Jumia, the Amazon of Africa that fell from grace - Plataforma Media

Jumia, the Amazon of Africa that fell from grace

The two CEOs of Jumia announced earlier this month that they were taking a 25% pay cut to support the online retailer manage costs during the coronavirus pandemic, reports BBC online.

In 2019, the duo and the company’s chief financial officer collectively earned $5.3m (£4.27m) in base salaries and one-time bonuses. But Jumia’s losses rose 34% to $246m, the eighth straight year without profits.

A silver lining arrived with lockdowns that shut down much economic activity but led to a surge in online shopping. Before the rush, the African online retailer had ended last year with 6.1 million active consumers on its websites, up from 4 million previously.

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