October 3

Inside Francis Dufay’s Urgent Plans to Rescue Jumia, the Struggling Amazon of Africa

By Abubakar Idris

Francis Dufay has spent most of his career working in e-commerce. But as CEO of Jumia Group, Africa’s most recognised e-commerce brand, he is facing his most challenging task ever.

More than a decade after it set up shop, the online retailer Jumia is still hemorrhaging money with no timeline for profitability. In its most recent earnings report, Jumia lost $167 for every $100 it earned. While its revenue from the first six months of 2023 stood at $94.8 million, it lost $63.7 million. Although its losses have reduced compared to previous years, it’s still too high for comfort. Old claims of being the “Amazon of Africa” no longer hold much value as it struggles to stay relevant in its key markets.

Photo courtesy of Focal Foto.

Source: TechCabal (link opens in a new window)

e-commerce, startups