China’s Shein set to smash $1b sales in challenge to local rivals

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The figures offer a glimpse into private company performance but, because they are lodged to comply with accounting rules, never give a full picture. Temu, Shein’s rival, has not lodged any financial accounts in Australia. But it does have a local corporate presence. An entity called Whaleco – registered with ASIC last year at the address of an advisory business in the western Sydney suburb of Parramatta – is ultimately owned by Temu’s parent company Pinduoduo, known as PDD, via a Singaporean intermediary. Temu is known for its tagline “shop like a billionaire”. The ultra-cheap products on its marketplace can...