. In January alone, sales were almost $200-million, the data show. Temu launched in Canada, its second market, in February.
Shein already dominates the US fast-fashion market, far surpassing rivals Zara and H&M, according to YipitData. The Financial Times reported last month that Shein predicts global GMV will grow to $80.6-billion in 2025 up 174% from last year. Revenue could increase to $58.5-billion in 2025, up from $22.7-billion last year, according to the report, which cited a management presentation shown to investors.
While both firms are synonymous with cheap, easy-to-get products, Temu operates more like a marketplace than a self-run brand such as Shein. It doesn’t handle design and production, instead recruiting suppliers to offer a list of products, which Temu selects from and then allows a store to open on its platform. After sellers send products to Temu’s warehouses in China, the company takes care of delivery, marketing and promotion, and after-sales services.