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“Reluctantly, we will bid farewell to many valued members of the Daraz family,” acting chief executive James Dong said in an internal memo published on the company’s website on Tuesday. Alibaba, owner of the South China Morning Post, acquired Daraz in 2018.
“Despite our efforts to explore different solutions, our cost structure continues to fall short of our financial targets,” he said. “Facing unprecedented challenges in the market, we must take swift action to ensure our company’s long-term sustainability and continued…