The Singapore-based e-commerce giant — which continues to rank first in the shopping category by average monthly active users and total time spent in-app across Southeast Asia and Taiwan, according to App Annie — reported an 80.6 percent boost in gross merchandise value (GMV) year-on-year, with total orders up 123.2 percent year-on-year. Its revenue for the quarter stood at $1.5 billion, a 134.4 percent boost from Q3 2020, Kr Asia reports.

Sea Group, which owns Shopee, saw revenue rise 121.8 percent year-on-year to $2.7 billion in Q3, but reported a 34 percent increase in net losses, which hit $571 million. Sea’s widening losses were attributed to its spending of $1 billion on research and development, in addition to $231.3 million spent on sales and marketing during the quarter.

In addition to Shopee, Sea also owns online games developer and publisher Garena and financial services, with SeaMoney.

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Luxury’s Southeast Asia E-Commerce Opportunity

Growing demand for luxury goods is coinciding with an e-commerce boom in key markets like Singapore, Indonesia and Thailand, but brands are behind the curve.