tl;dr
Ravikash, SA News Editor PDD's (NASDAQ:PDD) shopping app Temu has filed a lawsuit against competitor Shein in the U.S. alleging "intensified" anticompetitive practices, according to Bloomberg News. This legal battle has been revived after previous lawsuits between the companies were dropped. W...
Ravikash, SA News Editor
PDD's (NASDAQ:PDD) shopping app Temu has filed a lawsuit against competitor Shein in the U.S. alleging "intensified" anticompetitive practices, according to Bloomberg News. This legal battle has been revived after previous lawsuits between the companies were dropped.
Whaleco Inc., operating as Temu, has accused Shein of submitting tens of thousands of copyright takedown notices against Temu, forcing fashion suppliers into exclusive agreements, pressurizing or detaining Temu merchants, and undertaking aggressive anticompetitive behavior. This aggressive behavior has widened the gap between Temu and Shein in U.S. transactions, with Temu surpassing Shein's observed sales in November and leading to a decline in Shein's valuation by over $30B. Additionally, Shein's tactics of whitewashing its reputation and poaching Temu's marketing executives have been outlined in the new lawsuit. Furthermore, PDD's market cap has even overtaken that of Chinese e-commerce giant Alibaba (BABA).
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This is not financial advice. Please do your own research before investing in any asset.