San Francisco, May 3 (IANS): Thrasio Holdings Inc, a private label aggregator on Amazon, plans to lay off some of its employees this week, appointing a new CEO.
TechCrunch reported that the layoffs come at a time when Thrasio is facing tough challenges in the aggregator business model.
Thrasio announced Monday 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 Thrasio’s board as a director.
Greeley served as chairman of Airbnb, where he oversaw the company’s more than $30 billion Homes business. He spent nearly 19 years at Amazon, where he held various leadership positions.
“Thrasio continues to lead the way. It’s been truly remarkable – and it’s still early days in a market with nearly $400 billion in total third-party sales in 2021 and trillions more in the retail ecosystem. retail at large,” Greeley said in a statement.
Founded in 2018 by Joshua Silberstein and Cashman, Thrasio has a portfolio of tens of thousands of products.
“I’m passionate about bringing products to the world that people love and the talented people who make that vision a reality,” he said.
In January this year, Thrasio Holdings announced that it would invest Rs 3,750 crore (nearly $500 million) to acquire leading digital brands in India.
Thrasio began its Indian innings with the acquisition of Lifelong Online, a leading domestic online consumer brand, for an undisclosed amount.
India is one of the fastest growing regions for Amazon’s third-party marketplace, making it attractive for aggregators.
Thrasio has acquired over 200 brands and raised over $3.4 billion in funding.
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