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Amazon Of Africa, Jumia Relocates Top Management From Dubai To Africa: Report

  • Jumia Technologies AG (NYSE: JMIA) shut down its office in Dubai and migrated senior management to the African countries they control to cut losses and redirect the company after its founders quit in November.

  • Managers will move to countries in their region, with most relocating to Morocco, Kenya, and Ivory Coast, and disband the 60-person Dubai office, Jumia’s acting head Francis Dufay said in a Bloomberg interview.

  • Dufay took over after founders Sacha Poignonnec, and Jeremy Hodara quit in November.

  • He voiced his efforts to cut costs as Dubai’s rents rose faster than those in New York or London and became more responsive to the young, tech-savvy population in its African markets.

  • Jumia went public in 2019 in the U.S., where investors hailed it as the Amazon.com Inc (NASDAQ: AMZN) of Africa. Since then, Jumia has battled with persistent losses, and its shares plunged 68%.

  • The report added that Amazon looks to expand its e-commerce service into some of the larger African markets by next year.

  • Still, Dufay said that the company’s more than a decade of experience operating in Africa offered it an edge over new competitors.

  • Dufay looked to double down on Jumia’s “bread-and-butter” e-commerce categories, including fashion, beauty, consumer electronics, and appliances.

  • He planned to pause the logistics services to third parties in its operating countries except for Morocco, Nigeria, and Ivory Coast.

  • Price Action: JMIA shares traded higher by 1.26% at $4.81 on the last check Monday.

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