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PDD Holdings, home to the rising cross-border online discount platform, has reported a year-on-year increase of over 90% in revenue, amounting to $9.44 billion in Q3. Temu has come under the spotlight of many online retailers since the platform rose to the top of app stores in the US in just a few weeks and has now gained a presence in 48 countries, including the U.K., Spain, and Australia. While PDD has not disclosed the breakdown of Temu’s performance, it is expected that Temu was the major driver for its revenue growth.
A guide to China’s grocery market and how we expect the country, its leading retailers and channels to evolve over the next five years.
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