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Fashion rental startup Style Theory cuts staff

Published Tue, Aug 4, 2020 · 09:50 PM

Singapore

FASHION rental startup Style Theory has laid off at least 28 of its employees in Indonesia and Singapore, representing about 10 per cent of its workforce, sources told BT.

About 11 employees in Singapore were affected in the first wave this April, while less than five employees were axed in the second wave in June, BT understands.

Founders had also told staff that they would be taking a 50 per cent pay cut, while all employees in the startup "had to agree" to take a pay cut of at least 5 per cent till further notice. …

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