The Iconic defends recent job cuts and losses as growth phase

Online retail giant The Iconic has defended recent staff cuts and losses as a shift from start up phase to a more established phase.

The company suffered $14 million in losses in its first year of operations and has laid off about 10% of its 300 member workforce recently.

But if co-founder Adam Jacobs is to be believed, that is all part of the plan.

“Last year we invested heavily in market entry. Our focus was on growth. And we experienced hyper-growth and that was great for us – it was a validation of our business model,” Jacobs recently told the Financial Review Sunday.

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