Online retailer wants to save 350 million euros
Zalando is imposing a savings package of 350 million euros to avoid layoffs in the Corona crisis. To achieve this, the online fashion retailer wants to massively reduce spending on advertising. “We expect to see savings in marketing, overhead and reduced capital expenditure,” a spokeswoman said. The aim is to avoid layoffs.
The spokeswoman did not want to confirm that the planned savings would be financed, among other things, through salary sacrifice, as Business Insider magazine writes. Zalando wants to postpone salary increases planned from July until January 2021, the board of directors will waive 25 percent of their salary and the second management level will waive 15 percent, the magazine writes.
