Skip to main content
BoF Logo

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.

China’s Pinduoduo Swings to Quarterly Profit on Online Shopping Boost

Pinduoduo app. Shutterstock.

Chinese e-commerce platform Pinduoduo Inc swung to a quarterly profit on Tuesday as people kept up their appetite for online shopping months after the easing of pandemic lockdowns.

Pinduoduo, since its founding in 2015, has grown to become a competitive player in China’s booming e-commerce space through an approach that melds social media with online shopping to offer attractive discounts.

The company’s strong results helped comfort investors at a time of tightening scrutiny by China on domestic tech firms on concerns over data privacy and anti-competitive behaviour.

The interactive shopping platform posted net income attributable to ordinary shareholders of 2.41 billion yuan ($372.1 million), compared with a net loss of 899.3 million yuan ($138.8 million) a year ago.

ADVERTISEMENT

Total revenue was 23.05 billion yuan ($3.56 billion) in the second quarter ended June 30, above a Refintiv-IBES estimate of 26.44 billion yuan.

Reporting by Chavi Mehta in Bengaluru; Editing by Ramakrishnan M.

Learn more:

Impulsive, Addictive Social Commerce Is China’s Latest Craze

BoF investigates how brands are leveraging WeChat’s mini-programmes to create dopamine-fuelled shopping experiences that are viral, interactive and hyper-social.

In This Article
Topics
Organisations

© 2024 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions

More from China
Go inside the opaque giant that accounts for one-third of global luxury sales.

Where to Engage Shoppers This Chinese New Year

While travel to Europe remains muted, Chinese shoppers are flocking to Singapore, Thailand and other Southeast Asian destinations where fashion retailers are hoping Lunar New Year marketing investments will pay off.


Why Chinese Brands Excel at Down Jackets

Local fashion designers experimenting with puffers and other down clothing have scored collaborations with outerwear companies like Moncler and attracted the attention of prominent international retailers like H.Lorenzo.


view more

Subscribe to the BoF Daily Digest

The essential daily round-up of fashion news, analysis, and breaking news alerts.

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.
CONNECT WITH US ON
BoF Professional - How to Turn Data Into Meaningful Customer Connections
© 2024 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions, Privacy Policy, Cookie Policy and Accessibility Statement.
BoF Professional - How to Turn Data Into Meaningful Customer Connections