Hong Kong’s Shopline shrinks two markets amid restructuring

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Hi there,

News about the layoffs at Twitter and the 11,000 job cuts at Facebook dominated the headlines this week. And for many at Twitter, the experience has been painful and dramatic as they were shown the exit door just days after billionaire investor Elon Musk took over the firm.

Here at Tech in Asia, we have been closely tracking tech layoffs across Southeast Asia, India, and China.

We have two Big Stories this week. My colleague Ardi reports on the departures at Hong Kong’s Shopline, which also has a presence in Southeast Asia.

Somewhat similar to Twitter, Shopline underwent some organizational changes in the company after it was acquired by one of its investors, Chinese livestreaming giant Joyy. The good news is that Shopline, which operates a Shopify-like model, appears to be still hiring for Singapore, Malaysia, and Australia.

We also spotlight ShopBack, a familiar name in this region’s startup scene. The Temasek-backed shopping and rewards platform doubled its revenue in FY 2021 while narrowing its operating losses. ShopBack says its model remains relevant to both consumers and merchants even in this economic downturn.

Meanwhile, for this week’s Hot Take, I look into how Indonesia-based Bukalapak has quietly entered the Philippines via its Mitra Bukalapak business. After achieving relative success in its home turf, can the ecommerce unicorn conquer a second market?

– Budi

THE BIG STORIES

1️⃣ Departures at Shopline after $183m Joyy-led takeover

Image credit: Timmy Loen

The departures involve around 80 people across several Southeast Asian markets, though Shopline has also started to build a team in Australia.

2️⃣ ShopBack doubles revenue in FY 2021, trims operating losses

Apart from expanding into South Korea and Vietnam, the company also launched a new voucher feature in Singapore and Australia during the year.

THE HOT TAKE

NEWS YOU SHOULD KNOW