Etsy Cuts 11% of Workforce Amid Economic Challenges and Increased Competition

The restructuring move, costing between $25 million and $30 million, comes as the online marketplace faces a 'very challenging' economic environment and stiff competition from rivals.

Etsy is laying off 11% of its workforce, approximately 225 employees, in a restructuring move to cut costs.
The layoffs are due to a 'very challenging' economic environment and increased competition from rivals like Shein and Temu.
Several executives, including the chief marketing officer, will leave the company as part of the restructuring.
The layoffs will cost Etsy between $25 million and $30 million, primarily for severance payments, employee benefits, and related costs.
Despite the layoffs, Etsy's CEO Josh Silverman remains optimistic, using a sailing metaphor to rally remaining staff.