Clothes retailer Shein’s submitting confidentially for a U.S. IPO has introduced low-cost retailers from the Folks’s Republic of China to the forefront of each customers and regulators’ minds. And Temu, one other China-based low cost retailer that’s typically talked about in the identical breath as Shein, is wanting significantly fascinating immediately.
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Why? The corporate is predicted to report income of greater than $16 billion this 12 months, in keeping with Reuters — a merely large determine. What’s extra, its mum or dad firm, Chinese language e-commerce large Pinduoduo (PDD), lately overtook Alibaba in market worth, dethroning an organization that has lengthy been thought-about to be certainly one of China’s main enterprise lights. Temu is rising rapidly, and is spurring a reshuffling of the pecking order in Chinese language tech alongside the best way.
For a little bit of context: Each Shein and Temu try to look extra like they’re worldwide companies than Chinese language corporations. Shein has moved its headquarters to Singapore, and Temu was really based in Boston, Massachusetts.
The Shein IPO is the plain main story, given its imminence, however Temu is value a re-evaluation in the meanwhile, so we’re going to do exactly that immediately. To work!
