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Temu plans to reduce its reliance on the U.S market as scrutiny from the U.S lawmakers intensifies, the Information reported citing people familiar with the matter.
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The Chinese e-commerce platform wants to reduce its U.S share of total merchandise sales to 25% by 2025 from the current 60%.
“We’re seeing excellent consumer feedback and strong customer retention in the U.S., and we’ll increase investment even further in 2024,” a Temu spokesperson said in a statement.
https://seekingalpha.com/news/4081203-pdds-shopping-app-temu-mulls-reducing-reliance-on-us-shoppers
- The Wall Street Journal reported early this month that Temu spent around $2 billion on advertisements last year at Meta.
- However, a Temu spokesperson denied the $2 billion figure but failed to disclose the company’s spending levels on advertisement at Meta Platforms.