2024 appears to be rough for Lazada, as CNBC reports that the eCommerce giant begins its latest round of layoffs that will affect all employees across Southeast Asia markets. According to CNBC’s source, who declined to be named due to the sensitive nature, the most affected market will be Singapore.

CNBC’s sources that all functions–commercial, retail, and marketing–will be affected by the layoffs. Some employees have allegedly received meeting invites, but details about these invites were not disclosed.

Lazada’s spokesperson in Singapore responded to CNBC regarding the issue, and said that they “are making proactive adjustments to transform our workforce, to better position ourselves for a more agile, streamlined way of working to meet future business needs.”

The spokesperson did not confirm about the layoffs, but added that “this transformation necessitates that we reassess our workforce requirements and operational structure to ensure Lazada is better positioned to future-proof our business and people.”

Despite being one of the biggest eCommerce platforms in Southeast Asia, Lazada faces tough competition against rivals Shopee and TikTok Shop.

In the Philippines, a number of merchants have been using TikTok Shop to sell their products. Features like the social media platform’s live selling make TikTok a compelling platform for merchants. Shopee, on the other hand, has been enticing buyers with vouchers and discounts that are exclusive during livestream sessions. Lazada is doing something similar as well, but TikTok remains to be the standard for live selling in the Philippines.

We’re trying to reach out to Lazada Philippines for their side regarding the reported layoffs, and we’ll update you once we get a statement from them.