PDD-owned Temu's first-half sales surge to US$20 billion, exceeding 2023 total: report

South China Morning Post07-23

International online budget-shopping platform Temu, owned by Chinese e-commerce giant PDD Holdings, saw its gross merchandise value (GMV) surge to about US$20 billion in the first half of this year, ...

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PDD, which also owns mainland Chinese discount retailer Pinduoduo, did not provide a breakdown of Temu's first-half sales.PDD Holdings-owned online marketplace Temu initially went live in the United States in September 2022. Photo: Shutterstock alt=PDD Holdings-owned online marketplace Temu initially went live in the United ","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"PDD":"拼多多"},"translate_title":"报告称，拼多多旗下Temu上半年销售额飙升至美国200亿美元，超过2023年总额","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"PDD":1},"content_text":"International online budget-shopping platform Temu, owned by Chinese e-commerce giant PDD Holdings, saw its gross merchandise value (GMV) surge to about US$20 billion in the first half of this year, according to a Chinese media report, surpassing its overall sales of US$18 billion in 2023.\nApart from showing strong growth from overseas markets, Temu reached the US$20-billion GMV milestone faster than its Chinese-backed rivals Shein and TikTok Shop, according to a report on Tuesday by local media 36Kr.\nTemu's GMV already totalled about US$12 billion in the second quarter, with the United States accounting for around 45 per cent of sales in the same period, the report said. PDD, which also owns mainland Chinese discount retailer Pinduoduo, did not provide a breakdown of Temu's first-half sales.\nDo you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team.\nNasdaq-listed PDD did not immediately respond to a request for comment on Tuesday.\n\nPDD Holdings-owned online marketplace Temu initially went live in the United States in September 2022. Photo: Shutterstock alt=PDD Holdings-owned online marketplace Temu initially went live in the United States in September 2022. Photo: Shutterstock>\nThe latest six-month GMV results for Temu showed that recent speculation about waning interest from consumers in the US, as shoppers there were said to prioritise speedy deliveries over Temu's low-priced-but-slow shipments, might have been exaggerated.\nAs such, Temu looks to be on track to meet - if not surpass - its projected sales this year. The discount marketplace was targeting a GMV of US$30 billion in 2024, nearly double last year's total, according to a report last December by Chinese media LatePost.\nIn February, Temu made a big promotion campaign during the Super Bowl championship game in the US. Apart from offering US$10 million in giveaways, Temu spent tens of millions of dollars for airing its advertisement six times during the game.\nTemu - along with Shein, ByteDance-owned TikTok Shop and Alibaba Group Holding's AliExpress - have bolstered the reach of China's formidable cross-border export ecosystem, as the domestic e-commerce market has become sluggish owing to the mainland's shaky post-pandemic economic recovery. Alibaba owns the South China Morning Post.\nTikTok, meanwhile, set a GMV target of US$12 billion to US$13 billion for the US market alone in the second half of this year, following first-half sales that were below expectations, according to a 36Kr report in June.\nFast-fashion platform Shein has forecast its 2025 GMV to reach US$58.5 billion, up from US$22.7 billion in 2022, The Financial Times reported in February.\nAt present, Temu and its rivals face multiple regulatory challenges, including in the European Union and the US.\nThe EU, which has 27 member states, is said to be drawing up plans to impose customs duties on cheap goods bought from Chinese online retailers including Temu, Shein and AliExpress, according to a report by The Financial Times earlier this month.\nThe US Customs and Border Protection last month announced a crackdown on multiple customs brokers handling billions of dollars in inexpensive online shopping orders from the likes of Shein and Temu, according to a Reuters report.\nThis article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2024 South China Morning Post Publishers Ltd. All rights reserved. \nCopyright (c) 2024. South China Morning Post Publishers Ltd. All rights reserved.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"Business Data","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.26.3","shortVersion":"4.26.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2453018584"}