Temu owner's shares plummet 30% as fast-fashion competition intensifies

Shares of Temu parent PDD Holdings dropped nearly 30% on Monday after the Chinese e-commerce giant warned its revenue will likely falter amid intensifying competition in the fast-fashion sector.PDD co-founder Lei emphasized the company’s current growth was not sustainable as it battles competitors that included Shein, ByteDance’s TikTok and Alibaba for budget-conscious shoppers. “Competition is here to stay and is expected to intensify in our industry,” Chen told analysts during a post-results briefing, as ...