Wish's deep discount sale to Singapore's Qoo10 ramps up competition for Temu and Shein

Global online shopping platform Temu is already climbing the ranks in the U.S. Apple Store.Hours after Super Bowl viewers were inundated with ads from discount retailer Temu, an online dollar store that used to have similar buzz was acquired at a price that shows the difficulty of sustaining growth in e-commerce. Wish, which was valued at $14 billion at the time of its IPO in 2020, said Monday that it's being acquired by Singapore's Qoo10 for $173 million in cash, 99% below its peak price. Founded in 2010 a ...