financetom
Business
financetom
/
Business
/
Temu considers joining European anti-counterfeit group
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Temu considers joining European anti-counterfeit group
Nov 3, 2024 3:29 PM

LONDON, Oct 31 (Reuters) - Chinese online retailer Temu

is considering joining a group of ecommerce platforms and brands

that collaborate to prevent the sale of fake products online in

Europe, according to a meeting agenda seen by Reuters.

The "Memorandum of Understanding (MoU) on the sale of

counterfeit goods on the internet" is a voluntary agreement

facilitated by the European Commission, and signatories include

online retailers Amazon ( AMZN ), Alibaba ( BABA ), and eBay ( EBAY ), and brands like

Adidas, Nike ( NKE ), Hermes and Moncler.

Temu is set to make a presentation at a Nov. 11 meeting of

the MoU members as a "potential new signatory", the agenda note

showed.

Temu did not reply to a request for comment on the document.

A European Commission spokesperson did not reply to a request

for comment.

Temu's engagement with the anti-counterfeits network comes

as European Union authorities ramp up pressure on Temu to

improve its controls on products sold to European shoppers on

its marketplace and ensure illegal or unsafe items do not enter

the bloc.

Temu, a subsidiary of Chinese ecommerce giant PDD Holdings ( PDD ),

has grown rapidly in Europe and the United States through

aggressive marketing, drawing millions of users to its website

and app with the slogan "shop like a billionaire", offering

rock-bottom prices on everything from kitchen appliances and

electronics to clothing and accessories.

Many of the clothes, shoes, and handbags sold on the site

are designed to look similar to popular branded products, at a

fraction of the price.

An industry source, who asked not to be named, said they

were concerned that accepting Temu's signature to the MoU would

affect the credibility of the network.

After its average monthly users in the EU hit 75 million

earlier this year, the European Commission designated Temu a

"very large online platform", meaning it must do more to fight

illegal and harmful content as well as counterfeit products on

its platform under the EU's Digital Services Act (DSA).

Bloomberg News reported on Wednesday that the Commission was

set to launch an investigation into Temu over whether it is in

breach of the DSA.

The report came after the Commission earlier this month

requested information from Temu on the steps it is taking to

prevent illegal products being sold on its platform.

Temu had to provide the information by Oct. 21 and the

Commission at the time said it would "determine the next steps"

after assessing Temu's responses.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Borr Drilling Appoints Bruno Morand as CEO; Plans $100 Million Offering -- Shares Fall After Hours
Borr Drilling Appoints Bruno Morand as CEO; Plans $100 Million Offering -- Shares Fall After Hours
Jul 2, 2025
04:57 PM EDT, 07/02/2025 (MT Newswires) -- Borr Drilling ( BORR ) has appointed Bruno Morand as chief executive and proposed a public offering of 50 million shares for gross proceeds of $100 million, the company said late Wednesday in separate statements. Morand will succeed Patrick Schorn, effective Sept. 1. Schorn will assume the role of executive chairman of the...
Golden pass asks US regulators for permission to re-export LNG from Oct 1
Golden pass asks US regulators for permission to re-export LNG from Oct 1
Jul 2, 2025
HOUSTON, July 2 (Reuters) - Golden Pass LNG, which is owned by Exxon Mobil ( XOM ) and QatarEnergy, has asked U.S. regulators for permission to re-export liquefied natural gas from October 1. The company has said it wants to re-export a cargo of LNG it plans to import to cool down its export plant in Texas which is still...
Lixte Biotechnology Closes $5 Million Private Placement
Lixte Biotechnology Closes $5 Million Private Placement
Jul 2, 2025
04:56 PM EDT, 07/02/2025 (MT Newswires) -- Lixte Biotechnology ( LIXT ) said late Wednesday it has closed its private placement to investors of $5 million securities, including shares, series B convertible preferred stock and warrants. Investors were also able to buy pre-funded warrants in the offering in lieu of stock, it said. Net proceeds from the offering will be...
Google agrees $36 million fine for anti-competitive deals with Australia telcos
Google agrees $36 million fine for anti-competitive deals with Australia telcos
Aug 17, 2025
SYDNEY, Aug 18 (Reuters) - Google agreed on Monday to pay a A$55 million ($35.8 million) fine in Australia after the consumer watchdog found it had hurt competition by paying the country's two largest telcos to pre-install its search application on Android phones, excluding rival search engines. The fine extends a bumpy period for the Alphabet-owned internet giant in Australia,...
Copyright 2023-2026 - www.financetom.com All Rights Reserved