It took Shein a decade to catch up to Inditex’s Zara as the world’s top fast-fashion retailer. Now, a new online upstart wants to topple Shein, at least on one measure, within a year.
Temu, a shopping platform that’s owned by Chinese e-commerce heavyweight PDD Holdings, set a lofty sales target for its North American business last month: report at least a single day of gross merchandise value that tops Shein’s between now and Sept. 1, to mark the anniversary of its entry into the U.S. market, according to people familiar with the matter, who asked not to be identified because they’re not authorized to speak publicly.
It’s the first step in Temu’s broader plans to dominate the online shopping landscape. The company views Shein as its biggest rival in the near-term, and wants to surpass its dominance within the next few years, said the people. But the firm, which sells anything from clothes to kitchen supplies, is ultimately aiming to take on global behemoths Amazon.com and eBay, they said.