The embattled Chinese conglomerate LeEco has once again raised concerns over its declining business as the company begins to possibly wind up its business in the all-important Indian market. The once resurgent company announced that it is firing 85 percent of its Indian staff and is also allowing…
The embattled Chinese conglomerate LeEco has once again raised concerns over its declining business as the company begins to possibly wind up its business in the all-important Indian market. The once resurgent company announced that it is firing 85 percent of its Indian staff and is also allowing two of its top executives to resign.
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While LeEco’s management is tight-lipped over whether it is shutting down its operations in India, industry experts feel that the latest news about job cuts most certainly indicates an exit strategy.
The world got a sniff about LeEco’s troubled operation in November last year when it founder and billionaire Jia Yueting wrote an email to his employees that the company is heading towards a cash crunch situation. The founder made no bones about accepting the fact that his company made a mistake in aggressively expanding its business despite capital constrain.
Founded in 2004, the Beijing-based conglomerate over the years has fast expanded into different business including consumer electronics, automobiles, film, and even driverless car.
