Despite escapades, Temu’s owner triples Q1 profit

On May 22, China’s Pinduoduo (founded in 2015), parent company of the controversial Temu, announced quarterly results. Sales rose 131% to €11 billion, while net profit (€3.57 billion) tripled (up by 246% year-on-year). Accused of espionage in October 2023, Temu’s sales continue to accelerate thanks to an aggressive low-price strategy that attracts inflation-hit consumers. Business continues to be driven mainly by China, where Pinduoduo has popularised a group purchasing model. This strategy...