Pinduoduo is a giant in China but relatively unknown in America. It’s looking to change that with a new app, Temu, that sells ultra-cheap clothing, with thousands of new items added daily. Sound familiar?
UAE’s sovereign wealth fund Mubadala is a major investor in this round as are existing investors, private equity firm General Atlantic (GA) and venture capital group Sequoia Capital China, said two of the people and a separate person with knowledge of the matter.
Chinese-owned e-commerce upstart Temu made its Super Bowl debut on Sunday, an unofficial coming-out party for an online shopping app that’s climbed American download charts since its debut late last year.
With consumers expected to buy less this holiday season, categories poised to outperform the industry include off-price and personal care. But brands can still appeal to shoppers by conveying a sense of value, whether through discounts or a point of differentiation.
More than a handful of brands confirmed reports of chronic late payments that sparked some vendors to halt shipments to the US department store. Owner Hudson’s Bay Company said it raised $340 million to help fund its retail operations.