Dive Summary:

• The Iconic, a popular Australian-based online merchant, is defending recent job cuts which affected approximately 10% of its current 300 employees as the company evolves from start-up to established merchant.
• “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,” says co-founder Adam Jacobs.
• The Iconic states that the recent layoffs is a sign of revenue growth for the company, even at a time when some reports claim theat retail revenues are at a 25 year low for Australian brick-and-mortar retail stores.

From the article:

...As the popularity of online shopping amongst Australian’s continues to grow, Myer chief executive Bernie Brookes says the retail sector is enduring some of the toughest conditions he‘s ever seen.“We’ve seen something like 2200 retail businesses close in the last 14 months – everything from Wow Sight and Sound to Borders. So, there’s no doubt there is a transformation underway in retail – a rationalisation. There’s a bit of a survival of the fittest,” said Brookes. ...