Everything about China's Innovation

ByteDance, the Beijing-based parent company of TikTok, has recently launched a new fast-fashion retail platform named “If Yooou.” It currently covers European countries such as the UK, France, Germany, Italy and Spain.

If Yooou’s current positioning is mainly “low price and high quality service,” which is similar to Shein’s, and its product categories contain women’s fast fashion, including dresses, bathing suits, tops and shirts. The prices of products on the website are not higher than 53 British pounds ($59.27), and most clothing products fall between 5 and 30 pounds. Accessories do not surpass 20 pounds.

In terms of shipping, if a order does not exceed 29 pounds or euros, the consumer needs to pay 4.99 pounds or euros for freight. Delivery times vary from site to site, with a maximum wait of up to 15 days. Consumers can return and exchange goods without qualification within 30 days after receiving them. Many consumers have expressed their satisfaction with If Yooou’s products. There are dozens of positive comments from consumers, such as “My experience with this brand is great” and “Product shipping is very fast,” and there is a reply from the official customer service of the platform below each comment.

Since the beginning of 2021, ByteDance has started to try cross-border e-commerce, successively launching TikTok Shop, Fanno, an independent cross-border e-commerce platform, and Dmonstudio, a fast fashion women’s clothing platform like Shein.

SEE ALSO: Retail Platform Dmonstudio Closed After Rumors It Belongs to ByteDance

However, in February this year, a notice to consumers was published on the DmonStudio website, saying that it had stopped operations on February 11, 2022, but that consumers who had already purchased goods on the website could continue to enjoy after-sales services. If consumers have any questions about their orders, they can contact the Dmonstudio team by email.

In May this year, Chinese media outlet Egain News reported that Fanno, which was launched by ByteDance at the end of 2021, would soon be shut down. A source familiar with the matter said that the Fanno project team was dissolved in April, and that the leader of the project team had left. The reason for its dissolution was reportedly that Fanna was voluntarily canceled by ByteDance. “It’s not going to be over, it’s already over,” the source said.

ByteDance has operated TikTok Shop in Indonesia and Britain for about one and a half years. At present, it seems to be caught in two poles of development. According to a report by LatePost, the average monthly gross merchandise volume (GMV) of TikTok’s e-commerce business in Indonesia has reached $200 million, but only $24 million in UK. According to the latest news, TikTok e-commerce plans to expand to more than 10 countries by the end of 2023, allowing GMV to reach $470 billion.

Louis Yang, the first head of ByteDance Education Hardware Business, left the job last week.

ByteDance, the owner of global hit short video app TikTok, is now looking to hire a large quantity of chip-related engineers.

People from ByteDance said that the short video sharing app TikTok is adjusting its global business.

Yang Zhenyuan, Vice President at ByteDance, said that the company has no general-purpose chip plan and is not involved in businesses such as the manufacturing of CPUs and GPUs.

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