South Korean e-commerce company Coupang swings to Q2 net loss

📆 07/08/2024 00:20:00
📰 ChannelNewsAsia

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SEOUL : South Korean e-commerce company Coupang Inc swung to a net loss in the second quarter due to operating losses at its luxury online platform subsidiary Farfetch and the estimated costs of a fine imposed by the domestic antitrust watchdog.

FILE PHOTO: Delivery trucks for e-commerce retailer Coupang leave a distribution centre in Seoul, South Korea, June 21, 2018. Picture taken June 21, 2018. REUTERS/Josh Smith/File Photo

Coupang bought Farfetch in a deal that provided the struggling online luxury fashion retailer with $500 million in capital to keep operating. The acquisition was completed in January. "On Farfetch, as we stated last quarter, our goal is to generate close to positive adjusted EBITDA on a run-rate basis by the end of the calendar year," Bom Kim, Coupang's founder and chief executive officer, told an earnings call.

In June, South Korea's antitrust regulator announced the imposition of 140 billion won in fines against Coupang for allegedly manipulating search rankings.

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