Amazon brand aggregator Thrasio replaces Carlos Cashman with new CEO, may fire 20% staff: report

US business publication Business Insider reported that Thrasio will lay off about 20% of its workforce as part of the restructuring citing an internal memo which said this was being done “to reduce the size of the Thrasio team.”

Cashman will remain on the board of Thrasio, the company said in a statement. Business magazine Forbes
had said in April that investor Stacy Chang had taken Cashman to court over a promised job as a partner in a new venture capital firm which failed to materialise.

“I’m incredibly excited to be joining Thrasio at this time. Over this last decade, millions of entrepreneurs have leveraged online marketplaces to introduce an extraordinary number of new products and inventions,” Greeley said.

The largest acquirer of Amazon businesses and one of the top 25 sellers on Amazon, three-year-old Thrasio
is credited with creating a whole new category of businesses — ecommerce rollup firms.

Cashman, in a statement, said he is transitioning to focus on his role on the board and there is nobody more qualified than Greeley to lead the company’s next chapter. “ On behalf of the board and the Thrasio team, I couldn’t be more excited to welcome Greg as our next leader,”

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Trouble in India?

Cashman is leaving the CEO role at a time when Thrasio entered the Indian market with ambitious plans. In January, he told ET that the company will
invest $500 million in India as it sees the country becoming a significant market in the long term.

Sources said these plans are likely to change with a new CEO and realignment of the overall company as it struggles. Thrasio entered India by acquiring Lifelong India.

“This ($500 million) is frankly a baseline commitment. The Indian market is so huge. It is way behind compared to the United States, Europe and elsewhere, but ecommerce is growing, marketplaces like Flipkart or Amazon are growing and this dynamic around the world is increasing,” Cashman had said in January.

Companies similar to the Thrasio model in India are also expected to see a shakeup, amid tough market conditions,
ET reported earlier.

Mensa Brands, Globalbees are the two of the most well-funded startups in the brand aggregator segment,
ET reported on April 20 that Goat Brand Labs was in talks to close a $50 million debt-financing.