Shein's clothing retailer The confidential filing of an initial public offering in the United States has put the People's Republic of China's low-cost retailers on the minds of both consumers and regulators. And Temu, another China-based discount retailer that is often mentioned in the same breath as Shein, looks particularly interesting today.
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Because? The company is expected to report revenue of more than $16 billion this year. according to Reuters – a simply enormous figure. What's more, its parent company, Chinese e-commerce giant Pinduoduo (PDD), recently surpassed Alibaba in market value, dethroning a company that has long been considered one of China's leading commercial lights. Temu is growing rapidly and, along the way, driving a reorganization of the pecking order in Chinese technology.
For some context: Both Shein and Temu are trying to appear more like international businesses than Chinese companies. She in It has moved its headquarters in Singapore and Temu It was actually founded in Boston, Massachusetts..
The Shein IPO is the obvious lead story, given its imminence, but Temu is worth a second look right now, so we're going to do just that today. Work!
