Temu, a fast-growing e-commerce platform known for its cheap deals, is foraying into new markets as its parent company establishes a base in Dublin, joining a number of tech giants including Meta and Twitter that have opened offices. in tax friendly Irish. capital.
PDD Holdings, the Dublin-based corporate entity behind Temu, also owns Pinduoduo, which has become one of China’s largest online marketplaces since its launch in 2015 by former Google engineer Colin Huang.
From the sounds of it, PDD Holdings was set up to separate the brand and some of the operational efforts between Temu, which is facing off globally, and Pinduoduo, which is focused on China. Before the start of Temu in 2022, the “main executive offices” running Pinduoduo were Shanghai-based Pinduoduo Inc.
Pinduoduo is still based in Shanghai, while Temu is based in Boston. Temu’s teams in Boston and Dublin primarily perform functions in tax, marketing and legal matters, according to their employees’ LinkedIn profiles.
In its annual report published at the end of April, the Dublin entity was listed as the “chief executive offices” of PDD Holdings. The filing did not break out Temu’s earnings as the platform had no “material impact” on the parent’s financial results in 2022 despite its strong impulse in the first months of his debut.
As of this writing, Temu ranks first in the overall App Store category in Australia, Canada, New Zealand, the UK, and the US, according to data analysis company Data.ai.
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