Pinduoduo, a Chinese eCommerce company, has launched an offshoot in the United States | List23: Latest U.S. & World News
Pinduodo, a Chinese eCommerce company, has launched an online shopping platform in the United States for the first time overseas. According to reports from Friday (Sept. 2), the website – known as Temu – sells goods in many categories, including clothing, pet supplies, and home and garden products. Pinduoduo, a Chinese online marketplace, is expanding to the United States, according to sources. Pinduoduo is headquartered in Shanghai and was founded in 2015 by former CEO and chairman Colin Huang; founding member Lei Chen took over as chief executive in 2020 and chairman in 2021, according to the company's website. Friday, Pinduoduo was not immediately available for discussions. Pinduoduo has become China's largest online marketplace for agricultural goods, attracting sellers from all backgrounds, particularly low-priced daily necessities and home goods, as List23 noted last month. Lazada, an Asian eCommerce company, is traveling to Europe to compete with Amazon. The news comes one day after Alibaba, the Chinese eCommerce platform, announced that it would expand to Europe to compete with Amazon and Zalando. "Europe is a huge market, obviously, and for most European brands, their largest retail partner is Alibaba Group because of their sales in China and elsewhere," CEO James Dong said. As the economy in their country continues to struggle with the epidemic, Chinese eCommerce businesses have been attempting to expand outside the country. List23 found out recently that luxury goods outside China that are dependent on Chinese tourism are also hurting. The impact of the decline in Chinese tourists has been significant, as spending by these tourists has accounted for one-third of luxury brands' worldwide sales. It's unlikely that Chinese tourism expenditure will reach pre-pandemic levels until 2025, thus luxury goods will only be spent in China. This means that those brands will need to focus on consumer preferences in those markets.