TL;DR CNBC

Chinese fast fashion retailer Temu overtakes Shein to dominate Japan and South Korea apps

Publishing timestamp: 2023-11-09 21:57:17

Summary

Temu, an e-commerce app backed by PDD Holdings, has overtaken rival Shein in Japan and South Korea, dominating the shopping app rankings in those countries. Temu's rapid expansion and success in Western markets have contributed to its growth. The company is focused on selling cheap goods to overseas consumers and has quickly gained popularity in various countries.

Sentiment: MIXED

Tickers: BABA,  PDD,  AMZN, 

Keywords: internet,  asia economy,  amazon.com inc,  breaking news: technology,  business news,  alibaba group holding ltd,  apparel retail,  technology,  pdd holdings inc, 

Source: https://www.cnbc.com/2023/11/10/pdds-temu-grows-at-record-pace-in-asia-overtaking-shein-in-app-stores.html