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May 28, 2023 - Bitcoin holds 200-week average as trader says 'inflection point' is here

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TradeBriefs Editorial

From the Editor's Desk

Temu Is Losing Millions of Dollars to Send You Cheap Socks

Eight makeup brushes for less than a dollar, with free international shipping, is surely too good to be true. But in the lightning deals section of Temu, the prices are all unbelievable—50 hair bands for $1.17, 10 pairs of socks for $3.87, six lip balms for $0.97.

Temu, owned by the Chinese tech giant PDD, has exploded onto the top of US app stores since it launched last September, targeting cash-strapped Americans with cheap unbranded products shipped directly from Guangzhou, China. In just seven months, Temu’s app has been downloaded 50 million times.

Continued here


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© 2023 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information | Ad Choices FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Terms & Conditions. Powered and implemented by Interactive Data Managed Solutions.


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