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Coupang’s revenue for 2018 hits KRW 4.42tn (US$ 3.5bn), a new record for Korea’s ecommerce market.
The retailer’s revenue grew by 65% over 2018, an impressive leap from 40% growth in the previous year. Its losses also jumpred to KRW 1.1tn last year from KRW 638.8 bn in 2017. The eight-year-old retailer has lost money every year and will continue to invest aggressively in the coming years. Softbank Vision Fund invested US$ 2bn in the company in November last year.
Coupang doubled the number of warehouses to 24 and hired 24,000 more employees. Its fast delivery service called “Rocket Delivery” can now send up to five million products within 24 hours, an increase from two million products in 2017.
Coupang’s CEO Kim Bom said, “We will continue to invest aggressively in technology and infrastructure until the day customers ask themselves, ‘How did we live without Coupang?’ ”
Keep up-to-date with the latest retail developments from Asia.