Shopee continues its retrenchment exercise

[13177]

Shopee business no good? 😅

[Victor68]

47 minutes ago, Scion said:

normal cycle for giant tech companies lah, same in both US and China

free lunches, free gym, free massage

u enjoy higher pays and better benefits, but when things turn south, the risk of retrenchment also much higher

I think it is fair. So you are not a risk taker then aim lower or civil servant job lor

[Volvobrick]

1 hour ago, Jman888 said:

I'm guilty, haven't been buying much from shopee, me also tightening 

Me too. Moving back to Ali and TB for free shipping or can't be found on Shopee items. 

Or Parisilk direct for a recent TV purchase. 

Edited September 20, 2022 by Volvobrick

[Lethalstrike]

So can pay Jackie Chan and CR7 Ronaldo but no money pay bottom employees? 

No wonder recently had to resort to PCK, Tan Jianhao and Naomi Neo only lah. Cut budget. 

[Stratovarius]

1 hour ago, 13177 said:

Shopee business no good? 😅

can see from their ad. From ronaldo to irene ang. lol.

But with people getting used to covid and countries opening up, it's not a surprise that people will start spending their dollars elsewhere. 

[ToyotaShuttle]

2 hours ago, Scion said:

normal cycle for giant tech companies lah, same in both US and China

free lunches, free gym, free massage

u enjoy higher pays and better benefits, but when things turn south, the risk of retrenchment also much higher

as if other companies don't kick you to the curb when they start losing money...

[Vratenza]

7 minutes ago, ToyotaShuttle said:

as if other companies don't kick you to the curb when they start losing money...

Have shopee ever been profitable?

like grab/Uber?

[Thaiyotakamli]

1 hour ago, Vratenza said:

Have shopee ever been profitable?

like grab/Uber?

Almost like never 

 

they try to gain market share give alot discount

 

then over expand and end up unsuccessful 

[inlinesix]

Just now, Thaiyotakamli said:

Almost like never 

 

they try to gain market share give alot discount

 

then over expand and end up unsuccessful 

SEA Group might be profitable

[Rickster]

1 hour ago, Vratenza said:

Have shopee ever been profitable?

like grab/Uber?

Somehow I have doubts that companies offering commodity services, burning cash to gain market share in a short while, can be successful long term.

I mean, even if Grab have the leading market share today, consumers like us will flock to the next Grab V2 that comes along offering a lower price... overnight, the hard earned market share by Grab over the past few years, costing billions of dollars will be decimated.

 

[inlinesix]

1 minute ago, Rickster said:

Somehow I have doubts that companies offering commodity services, burning cash to gain market share in a short while, can be successful long term.

I mean, even if Grab have the leading market share today, consumers like us will flock to the next Grab V2 that comes along offering a lower price... overnight, the hard earned market share by Grab over the past few years, costing billions of dollars will be decimated.

It is difficult to sell this concept to the next Angel Investor NOW.

[Thaiyotakamli]

7 minutes ago, inlinesix said:

SEA Group might be profitable

Their gaming also encountered few issues and withdrawal in some countries

 

hence the reason why its dipping share price

[DOBIEMKZ]

4 minutes ago, Thaiyotakamli said:

Their gaming also encountered few issues and withdrawal in some countries

 

hence the reason why its dipping share price

Sometimes all big companies instead of focusing on being good masters of a few trades, they spread their resources too wide and thin and became mundane Jacks of many lowly trades. 

 

[t0y0ta]

1 hour ago, Thaiyotakamli said:

Their gaming also encountered few issues and withdrawal in some countries

 

hence the reason why its dipping share price

Yah seems like only Garena their gaming arm was profitable and it was subsidizing the rest of the ecommerce etc.

Recently gaming also fell on hard times + perfect storm of stock market collapse with rising interest rates and recession fears - so they are suddenly in a very difficult state.

[SGMCF328]

Ironically, the official visit by Anwar and his ministers is going to take something away from Singapore.

Let hope there are some good news from them in exchange.

Shopee's parent company, Sea, expanding investments in Malaysia, creating 2,000 jobs

Source: https://www.channelnewsasia.com/business/shopee-parent-company-sea-malaysia-2000-jobs-investment-expanding-3240461

SINGAPORE: Singapore-based e-commerce giant Sea, the parent company of Shopee, has committed to expanding its investments in Malaysia, creating more than 2,000 jobs in the process.

Malaysia's Minister of International Trade and Industry, Tengku Zafrul Aziz announced this move during his official visit to the company’s headquarters in Singapore on Sunday (Jan 29). 

During the minister's visit, Sea shared its proposed expansion plans in Malaysia, involving the setting up of cloud computing services, data hosting and processing, as well as a new logistics e-commerce warehouse. 

The cloud computing project will be located in a three-storey green facility in the Johor town of Kulai, said Malaysia's Ministry of International Trade and Industry (MITI).

It will house 24 data hall suites, mechanical and electrical rooms, office space, as well as storage and parking facilities, targeted to be completed by the first quarter of 2024.

Additionally, Shopee will also expand its footprint in Malaysia with a newly-constructed two-storey mega warehouse - an integrated hi-tech logistics park equipped with cloud infrastructure spanning 130,000 sq m in Bukit Raja, Klang. 

“Their planned foreign direct investment in cloud computing and hi-tech warehousing is set to create more than 2,000 new jobs for our people, which will also help us upskill our human capital while enhancing national productivity and competitiveness in the long run. 

“We are also expecting positive spillover effects for our small- and medium-size enterprises, corporates and the surrounding local communities. This includes local sourcing, vendor development and the strengthening of the local industrial ecosystem, particularly in the digital space," said Tengku Zafrul. 

Tengku Zafrul's three-day investment mission to Singapore is in conjunction with Prime Minister Anwar Ibrahim’s first official visit to the country on Monday. 

[Hoseyboh]

7 minutes ago, SGMCF328 said:

Ironically, the official visit by Anwar and his ministers is going to take something away from Singapore.

Let hope there are some good news from them in exchange.

Shopee's parent company, Sea, expanding investments in Malaysia, creating 2,000 jobs

Source: https://www.channelnewsasia.com/business/shopee-parent-company-sea-malaysia-2000-jobs-investment-expanding-3240461

SINGAPORE: Singapore-based e-commerce giant Sea, the parent company of Shopee, has committed to expanding its investments in Malaysia, creating more than 2,000 jobs in the process.

Malaysia's Minister of International Trade and Industry, Tengku Zafrul Aziz announced this move during his official visit to the company’s headquarters in Singapore on Sunday (Jan 29). 

During the minister's visit, Sea shared its proposed expansion plans in Malaysia, involving the setting up of cloud computing services, data hosting and processing, as well as a new logistics e-commerce warehouse. 

The cloud computing project will be located in a three-storey green facility in the Johor town of Kulai, said Malaysia's Ministry of International Trade and Industry (MITI).

It will house 24 data hall suites, mechanical and electrical rooms, office space, as well as storage and parking facilities, targeted to be completed by the first quarter of 2024.

Additionally, Shopee will also expand its footprint in Malaysia with a newly-constructed two-storey mega warehouse - an integrated hi-tech logistics park equipped with cloud infrastructure spanning 130,000 sq m in Bukit Raja, Klang. 

“Their planned foreign direct investment in cloud computing and hi-tech warehousing is set to create more than 2,000 new jobs for our people, which will also help us upskill our human capital while enhancing national productivity and competitiveness in the long run. 

“We are also expecting positive spillover effects for our small- and medium-size enterprises, corporates and the surrounding local communities. This includes local sourcing, vendor development and the strengthening of the local industrial ecosystem, particularly in the digital space," said Tengku Zafrul. 

Tengku Zafrul's three-day investment mission to Singapore is in conjunction with Prime Minister Anwar Ibrahim’s first official visit to the country on Monday. 

Maybe planning to move HQ to boleh land....

3 of their recently purchased Gulfstream is put on sale liao....🤣

Spoiler

 

 

[Kopites]

Definitely lower operation costs in kulai than in spore here. Smart move by shoppee.

The only wish as consumer me hope is that we can order on Malaysia shopee platform (in RM) and deliver to Singapore address. 😁

 

[Windwaver]

Shopee hiring again!

https://www.channelnewsasia.com/business/shopee-parent-company-sea-malaysia-2000-jobs-investment-expanding-3240461

 

Shopee's parent company, Sea, expanding investments in Malaysia, creating 2,000 jobs

Singapore-based Sea will also open a cloud computing project in the Johor town of Kulai.

SINGAPORE: Singapore-based e-commerce giant Sea, the parent company of Shopee, has committed to expanding its investments in Malaysia, creating more than 2,000 jobs in the process.

Shopee is the largest pan-regional e-commerce platform in Southeast Asia and Taiwan. 

Malaysia's Minister of International Trade and Industry, Tengku Zafrul Aziz announced this move during his official visit to the company’s headquarters in Singapore on Sunday (Jan 29). 

Sea's decision to expand its investment footprint in Malaysia reflects the company’s confidence in the prospects, as well as the operational and policy stability of the country’s business landscape, he added. 

During the minister's visit, Sea shared its proposed expansion plans in Malaysia, involving the setting up of cloud computing services, data hosting and processing, as well as a new logistics e-commerce warehouse. 

The cloud computing project will be located in a three-storey green facility in the Johor town of Kulai, said Malaysia's Ministry of International Trade and Industry (MITI).

It will house 24 data hall suites, mechanical and electrical rooms, office space, as well as storage and parking facilities, targeted to be completed by the first quarter of 2024.

Additionally, Shopee will also expand its footprint in Malaysia with a newly-constructed two-storey mega warehouse - an integrated hi-tech logistics park equipped with cloud infrastructure spanning 130,000 sq m in Bukit Raja, Klang. 

“Their planned foreign direct investment in cloud computing and hi-tech warehousing is set to create more than 2,000 new jobs for our people, which will also help us upskill our human capital while enhancing national productivity and competitiveness in the long run. 

“We are also expecting positive spillover effects for our small- and medium-size enterprises, corporates and the surrounding local communities. This includes local sourcing, vendor development and the strengthening of the local industrial ecosystem, particularly in the digital space," said Tengku Zafrul. 

Tengku Zafrul's three-day investment mission to Singapore is in conjunction with Prime Minister Anwar Ibrahim’s first official visit to the country on Monday. 

During the visit, he will also have one-on-one business meetings with the Yondr Group, a global leader in data centres and INSEACT, a Singapore-based alternative protein company which specialises in producing sustainable insect protein for aquaculture. 

"DIFFICULT 2022"

Sea's co-founder and group chief operating officer, Gang Ye said the decision was a significant development not just for the group, but also for the local digital ecosystem.

“We are grateful for the MITI minister’s and his team’s support for our expansion plans and business strategies,” he said.

Bloomberg previously reported that Sea founder Forrest Li announced in an internal memo that the company "needs to focus on profitability after a difficult 2022", adding that the economy in 2023 "may prove to be even more challenging" amid the ongoing war in Ukraine and rising inflation rates.

As such, the company will halt salary increases for employees who have not been promoted, said Li, who added that the majority of the changes have been made.

Sea has also laid off more than 7,000 employees - or about 10 per cent of its workforce - as of December last year. 

Staff cuts were also made at Garena in September 2022, including the shutting down some major projects to boost Sea's profitability.

That same month, more Shopee employees were also laid off, with some of them having their job offers rescinded days before they began work.