Thrasio Holdings Inc, an aggregator of private brands on Amazon, is reportedly planning to lay off a portion of its employees this week, as it appointed a new CEO.
TechCrunch reported that the layoffs come at a time when Thrasio is facing tough challenges in the aggregator business model.
Thrasio on Monday announced that Greg Greeley has joined its Board of Directors and will become the company's next CEO in August, succeeding current CEO and Co-Founder Carlos Cashman.
Cashman will remain on the Thrasio Board as a Director.
Greeley has served as President of Airbnb, where he oversaw the company's $30 billion-plus Homes business. He spent nearly 19 years at Amazon, where he served in a variety of leadership positions.
"Thrasio continues to blaze the trail. It's been truly remarkable -- and it's still early in a marketplace with nearly $400 billion in total third-party sales in 2021 and trillions more in the broader retail ecosystem, Greeley said in a statement.
Founded in 2018 by Joshua Silberstein and Cashman, Thrasio has a portfolio of tens of thousands of products.
"I have been passionate about bringing products people love to the world and about the talented people who are making this vision a reality," he said.
In January this year, Thrasio Holdings said it will invest Rs 3,750 crore (nearly $500 million) to acquire leading digital-first brands in India.
Thrasio started its Indian innings with acquiring Lifelong Online, a leading domestic online consumer brand, for an undisclosed sum.
India is one of the fastest-growing regions for Amazon's third-party marketplace, making it enticing for aggregators.
Thrasio has acquired more than 200 brands and raised more than $3.4 billion in funding.
(With inputs from IANS)