TikTok Shop Outpaces Shein and Sephora in U.S. Sales; Temu Expands European Reach with Dutch Sellers
Latest news and analysis on China’s global e-sellers
Here’s our pick for last week’s news:
Alibaba to Launch Joint Venture with South Korea's Shinsegae in 2025
Temu Expands European Reach with Dutch Sellers
TikTok Shop Unveils "Refund Without Return" for Southeast Asia
MINISO Opens Largest Store in Spain
Dobot Debuts on Hong Kong Exchange
TikTok Shop Outpaces Shein and Sephora in U.S. Sales, Fueled by Beauty Products
Shenzhen Foreign Trade Hits Record RMB 4.11 Trillion in 2024
Alibaba to Launch Joint Venture with South Korea's Shinsegae in 2025
Shinsegae, through its affiliate E-Mart, announced plans to form a joint venture with Alibaba in 2025. The venture will merge AliExpress Korea and E-Mart's Gmarket, South Korea's largest e-commerce platform, with each party holding a 50% stake. The new entity could be valued at around $4 billion. While the platforms will integrate, they will continue to operate independently. This move comes as Gmarket faces rising competition from local giants like Coupang and Naver, along with growing pressure from Chinese rivals like Shein and Temu.
Temu Expands European Reach with Dutch Sellers
On December 25, Temu officially welcomed its first Dutch sellers to the platform. Dutch entrepreneurs can now quickly register and start selling via the Temu Seller Center, with access to additional European markets including Belgium, Germany, France, Italy, and Spain. The platform offers logistics management through local warehouses, providing shipping and returns services. While the Netherlands currently lacks a warehouse, this will soon change. Products marked "Local - Fastest Delivery" will indicate they're shipped from European warehouses for faster delivery.
TikTok Shop Unveils "Refund Without Return" for Southeast Asia
On December 31, TikTok Shop announced that starting January 8, 2025, it will launch a "Refund Without Return" feature for cross-border orders in Southeast Asia. Under the new policy, refund requests that meet certain criteria, such as order amount within the platform's specified range, will be automatically approved. Merchants will still need to manually approve refunds through the Seller Center if they choose to process them without requiring a return.
MINISO Opens Largest Store in Spain
Chinese lifestyle brand MINISO has opened its largest store in Spain, located on Madrid's Gran Via. This flagship is the first MINISO LAND store in Europe and offers a unique "IP theme park-style" shopping experience. The two-story store spans 1,100 square meters, with distinct IP zones featuring over 6,000 products, 70% of which are from collaborations with brands like Harry Potter, Sanrio, Snoopy, and Disney. First launched in Shanghai in October 2024, MINISO LAND is now expanding across Europe and globally. As of September 2024, the brand has nearly 7,200 stores worldwide, including 260 in Europe.
Dobot Debuts on Hong Kong Exchange
On December 23, Shenzhen-based robotics firm Dobot successfully listed on the Hong Kong Stock Exchange. Prior to the IPO, Dobot raised funding through nine rounds, with the latest D+ round in 2022 valuing the company at RMB 3.531 billion (USD 483.75 million). According to China Insights Consultancy, Dobot ranks among the top two global players in collaborative robotics by shipment volume and is China's leading exporter in the sector, with a 13% global market share.
Founded in 2015, Dobot specializes in intelligent robotics and hardware, with products sold in over 80 countries. Between 2021 and 2023, revenue from overseas markets grew from RMB 83.9 million (USD 11.49 million) to RMB 170 million (USD 23.29 million), now accounting for nearly 60% of total sales. Dobot plans to accelerate its global expansion through 2029.
TikTok Shop Outpaces Shein and Sephora in U.S. Sales, Fueled by Beauty Products
Despite potential ban fears, beauty brands are investing heavily on TikTok Shop in 2024. In just over a year, TikTok Shop surpassed Shein, Sephora, and QVC in U.S. sales, with 120.5 million daily users. By year-end, social commerce users will reach 35.8 million, with spending expected to top $144.5 billion by 2027, up from $67 billion in 2023. Beauty ranks second in sales, with 45% of U.S. consumers buying via TikTok.
TikTok's growth is fueled by Gen-Z and millennial shoppers, with monthly spending up 165% YoY. Brands like Tarte Cosmetics, One Size, uCoolMe Lashes and The Ordinary generated over $104 million in revenue on the platform.
Shenzhen Foreign Trade Hits Record RMB 4.11 Trillion in 2024
Shenzhen's imports and exports totaled RMB 4.11 trillion (USD 563.07 billion) in the first 11 months of 2024, a 17.4%YoY increase, setting a new record. Exports reached RMB 2.59 trillion (USD 354.83 billion), up 16%, while imports hit RMB 1.52 trillion (USD 208.24 billion), up 19.8%. Shenzhen accounted for 81% of Guangdong's foreign trade growth and 33% of the national increase. Private enterprises led the charge, with imports and exports rising 26.4% to RMB 2.89 trillion (USD 395.93 billion). The surge in cross-border e-commerce solidified Shenzhen's status as the "Capital of Cross-Border E-Commerce".