Temu aims to triple sales to $60 billion globally in 2024: report

Chinese e-commerce platform Temu has set a $60 billion sales goal for this year that would more than triple the roughly $18 billion it brought in in 2023, and is the most ambitious sales goal among its Chinese counterparts, according to a LatePost report. If achieved, the aggressive target set by the Pinduoduo sister app would largely narrow the gap with fast fashion giant Shein, which outpaced Zara in revenue last year by making $45 billion and is chasing 40% growth to $63 billion in 2024. The US market, which accounted for 60% of Temu’s overall transaction volume in early 2023, now makes up 40%, on par with the platform’s European market, as the cut-price goods site ramps up its presence in more countries, according to the LatePost report. [LatePost, in Chinese]

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