Australian online retailer Kogan reported its first annual loss since its 2016 stock market listing, posting a $35.5 million net loss for the 2022 financial year. In response to a major slowdown in e-commerce spending as pandemic lockdowns ended, the company announced it would begin reducing its employee headcount. Founder and CEO Ruslan Kogan admitted the company had miscalculated post-lockdown consumer demand, having significantly expanded inventory and logistics in anticipation of sustained growth that did not materialize. The announcement was made in late August 2022, as the broader e-commerce industry faced a cooling period after the initial pandemic boom.
