Temu, Chinese Fast Fashion Retailer That is Overtaking Shein
Chinese fast fashion giant Temu has emerged as the dominant force in the Japanese and South Korean app markets, surpassing its competitor Shein following a successful expansion into Western markets.
Goldman Sachs, in an Oct. 4 report, stated, "Temu has rapidly expanded its footprint beyond the U.S. and into a number of international geographies and we believe it is now available in 40+ countries … where we continue to see opportunities for growth in the quarters ahead."
The investment firm estimates that Temu, owned by PDD Holdings, now generates more than $1 billion of monthly transaction value and anticipates continued growth into the second half of 2023.
In contrast, media reports suggest that its rival, Shein, was on track to hit $30 billion in transaction value in 2022.
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