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TikTok, I Sea you

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Daphne Yow

Daphne Yow

Published Tue, Sep 19, 2023 · 12:24 PM
    • It’s been a long funding winter, but venture capital firms are still actively raising capital, writes Garage journalist Daphne Yow.
    • It’s been a long funding winter, but venture capital firms are still actively raising capital, writes Garage journalist Daphne Yow. BT SCREENSHOT

    THE e-commerce scene seems to be heating up, with players such as TikTok Shop aiming to increase the size of its global e-commerce business by more than four times – to US$20 billion in merchandise sales – this year. 

    Industry incumbent Shopee has been quiet about the threat so far. But last Friday, Forrest Li, CEO of parent company Sea, sent a company-wide memo about the challenge ahead.

    Li warned of the increasingly competitive landscape, and reminded staff that a “hard contest” is where the company has always thrived, according to the email seen by Garage.

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