FT大视野
The mysterious rise of the Chinese ecommerce giant behind Temu

Its finances are a black box and its operations shrouded in secrecy, but PDD’s extraordinary growth has made it a darling of Wall Street

Flanked by a wall of vivid orange packages, YouTuber Hope Allen was uncertain about the phenomenon they represented. “Temu has been taking over, and I don’t know how I feel about it.”

The ecommerce firm’s “shop like a billionaire” ad campaign to promote its online flea market was ubiquitous. Allen’s response was to buy a job-lot of undeliverable parcels that disgorged a sample of Americans’ experiment with Temu.

Among the piles of extremely cheap clothes, bags, tools, toys and kitchen implements were designer look-alikes that provoke questions. “How do they get away with that?” asked Allen of a faux Victoria’s Secret bag, before recoiling from the smell.

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