Chinese retailer Temu storms Nigeria [Yahoo! Finance]
Similarweb Ltd. Ordinary Shares (SMWB)
Company Research
Source: Yahoo! Finance
The ranking by app tracking platform Similarweb comes after consumers were hit with an advertising blitz on social media that signaled the company's entry into the country. Goods on Temu are now available in the local currency, naira, and available for delivery to Nigerian addresses. Temu's parent is the company behind Chinese online marketplace Pinduoduo. It first launched in the US in 2022 and has developed a reputation for being a retailer with cheap consumer wares that are quickly delivered, often drawing comparisons with Chinese fast fashion rival Shein. After launching in South Africa earlier in the year, Nigeria becomes Temu's second bet in Africa. Temu was the top advertiser on Meta last year by reportedly spending nearly $2 billion on ads. In the US, the blitz has put it in contention for shoppers' dollars as it drives up advertising costs and takes attention away from long-time players like Etsy. Competition in Nigerian e-commerce is between smaller stores selling s
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SMWB
Earnings
- 11/12/24 - Beat
SMWB
Sec Filings
- 12/20/24 - Form 144
- 12/19/24 - Form 144
- 12/18/24 - Form 144
- SMWB's page on the SEC website