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- Amazon (NASDAQ:AMZN), in an apparent effort to compete on a more even playing field with sites like Temu (NASDAQ:PDD) and Shein, plans to create a shopping section that links buyers directly to cheaper items in Chinese warehouses, according to a report by The Information.
- The new, online catalog will feature unbranded fashion, home goods and other items, that can be delivered in nine to 11 days directly from Chinese sellers to Western buyers, according to the report.
- Amazon allegedly showcased the idea to a group of Chinese sellers in recent closed-door meetings, the report said. The new, discount shopping section is expected to begin accepting inventory as early as this fall.
- PDD Holdings, which owns Temu, dropped 2% during trading Wednesday afternoon. Meanwhile, Amazon perked up 4%.
- Shein is apparently preparing to make an initial public offering in London.