Wall Street Journal:
Pinduoduo launched US shopping site Temu on September 1, the Chinese e-commerce giant’s first major push overseas, following online fast fashion retailer Shein — Temu is the latest example of Chinese companies expanding overseas as the economy loses steam at home
Financial Times:
Sources: Chinese online fast fashion retailer Shein has been valued at $65B to $85B in private markets in recent months, down from $100B+ in April 2022 — Fast-fashion retailer popular with Gen-Z shoppers has been valued at $65bn-$85bn in private markets — Chinese fast-fashion retailer Shein …
Mia Sato / The Verge:
Shein’s parent company Zoetop will pay a $1.9M penalty to New York state over a 2018 data breach that affected 39M Shein and 7M Romwe accounts — The company behind ultra fast fashion brands Shein and Romwe will pay New York state $1.9 million over a data breach affecting millions of customers.
Jeanny Yu / Bloomberg:
Pinduoduo’s net income has more than tripled in Q2 2022 and its shares have soared 43% over the past month, as it emerges as a big winner amid China’s lockdowns — As Chinese consumers curb their spending in a pandemic-stricken economy, one discount e-commerce firm is emerging as a clear stock-market winner.
Aisha Malik / TechCrunch:
Google announces updates for Search to help users find dishes near them; Maps, including expanding Live View; and Shopping, adding AR tools for makeup shopping — Google announced today that it’s introducing a slew of new Maps, Search and Shopping features.
Shen Lu / Wall Street Journal:
As Chinese consumers become thrifty amid an economic slowdown, Insider Intelligence forecasts just 9.1% increase in e-commerce sales in 2022, lowest since 2008 — Consumers cut back on apparel, cosmetics, while spending more on food, wellness and pet care — China Wrestles With Protests, Discontent Amid a Slowing Economy
Reuters:
Sources: Tencent is resetting its M&A strategy, seeking to own majority or even controlling stakes in overseas targets, mainly in gaming companies in Europe — Tencent is resetting its M&A strategy to put more focus on buying majority stakes mainly in overseas gaming companies …
Please confirm you want to block this member.
You will no longer be able to:
Please note: This action will also remove this member from your connections and send a report to the site admin. Please allow a few minutes for this process to complete.
