ByteDance news and archive

TikTok's US e-commerce is soaring

TikTok's e-commerce platform experienced rapid growth in 2023, with over 500,000 merchants selling to US users by the end of the year, double the number from three months earlier, reported Bloomberg. Worldwide, the platform boasted more than 15 million sellers, adding over 6 million in the second half of the year. Under heavy scrutiny in the US,...

Business

American legislature could see TikTok banned in the U.S

The U.S. House of Representatives has greenlit a bill that could spell trouble for TikTok's American presence. The legislation mandates ByteDance, TikTok's parent company, to relinquish its majority ownership within six months, failure of which could result in the app being banned in the U.S.. The bill now awaits Senate approval and subsequent...

Fashion

LVMH in talks with TikTok to counter counterfeit challenges

LVMH is reportedly engaged in discussions with TikTok and its parent company, ByteDance Ltd., to tackle the issue of counterfeit products on the popular video-sharing platform. Toto Haba, Senior Vice President of Global Omni-Marketing for Benefit Cosmetics, an LVMH-owned beauty brand, disclosed that the talks are centered on cultivating an...

Business

Could TikTok be Amazon's new rival?

ByteDance-owned TikTok is set to expand its US e-commerce business aggressively, targeting sales of up to 17.5 billion dollars in 2024. The ambitious plan, discussed in internal meetings according to news outlet South China Morning Post, positions TikTok as a formidable competitor against major players such as Amazon, Shein, and Temu. Leveraging...

Fashion |OPINION Featured

Can social media be held accountable for poor mental health?

Hundreds of private lawsuits have been filed against social media networks in the US, which depict a toxic social media landscape that is harmful to young people. The lawsuits aim to hold social media platforms accountable for the detrimental effects on young people's mental health. Over 200 suits have been joined together in one class action...

Business

ByteDance profits surges past Amazon, Alibaba and Meta

TikTok parent ByteDance is proving it has staying power, posting double-digit profit growth in 2022 that surpassed most digital giants including Meta, Amazon and Alibaba. Data published by the Financial times shows ByteDance’s earning soared 79 percent to 25 billion dollars with Bloomberg citing revenue for the year at 80 billion dollars. As...

Fashion |Opinion Featured

Should fashion quit TikTok?

TikTok, the short-form video platform best known for its funny videos and user-generated content, is currently in a state of flux. In fact, if western governments have their way, the popular app will either be severely restricted to those in Europe and the US, or banned altogether. Last week government employees in the UK were banned from...

Fashion

TikTok is the new frontier of social commerce

TikTok may be fashion’s new frontier as teenagers scout the social media platform for fashion inspiration. While fashion brands are betting big by advertising on TikTok, young entrepreneurs are paving their own way. TikTok user Takeout By Syd, for example, is considered a micro influencer with 100k followers, and offers a virtual styling service...

Business

Walmart confirms teaming up with Microsoft on TikTok deal

Walmart Inc. has issued a statement confirming discussions with Microsoft involving ByteDance Ltd.’s TikTok service in the United States. The retail giant said: “We believe a potential relationship with TikTok U.S. in partnership with Microsoft could add this key functionality and provide Walmart with an important way for us to reach and serve...

Business

China beats out US with highest number of 'unicorn' startups

China now has more privately-held start-ups valued by investors at over 1 billion dollars than the US, a report said Monday. There were 206 Chinese firms out of a global total of 494 ultra-valuable start-ups -- known as "unicorns" -- in June 2019, according to the research firm Hurun Report. This makes China the country with the largest number...