Plus 144 percent!
Temu’s parent company reports growing profit
The concept is controversial, but business is flourishing: The Chinese parent company of the low-cost shopping platform Temu has reported a 144 percent increase in profits in the second quarter.
PDD Holding, based in Shanghai, reported a net quarterly profit of 32 billion yuan (around four billion euros) on Monday. The group was able to increase its turnover by 86 percent to 97 billion yuan compared to the same period last year.
PDD includes the mail order company Pinduoduo, which is extremely successful in China. Temu is its counterpart outside of China. The platform attracts customers with extreme bargains, but is also repeatedly criticized for poor quality, shipments that are not received and, not least, the catastrophic climate and environmental footprint of its products.
The founder of PDD, Colin Huang, a former employee of Google in China, is now the richest man in the country. According to a ranking by the financial news agency Bloomberg, the 44-year-old has a fortune of 48.6 billion dollars (44.5 billion euros). This puts him in 25th place in the global comparison of the largest fortunes.
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