Wish's deep discount sale to Singapore's Qoo10 ramps up competition for Temu and Shein
Publishing timestamp: 2024-02-12 19:38:16
Summary
Wish, the online dollar store, is being acquired by Singapore's Qoo10 for $173 million in cash. The acquisition comes as Wish faces steep competition from discount retailers Temu and Shein, who have been aggressively advertising to attract American shoppers. Temu's recent Super Bowl ad and heavy ad spending have highlighted the challenges of sustaining growth in the e-commerce industry. Qoo10 will now compete with Temu and Shein, both of which originated in China. The article also mentions the impact of these discount retailers' ad spending on Meta's revenue and the declining popularity of Temu among U.S. households.
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Keywords: technology, business news, internet, breaking news: technology, contextlogic inc, morgan stanley,