Luxury item site Lot18 cuts 15% of staff

Lot18, the membership-based luxury item site that raised a whopping $45 million over the last year, just laid off 14 people, or 15 percent of the staff.

“A lot of this is a natural part of the way a business grows and evolves,” Lot18 founder Philip James told Betabeat. “Some positions aren’t needed. At the same time, we’re hiring heavily in areas that do make sense for us. This puts us back to October’s level, so just a couple months ago.”

The company was planning to slash a significant part of its workforce tomorrow morning, followed by a company-wide meeting. After Betabeat began inquiring, the company confirmed the layoffs and pushed them up to this afternoon.

Lot18 specializes in wine and gourmet food, as well as cultural activities and amusements, similar to Gilt Taste. The site was growing explosively, most recently with its $30 million series C in November, with backing from big names like Accel Partners, FirstMark Capital and the founders of Lot18 also recently acquired Paris based-Vinobest and made some high-profile hires, including venture vet Mark Pinney as CFO and Gilt VP of marketing Andrew Koch as VP of product.

Source: Beta Beat