Fashion
Temu-owner PDD Holdings beats profit expectations, outlook uncertain
By
Reuters
Published
November 18, 2025
China’s PDD Holdings beat forecasts on Tuesday with a 14% rise in third-quarter adjusted earnings, a sign that the e-commerce group’s steep discounts and heavy marketing spending bolstered demand in its home market.
Adjusted earnings per share of 21.08 yuan ($2.97) topped analysts’ average forecast of 16.84 yuan. However, U.S.-listed shares of the company, which runs the Pinduoduo platform in China and Temu internationally, were down about 5% in early trading.
Chinese retail majors such as PDD, Alibaba and JD.com have been wooing domestic shoppers with price cuts and billions of dollars’ worth of subsidised promotions during a prolonged period of subdued consumer confidence amid job worries and a weak property market.
Those discounts have translated into higher sales, although below PDD’s typically high double-digit rates of previous years.
PDD said revenue rose 9% in the quarter, while JD.com reported steady sales growth last week, pointing to strong demand for general merchandise and staples.
“We have seen many industry peers deploy significant capital to develop new business models, leading to increasingly fierce competition,” said PDD’s co-CEO Zhao Jiazhen on a post-earnings call with analysts.
He reiterated the firm expects financial results to continue fluctuating in the coming quarters as it invests in merchant support programmes and platform upgrades.
Globally, Temu and other cross-border platforms like Shein selling cheap goods from China to the rest of the world have come under pressure after the U.S. scrapped duty-free exemption on parcels worth less than $800 and the EU looks to introduce duties on low-cost packages from next year.
Temu was also among platforms cited by a French consumer watchdog last week for selling illicit products.
“Today, with a rapid evolution of trade barriers, we are seeing a significant shift in the regulatory environment for the global business. We will inevitably face greater challenges and uncertainties,” said co-CEO Chen Lei.
PDD reported revenue of 108.28 billion yuan for the quarter ended September 30, compared with the 108.41 billion yuan average of 15 analyst estimates compiled by LSEG.
Adjusted net income attributable to PDD’s shareholders was 31.38 billion yuan, compared with 27.46 billion yuan a year earlier.
The Singles’ Day sales festival, one of the biggest shopping events in China, also ended on a subdued note. Many retailers kicked off discounts in the first half of October, making it the longest festival to date.
Pinduoduo saw sales growth of 11.7% in the period, while JD.com’s and Alibaba’s platforms saw increases of 8.3% and 9.3%, respectively, according to data from Beijing-based tech and commerce consulting firm Analysys.
© Thomson Reuters 2025 All rights reserved.
Fashion
Cambodia & Canada discuss strengthening economic ties
In the course of a meeting with Hun Manet at the Peace Palace in Phnom Penh, Ambassador DesRoches expressed appreciation for the long-standing diplomatic ties, highlighting the steady progress in bilateral relations, particularly in trade and Canadian investment in Cambodia.
The envoy underscored his country’s commitment to supporting Cambodia’s successful hosting of the 20th Francophonie Summit. He stressed Canada’s commitment to further strengthening and expanding cooperation between the two countries, especially in trade and economic relations, while also reaffirming support for Cambodia’s development priorities.
Cambodian PM Hun Manet and Canadian ambassador to the country Christian DesRoches recently discussed strengthening economic ties, while advancing preparations for the 20th Francophonie Summit scheduled for November.
The envoy stressed Canada’s commitment to further strengthening and expanding bilateral cooperation, especially in trade and economic ties, and reaffirmed support for development priorities.
He thanked Cambodia for its support in promoting Canada’s economic cooperation with the Association of Southeast Asian Nations (ASEAN) and advancing negotiations for the ASEAN-Canada Free Trade Agreement (ACFTA), expected to be concluded and signed soon, according to Cambodian media reports.
Fibre2Fashion News Desk (DS)
Fashion
US CBP to soon launch electronic system for importers to claim refunds
CBP is developing the Consolidated Administration and Processing of Entries (CAPE) functionality within the Automated Commercial Environment (ACE) to streamline the submission and processing of valid refund requests for duties imposed under the International Emergency Economic Powers Act (IEEPA), as authorised by court order or applicable law.
US Customs and Border Protection will launch on April 20 an electronic system that importers can use to claim tariff refunds authorised by court order or applicable law.
Phase 1 will be limited to certain unliquidated entries and certain entries within 80 days of liquidation.
Refunds will be issued within 60-90 days of the Consolidated Administration and Processing of Entries declaration getting accepted.
Phase 1 will be limited to certain unliquidated entries and certain entries within 80 days of liquidation.
CAPE is designed to consolidate refunds of IEEPA duties including interest rather than processing refunds on an entry-by-entry basis.
CBP plans to implement CAPE through a phased development approach, adding more functionality in subsequent phases for more complicated scenarios, it said in a release.
Valid IEEPA refunds will generally be issued within 60-90 days following acceptance of the CAPE declaration, unless a compliance concern requires further CBP review.
However, certain scenarios, such as entries that are extended, suspended or under review, and warehouse entries, will maintain their liquidation status with validated refunds issued at liquidation.
Fibre2Fashion News Desk (DS)
Fashion
US’ Gap & FIT launch programme to mentor fashion students
Named in honor of Gap Inc. co-founder Doris Fisher, the program reflects her legacy of creativity, curiosity, and belief in people. It also builds on Gap Inc.’s commitment to helping bridge the opportunity gap by creating stronger connections between education and careers in the fashion industry.
Gap Inc., led by Richard Dickson, has launched The Doris Fisher Creators Program with the Fashion Institute of Technology to mentor students in fashion careers.
Starting Fall 2026, the programme will offer structured mentorship, industry exposure, and networking for select students, honouring Doris Fisher and strengthening pathways from education to careers.
“Gap Inc. is a house of iconic American brands guided by our purpose — to bridge gaps to create a better world. That includes bridging the opportunity gap. FIT embodies that same spirit, bringing education and industry together to unlock talent and expand what’s possible. We’re committed to opening doors, investing in emerging creatives, and building meaningful pathways into this industry for the next generation,” said Dickson.
The Doris Fisher Creators Program will connect FIT students with Gap Inc. leaders and creatives through a structured mentorship experience designed to provide exposure to the business of fashion, industry insights, and meaningful professional connection.
The program will launch in Fall 2026 and run through the academic year, and the inaugural cohort will include students from select disciplines, including Fashion Design, Graphic Design (Apparel), and Fabric Styling.
“Supporting emerging talent is a core expression of Gap Inc.’s purpose in action. Through initiatives such as The Doris Fisher Creators Program — alongside This Way ONward, the Rotational Management Program, and our broader internship and mentorship efforts — the company continues to bridge the opportunity gap for young people looking to start meaningful careers in fashion and retail,” added Amy Thompson, Chief People Officer at Gap Inc.
“We are incredibly proud to be the first public college to partner with Gap Inc. on this groundbreaking mentorship program. This remarkable opportunity with one of the world’s most iconic brands will support 30 talented FIT students over the next year, placing them at the intersection of innovation and impact,” said Jason S. Schupbach, president of FIT.
A benefit for the FIT Foundation, this year’s FIT Annual Gala honored Gap Inc. President & CEO Richard Dickson and was attended by distinguished guests and alumni including Ciara, Aloe Blacc, Zac Posen, Bob Fisher and others.
The FIT Foundation provided scholarships totaling more than $3 million in 2025.
Note: The headline, insights, and image of this press release may have been refined by the Fibre2Fashion staff; the rest of the content remains unchanged.
Fibre2Fashion News Desk (RM)
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