have suggested it should be at this point. Still growing steadily, but it wasn’t a meaningful 5-year leap ahead,” he informed. “We’ll remove any equity cliff, and extend any medical benefits. Knowing that Shopify is just one stop on a career journey, we’d also like to help set everyone up for success as they take their next steps,” said the CEO., adding that the company will offer outplacement services with access to career coaching, interviewing support, resume crafting, etc.
Those affected in the layoff will get 16 weeks of severance pay, plus an additional week for every year of tenure at Shopify.
(The above story first appeared on Morning Tidings on Jul 27, 2022 09:37 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website morningtidings.com).
New Delhi, July 15: 100 Thieves, which is ranked the second-most valuable esports organisation in the world, has laid off several employees across both its social media and content teams in a major shakeup for the esports, media, and apparel company, including senior staff and executives.
100 Thieves, with a $460 million valuation, reportedly fired senior members of social media and content team, including video editors and executive producers, reports Dexerto.
Esports social media veteran Blackbeard, previously of OpTic Gaming, was among those laid off. Instagram Rolls Out Subscriber Chats, Exclusive Posts & More for Creators.
Executive Producer Mike Aransky, formerly of IGN and ESPN fame, was another big name.
“I do not know how to start this. So today, after almost 4 years of @100Thieves I say good-bye,” Aransky tweeted on Thursday.
Aransky helped “build the content team from the ground up.”
Employees hit by the layoffs expressed their gratitude for time spent with 100 Thieves.
“From being a fan for years to working at the company and meeting amazing people, it’s been an absolute pleasure,” tweeted former editor Alec Daughtry.
Recently, the leading esports organisation TSM also reportedly laid off more than 20 employees.
(The above story first appeared on Morning Tidings on Jul 15, 2022 04:53 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website morningtidings.com).
San Francisco: As recession fears grow, the US-based autonomous vehicle technology startup Agro AI, backed by Ford and Volkswagen, has laid off about 150 people and slowed the pace of hiring, making it the latest tech company to reduce its workforce. According to TechCrunch, the layoffs account for about 5 per cent of its more than 2,000 global workforces, according to sources familiar with the company’s actions. Volkswagen To Invest Over $20 Billion To Build Electric Vehicle Batteries.
The layoffs were widespread, affecting talent recruiters, digital media and communications employees as well as members of its operations teams, a review of LinkedIn profiles shows, the report said.
“With incredible growth and progress made in our mission to deploy driverless vehicles, we are making prudent adjustments to our business plan to best continue on a path for success,” the startup said in an email statement while confirming layoffs.
A close source, who remained anonymous because they are not authorised to speak on behalf of the company, told TechCrunch that Argo AI had hired too quickly, overshooting where it should be. The company is still hiring and has dozens of engineering, legal, technical programme management and fleet operations positions open, the report said.
Argo AI, which is based in Pittsburgh, launched driverless testing operations in May 2022 in Miami and Austin, marking the company’s progress towards commercialising its technology.
(The above story first appeared on Morning Tidings on Jul 08, 2022 03:35 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website morningtidings.com).
New Delhi: Micro-blogging platform Twitter has laid off 30 per cent employees from its talent acquisition team amid the $44 billion takeover by Elon Musk, the media reported on Friday. A Twitter spokesperson confirmed these layoffs to TechCrunch, without divulging further details or the number of employees affected. Elon Musk’s $44 Billion Twitter Deal Reportedly in Serious Trouble.
The sacked employees will receive severance packages and the company will “reprioritise’ remaining recruitment staff.
Twitter had earlier announced to halt most hiring across divisions. As Twitter paused hiring, the micro-blogging platform last month shifted employees away from audio Spaces, Communities and newsletters verticals for areas that “will have the greatest positive impact to the public conversation”.
Twitter CEO Parag Agrawal in May fired consumer product leader Kayvon Beykpour and head of revenue product Bruce Falck, saying there is a hiring freeze now and Twitter will also pause spending in most areas. Agrawal had said that the company will also be reviewing all extended offers to determine criticality and those that should be pulled back.
“We are not planning company-wide layoffs, but leaders will continue making changes to their organizations to improve efficiencies as needed,” Agrawal had said in a memo to employees. “Some have been asking why a alame-duck’ CEO would make these changes if we’re getting acquired anyway. While I expect the deal to close, we need to be prepared for all scenarios and always do what’s right for Twitter,” Agrawal had said.
Twitter has paused most hiring and backfills, except for business critical roles as determined by ‘Staff’ members.
(The above story first appeared on Morning Tidings on Jul 08, 2022 12:58 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website morningtidings.com).
New Delhi: Cryptocurrency exchange Vauld on Tuesday said it has decided to reduce its headcount by about 30 per cent, as the global crypto market nosedives amid volatile market conditions. Darshan Bathija, Co-founder and CEO of Vauld platform, said that the workforce reduction impacts every team in the organisation “with a bias towards our marketing and talent acquisition teams”. Cryptocurrency Crash: Indian Investors Reportedly Duped of Rs 1,000 Crore by Fake Crypto Exchanges.
“The bias is because we’re slowing down efforts associated with those teams. We are working with each person affected and pay them two months of their salaries as a severance payment and ensure that they retain their signing and/or joining bonus,” Bathija said in a statement.
We’ve taken the painful decision to reduce Vauld’s headcount by about 30%
The company is also reducing its marketing expenses, slowing down hiring efforts, reducing executive compensation by 50 per cent and pausing most vendor engagements. The platform said it will provide 12 months of medical insurance for the affected and their immediate family and work closely “with them to find a great place to work”.
“This is not a decision we take lightly but given the economic slowdown, we concluded that this was the right course of action. The market conditions have gotten more uncertain, even for crypto companies,” Bathija admitted. “To the colleagues who we’re parting ways with, I’m extremely grateful for your contributions towards helping Vauld serve 800k+ clients and offer world-class services, and I’m sorry,” said Bathija.
Founded in 2018, the Singapore-registered startup raised $27 million and aimed to reach one million users in the US, followed by Europe, Singapore and India. Vauld, which is more like a crypto bank for financial products than a crypto exchange, treats cryptocurrency as a core asset class.
Earlier, Singapore-based cryptocurrency exchange Bybit announced to lay off 2,000 employees — around 30 percent of its workforce. Earlier this month, global crypto exchanges and firms including Coinbase, Gemini, Crypto.com and others announced to downsize their workforce Ain the crypto winter.
(The above story first appeared on Morning Tidings on Jun 22, 2022 09:08 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website morningtidings.com).
New Delhi, May 31: Online gaming platform Mobile Premier League (MPL) is laying off 100 employees and exiting the Indonesia market over poor growth. The current business metrics “do not justify further investments into this unit”, according to an internal email sent by MPL co-founders Sai Srinivas and Shubh Malhotra.
Founded in 2018, MPL hosts hundreds of millions of tournaments a month and is trusted by over 90 million registered users across India, Indonesia, Europe and the US. “We have made the decision to wind down our Indonesia operations and shut down the streaming product on the MPL app. We have invested significant resources and capital over the last three years into our Indonesian operations,” said the co-founders. IPL 2021: MPL Renews RCB Sponsorship in Two-Year Deal.
“However, the return profile of Indonesia is several multiples lower than what we were and are seeing in India, or even in our nascent US business,” they added. The laid off employees will be given severance and benefits.
“We are one of the few Internet companies which, within four years of inception, will cross $100 million of annual net revenue globally. On a gross revenue basis, we will be at $220-250 million in the year ending March 2023. In fact, we have a massively growing market ahead of us, but in order to capture it, we need to be willing to operate more efficiently today,” the co-founders said in the internal email.
“The last few months have been insane. The philosophy of growth at all costs is now reversed. The market is now rewarding profitable growth over growth at all costs. It is imperative that we as a company respond to these changes and respond fast,” they noted.
MPL will now double down on its efforts on more promising areas of its business. MPL is the world’s leading mobile eSports platform that allows users to participate in paid competitions across 60+ games in multiple categories, including mobile games, daily fantasy sports, quizzing, and board games.
(The above story first appeared on Morning Tidings on May 31, 2022 11:30 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website morningtidings.com).
San Francisco: Streaming giant Netflix has laid off nearly 150 employees, primarily in the US, as it suffers from slow user growth amid stalled paid subscription. Several top-notch creative professionals from its original series vertical, such as Sebastian Gibbs and Negin Salmasi, have been asked to go, reports TechCrunch. Netflix Asks Its Employees To Quit if They Don’t Like Its Content: Report.
“As we explained on earnings, our slowing revenue growth means we are also having to slow our cost growth as a company. So sadly, we are letting around 150 employees go today, mostly US-based,” a Netflix spokesperson was quoted as saying in the report late on Tuesday. “These changes are primarily driven by business needs rather than individual performance, which makes them especially tough as none of us want to say goodbye to such great colleagues,” the spokesperson added.
Netflix saw its stock tumbling by 20 per cent after it reported a loss of 2 lakh paid subscribers in the first quarter of 2022, its first subscriber loss in over a decade. Moreover, it now forecasts a global paid subscriber loss of 20 lakh for the April-June quarter (Q2).
“Depending on your role, you may need to work on titles you perceive to be harmful. If you’d find it hard to support our content breadth, Netflix may not be the best place for you,” the company said.
Netflix last month laid off several experienced journalists and writers working for its entertainment site Tudum which it launched only in December last year. Netflix had hired experienced entertainment journalists from publications including Vice, Bustle and others. According to reports, most of the Tudum culture and trends team was fired.
The company has also told its employees that if they do not agree with its content, they can leave the streaming giant, a move that received a thumbs up from Tesla CEO Elon Musk.
(The above story first appeared on Morning Tidings on May 18, 2022 10:56 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website morningtidings.com).