Chinese sneakerheads favourite shopping app Dewu to cut 500 jobs as weak spending persists

Summary

• Dewu, a popular e-commerce app in China, will cut 500 jobs due to weak consumer spending.
• The job cuts will affect approximately 5% of the total workforce of 10,000 employees.
• Dewu is known for attracting young consumers, especially Gen Z, willing to pay premium prices for niche goods.
• The company became a platform for bidding wars on limited edition shoes.