Vancl Reduces Workforce Ahead of IPO
Sohu IT, 11/28/12
Chinese B2C clothing website Vancl has reportedly begun large-scale layoffs reaching 25% of staff across the head office, all branch offices, and the customer service department, in order to accelerate its IPO plans. Vancl CEO Chen Nian and the company's investors have previously said the company's IPO preparations are progressing well.
A Vancl spokesperson confirmed the layoffs, but denied staff cuts would reach 25%.
Editor's Note: For more background on this topic, please see "Rumor: Vancl Ready to List on US Exchange" MD 10/31/12 issue.
Keywords: Chen Nian Vancl Internet IPO B2C apparel e-commerce HR
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