PDD Holdings: Temu And The Underbelly Of DTC Boom

We Are Thesis Retail markets are very dynamic, the ranks of the most popular retailers are constantly changing as new formats are being developed. The companies that strike a chord with their new formats can grow very fast and deliver extraordinary returns to shareholders. Low-cost Direct-To-Consumer retail has been the most successful format in the markets as of late. Retailers like Costco (COST), Ikea and Decathlon have grown rapidly. Now e-commerce retailers are taking over the low-cost DTC segment ...