(Yicai) Aug. 16 -- Beneunder, a leading Chinese outdoor gear and sun protection products maker, has let go of around 100 to 200 employees from multiple departments, according to one of the affected workers.

Beneunder has merged its market division into the sales department and dismissed all workers from the branding department, the ex-employee noted. The latest layoff involves many business divisions and is a significant adjustment to the company's structure, with even the chief marketing officer leaving, the person added.

Shenzhen-based Beneunder did not respond to Yicai for more information on the situation.

The number of Beneunder's employees for whom the company paid part of their social insurance was 516 last year, according to data from the corporate information site Qichacha.

Established in 2013, Beneunder started its business by selling sun protection umbrellas before expanding to related hats, jackets, and other outdoor gear. The company collaborates with influencers to promote its brand via social media platforms and e-commerce livestreaming.

Beneunder planned to go public in Hong Kong in 2022 before halting such plans. According to its listing prospectus, its revenue was CNY380 million (USD53 million) in 2019, CNY790 million in 2020, and CNY2.4 billion (USD334.5 million) in 2021, while its advertising and marketing costs surged to CNY587 million from CNY36 million (USD5 million), leading to significant operating pressure.

Beneunder grew rapidly thanks to great marketing and investment, but amid intensified competition and gradual saturation in the sun protection clothing market, its competitive advantages have slowly weakened, analysts pointed out.

Beneunder does not boast absolute advantages and relevant product support capability as other professional outdoor gear brands despite its efforts to tap into the outdoor gear sector and getting endorsed by Jay Chou, a Chinese singer-songwriter known as the "King of Mandopo," the analysts pointed out.

Editor: Martin Kadiev