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May 02, 2017
Etsy is unraveling.
The struggling online craft store announced a major shakeup on Tuesday May 2 as a dismal earnings report tanked its shares in after-hours trading.
Chad Dickerson, the company's CEO of six years, will cede his post to board member John Silverman.
The company also said it would lay off 80 employees — around 8 percent of its workforce.
New York City venture capitalist Fred Wilson of Union Square Ventures will replace Dickerson on Etsy's board of directors.
Other sources:
http://abcnews.go.com/Business/wireStory/etsy-replaces-ceo-cuts-jobs
https://techcrunch.com/2017/05/02/etsy-new-ceo/
https://venturebeat.com/2017/05/02/etsy-fires-ceo-chad-dickerson/
Comment
There is absolutely no surprise here. Several things came into play:
1) Amazon aggressively targeted the Etsy market;
2) Etsy lost focus about four years ago when they set up as a kind of shabby-chic rival to Ebay;
3) There simply isn't the cash about that there was even a few years back.
I pulled my account two years ago as I just wasn't making sales. I think that it is the wrong venue for high-quality craft and Amazon spotted this, responding with a curated marketplace.
I think that this is really sad: I will be sorry if it folds (it won't, but it may be taken over by the likes of Ebay or Amazon) or majorly changes as I loved the idea when I first found it but it is not a marketplace for the cash-strapped post-truth future.
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