Ideo is one of the most famous global design agencies in the world. Founded in 1991, it is celebrated for popularizing the modern corporate mantra of design thinking. It’s also known for a top-tier client list including companies such as Coca-Cola, Disney, and Apple, with estimated annual revenues of more than $100 million.

But Ideo has shared with Fast Company that, due to the economic downturn of COVID-19, the company will be laying off 8% of its global workforce. Its current headcount is 725 people.

The layoffs will occur in Ideo’s offices in North America and Europe. Its Tokyo and Shanghai studios will be unaffected.

“These moments are very painful, but we needed to better align the company to meet the needs of our clients and the current market,” an Ideo spokesperson writes via email.