Colin Huang, the founder of Temu, the U.S. offshoot of Pinduoduo, has staged a dramatic comeback to become China’s richest person.
Temu has made waves by offering bargain-hunting consumers ultra-low prices on everyday items on top of numerous promotions. Launched in 2022, Temu has since bloomed into a staple among consumers, underscoring its position as a key player in the e-commerce market.
In March, Temu earned the top spot on Meta’s list of advertisers after it had spent nearly $2 billion on advertising in just 2023. In April, Temu looked to challenge e-commerce giant Amazon with the expansion of its marketplace to sellers with U.S.-based warehouses in a bid to cut down on delivery times, which relied on orders from its warehouses in China.
But like all stiff competition, Amazon said in late June that it planned to launch a splashy new storefront hawking cheap goods like clothes and home accessories, which it said it would source from Chinese sellers.
The founder’s success has come with its twists and turns. With the onslaught of the Covid-19 pandemic forcing a global slowdown and China’s regulatory crackdown hitting hard, Huang’s coffers took a massive blow. Despite this, Huang’s riches have rebounded, thanks to PDD Holdings’ consistent, albeit smaller growth, which is in part being led by Temu’s international success.
Bloomberg
