The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
PDD Holdings Inc, which owns discount e-commerce platforms Pinduoduo and Temu, has moved its headquarters from China to Ireland, according to recent filings from the company.
The latest filings list Dublin as the company’s “principal executive offices”. Filings as recently as February show Shanghai as the listed address.
The Chinese company, which recently named Jiazhen Zhao, one of the founding members of PDD, as CEO did not immediately respond to a Reuters request for comment.
PDD reported revenue of 39.82 billion yuan ($5.76 billion) in the fourth quarter, falling short of estimates for 41.01 billion yuan, based on Refinitiv data, as China’s post-reopening consumer recovery remains patchy.
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By Juby Babu; Editor: Gerry Doyle
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Temu’s Ambitions Are Bigger Than Beating Shein
With a Super Bowl ad and a social marketing blitz, the Chinese-owned e-commerce platform has quickly built a big fast fashion business in the US. Analysts say its business is set up to potentially compete with Amazon and TikTok.
With consumers tightening their belts in China, the battle between global fast fashion brands and local high street giants has intensified.
Investors are bracing for a steep slowdown in luxury sales when luxury companies report their first quarter results, reflecting lacklustre Chinese demand.
The French beauty giant’s two latest deals are part of a wider M&A push by global players to capture a larger slice of the China market, targeting buzzy high-end brands that offer products with distinctive Chinese elements.
Post-Covid spend by US tourists in Europe has surged past 2019 levels. Chinese travellers, by contrast, have largely favoured domestic and regional destinations like Hong Kong, Singapore and Japan.