RetailUS

Etsy Layoffs

December 2023

Etsy announced a layoff affecting 225 employees (11% of its workforce) in December 2023. The company operates in the Retail sector.

People Affected

225

Percentage

11%

Announced Date

Dec 13, 2023

About

Etsy, the global e-commerce marketplace known for handmade and vintage goods, announced in December 2023 that it is laying off approximately 225 employees, representing 11% of its workforce. This reduction brings the core marketplace headcount to about 1,770. CEO Josh Silverman cited a "very challenging" macroeconomic and competitive environment as the primary reason, noting that while the marketplace has doubled in size since 2019, gross merchandise sales have remained essentially flat since 2021. The layoffs are part of a restructuring effort to streamline costs and reignite growth, despite the company raising its fourth-quarter EBITDA margin guidance.