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SHEIN 1H24 Earnings Drop 70%+, Probably Due to Intensified Competition from Temu: Report
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The 1H24 revenue growth of Chinese fast fashion apparel online shopping platform, SHEIN, slowed to 23% from 40% last year, while earnings performance dropped more than 70%, with the actual figure likely to be slightly less than US$400 million, foreign media quoted sources as saying. SHEIN's business recorded a significant decline, probably driven in large part by intensified competition from PDD Holdings Inc. (PDD.US)'s e-commerce shopping platform, Temu, according to the report. It is reported that the company was valued at US$66 billion in 2023 fundraising round, and held an informal investor meeting this month to prepare for its London IPO. AAStocks Financial News |
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