PDD Holdings may not be a household name, but the Chinese firm’s discount e-commerce platforms Temu and Pinduoduo have become retail juggernauts, helping PDD nearly double its revenue to $35 billion in 2023. Temu, the international platform popular in the U.S., attracts tens of millions of users outside China hunting for bargains on clothing, electronics, and home goods. In China, Pinduoduo has become a formidable rival to dominant JD.com and Alibaba. Temu attracts tens of millions of users with shockingly low prices, helped by a trade rule that allows it to avoid paying certain taxes on goods entering the U.S. Its success has attracted intense scrutiny, including accusations by U.S. lawmakers that it sells products made by forced labor; the company has called them “completely ungrounded.”
More Must-Reads from TIME
- Nicola Coughlan Bet on Herself—And Won
- What Kind of President Would Kamala Harris Be?
- Is Adrenal Fatigue Real?
- Why It's So Hard to Quit Vaping
- Our Guide to Voting in the 2024 Election
- The 10 Races That Will Determine Control of the Senate
- Column: How My Shame Became My Strength
- Meet TIME's Newest Class of Next Generation Leaders
Contact us at letters@time.com