Chinese E-Commerce Giant Disrupts Online Market in Hungary
- 13 Feb 2024 6:51 AM
- Hungary Around the Clock
E-commerce association ECH is set to file a complaint with competition watchdog the GVH about various practices of Chinese e-commerce giant Temu, Forbes writes.
Fast-fashion retail chains, such as H&M, are already feeling the impact of the aggressive expansion of the company.
According to Zoltán Csányi, a former deputy CEO of ECH, local companies would be penalised by authorities if they followed Temu’s practices, but he did not elaborate.
In an earlier report, Forbes wrote that the Chinese company carved out a roughly 29% market share within foreign e-commerce sites in just four months, making it the second-largest online marketplace on the market.
The average basket value of orders reached Ft 18,000 in January, according to online market researcher GKID.
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