PDD Holdings, parent company of Pinduoduo and Temu, missed market expectations in the second quarter: revenue rose 8% to $15.7bn but fell short of the analyst estimate of around $16.26bn. Net income fell 12% to around $3.80bn, weighed down by intensifying competition in China as well as US tariffs, the loss of duty-free treatment, and new EU small-parcel fees.
Marketplaces are driving sales growth in German e-commerce: After two years of declining sales, online retailing is expected to grow by 1.1 percent in 2024, according to the bevh. This growth stems from marketplaces, which grew by 4.7 percent, while online pure players continued to suffer a decline of 3.6 percent and omnichannel retailers a decline of 2.0 percent. For this year, the bevh expects an increase of 2.5 percent
The Platform Group (TPG) acquired 100 per cent of CHRONEXT, a German retailer and marketplace for luxury watches which filed for insolvency in August.
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