Business Express is an online portal that covers the latest developments in the world of business and finance. From startups and entrepreneurship to mergers and acquisitions, Business Express provides reporting on the stories that matter most to business leaders and decision-makers.The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
2023 04 26T065424Z 1 LYNXMPEJ3P09F RTROPTP 4 TEMU EXPANSION EUROPE 531x354 1 - Business Express

Startup e-commerce platform Temu expands to Europe


Startup e-commerce platform Temu expands to Europe

By Casey Hall

SHANGHAI (Reuters) – Ultra low-cost e-commerce platform Temu, owned by PDD Holdings has started selling to European markets including France, Germany, Italy, The Netherlands, Spain and the United Kingdom.

The Temu.com website now shows all of these markets on its location drop down menu in addition to the United States, Canada, Australia and New Zealand, where it had previously already been available.

PDD Holdings did not immediately respond to Reuters request for comment on the expansion.

Temu, the sister site of Chinese discount e-commerce platform Pinduoduo, has made a big splash since launching in the United States last September, selling shoes, jewelry, beauty accessories and home goods directly from Chinese merchants for very low prices.

It’s a similar cross-border model to the one that has propelled Shein, which ships to more than 150 countries, to become the world’s biggest fast-fashion brand with annual sales of more than $58.5 billion.

Temu, which is headquarted in Boston, saw 19 million U.S. downloads in the first quarter of this year, according to mobile intelligence firm Sensor Tower, which also ranks Temu as the most downloaded app on Apple and Google Play stores in the United States.

Don't miss out on any breaking news or insightful opinions!
Subscribe to our free newsletter and stay updated on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email.

The platform’s gross merchandise value – total sales before expenses – grew from $3 million in September to $192 million in January, according to data firm YipitData.

 

(This story has been corrected to remove incorrect reference to PDD Holdings being Chinese-owned in paragraph 1)

 

(Reporting by Casey Hall; Editing by Simon Cameron-Moore)

 

Recent Post: