Worldview: Temu Files New Lawsuit Against Rival Shein

🇨🇳 Temu files new lawsuit against rival Shein. PDD Holdings’ worldwide dealing with low cost e-commerce platform filed a lawsuit in a US District of Columbia courtroom on Wednesday alleging rival quick trend big Shein employed “Mafia-style intimidation” to coerce suppliers that additionally labored with Temu. In accordance with the submitting, Boston-based firm WhaleCo Inc, which operates within the US as Temu, alleges Shein misused mental property laws to cease retailers with Temu. It additionally claimed Shein “falsely imprisoned” distributors who handled Temu by detaining service provider representatives in Shein’s places of work for a lot of hours, confiscating their digital gadgets and threatening them with penalties for doing enterprise with Temu. [Reuters]

🇦🇪 COP28 ends with deal on transition away from fossil fuels. The president of this 12 months’s UN-sponsored summit, the UAE’s Sultan Al Jaber, brokered an settlement that was sturdy sufficient for the US and European Union on the necessity to dramatically curb fossil gas use whereas holding Saudi Arabia and different oil producers on board. The settlement requires international locations to rapidly shift vitality methods away from fossil fuels in a simply and orderly trend, {qualifications} that helped persuade the skeptics. Underneath the deal, international locations are also referred to as to contribute to a worldwide transition effort — somewhat than being outright compelled to make that shift on their very own. [BoF]

🇮🇩 GoTo struck Tiktok deal to halt market share slide, CEO Says. GoTo Group agreed to its tie-up with ByteDance Ltd.’s TikTok to keep away from additional market-share losses in Indonesia, chief government Patrick Walujo mentioned. The Chinese language social media firm’s TikTok Store greater than doubled its market share to 11 % this 12 months, Walujo mentioned on a convention name with traders Thursday. TikTok this week agreed to take a position $1.5 billion in a three way partnership with GoTo. [Bloomberg]

🇨🇳 Alibaba loses senior cloud executive as uncertainty persists. Chief industrial officer Cai Yinghua has left the corporate, individuals conversant in the matter mentioned. It wasn’t clear why he departed however the exit coincided with an inside reshuffle, the individuals mentioned, asking to not be recognized discussing a personal transfer. An Alibaba spokesperson didn’t have quick remark when requested about Cai’s departure, which was first reported by native outlet 36kr. [Bloomberg]

🇯🇵 Louis Vuitton opens winter pop-up store in Niseko, Japan. This season, Louis Vuitton makes a debut with a pop-up within the prestigious ski resort of Niseko, open by means of Feb. 25, 2024. The pop-up retailer features a curated vary of ladies’s and males’s journey baggage, leather-based items, ready-to-wear, sneakers, equipment, fragrances, watches and jewelry. [CPP Luxury]

🇷🇺 H&M sales drop as consumer demand for fast fashion wavers. Hennes & Mauritz AB’s income fell as shoppers pulled again on spending at H&M clothes shops and after the chain closed shops in Russia. Final 12 months, gross sales had been boosted by a short lived reopening in Russia earlier than the retailer completely discontinued operations within the nation. H&M progressively began reopening in Ukraine in November after having closed operations in February 2022 because of the warfare. Excluding Russia and Belarus, the gross sales decline was 1 %. [BoF]

🇰🇷 Interest payments outpace spending on clothes. Korean households are spending extra to pay curiosity on financial institution loans than on garments and sneakers, including to considerations over expensive borrowing charges that weigh on the excessive value of residing, information confirmed, Wednesday. In accordance with the Korean Statistical Info Service (KOSIS), households one individual or extra spent a mean 114,900 received on month-to-month curiosity funds within the third quarter of 2023, a rise from 95,500 received in 2022. The month-to-month bills for getting garments and sneakers averaged 104,000 received within the July-September interval, down from 117,700 received a 12 months earlier. [The Korean Times]

🇮🇳 Reliance Retail to come up with value apparel retail stores in tier 2, 3 towns. The Indian conglomerate will give you worth attire retail shops in tier 2, 3 and beneath cities beneath the Style World by Developments banner in its first main foray into rural and small cities, two trade executives mentioned. This may also be the primary retailer format which Reliance Retail will broaden primarily by means of the franchisee mannequin. The corporate will arrange over 500 such shops in direct competitors with the likes of rural and small-town targeted chains like V-Mart Retail, the executives mentioned. [The Economic Times]

🇨🇳 Country Garden sells Chinese mall stake as developer tackles offshore debt. One of the outstanding victims of China’s actual property money crunch, Nation Backyard, is promoting a Rmb3bn ($420mn) stake in a mall operator to deal with the fallout from a global bond default. On Thursday the property developer reported that it might promote their stake in Zhuhai Wanda Business Administration Group, a mall operator that’s a part of Dalian Wanda Group. The proceeds from the sale will assist to gas “offshore restructuring.” [Financial Times]

🇨🇳 Jay Chou joins elite roster as Dior Men’s new global ambassador. Dior Males has named Jay Chou, an acclaimed Taiwanese artist, as its new world ambassador. The singer famend for his vital affect in Mandopop, brings a considerable fanbase to the position, with over 30 million data offered worldwide. [Fibre2Fashion]