Fast-Fashion Retailer Temu Sues Rival Shein Over US Antitrust Law
July 18, 2023
Chinese e-retailer Temu has filed a new lawsuit against rival Shein, accusing the fast-fashion company of violating U.S. antitrust law in its dealings with clothing manufacturers. Temu alleges that Shein, with its $66 billion valuation, has abused its market power by pressuring manufacturers to shun Temu and forcing them to sign loyalty oaths. Shein denies the allegations, stating that the lawsuit is without merit. The lawsuit is the latest development in an ongoing legal battle between the two competitors in the fast-fashion market.
Recent News
Planet Fitness Raises Monthly Fee After 26 Years
Planet Fitness, renowned for its budget-friendly $10-a-month membership plan, is embarking on a significant shift by increasing its basic fee for the first time in over two decades. The “classic” membership, allowing access to a single location, will undergo a 50% hike to $15 for new members commencing this summer.
McDonald’s Might Relaunch $5 Meal Deals
McDonald’s is gearing up to launch a $5 meal deal in the US, aiming to attract cost-conscious consumers back into its stores. The proposed deal may include a McChicken or a McDouble, accompanied by fries and a drink.
US Plans Tariffs on Chinese Electric Vehicles
The Biden administration intends to announce new tariffs on Chinese electric vehicles (EVs), possibly reaching 100%, along with additional import taxes on various Chinese goods, including semiconductors. This move aims to safeguard American manufacturing interests, amidst concerns that China’s competitive pricing may undermine US efforts to boost domestic clean energy production.
Columbus Walmart Shutdown Sparks Equipment Auction
A Walmart store in Columbus, Ohio, ceased operations due to underperformance and is now auctioning off its remaining retail equipment and merchandise. Located at 3579 S. High St., the store closed its doors in February, prompting a liquidation auction scheduled for Friday.