Woes at Qoo10's South Korean e-commerce units intensify as companies cut ties

  • 📰 straits_times
  • ⏱ Reading Time:
  • 41 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 20%
  • Publisher: 69%

Business News News

Business Business Latest News,Business Business Headlines

South Korean authorities have launched an investigation into Seoul-based TMON and WeMakePrice, both owned by Qoo10.

Customers take a picture of QR code to get refund outside an office of TMON, a unit of Qoo10, in Seoul, on July 26.SEOUL - Two South Korean e-commerce platforms owned by Singapore-based Qoo10 slipped deeper into crisis on July 26 after failing to make payments to vendors, with companies cutting ties and irate customers thronging their offices demanding refunds.

WeMakePrice had unpaid bills to nearly 500 vendors worth a combined 36.9 billion won as of July 11, the Financial Supervisory Service has said. It is trying to ascertain the current total amount of unpaid bills for both e-commerce units. Last week, it said the issue was triggered by a July 8 glitch in its payment system that affected 500 vendors selling on WeMakePrice. The platform had resumed payments which should be completed by the end of July, it added.

SoftBank-backed Yanolja, an accommodation and travel platform, has informed consumers that accommodation packages bought through the sites from July 29 onward would not be honoured.Qoo10 acquired TMON, which it wholly owns, in 2022 and WeMakePrice a year later in 2023. It holds a 72.2 per cent stake in WeMakePrice, the FSS said.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 5. in BUSÄ°NESS

Business Business Latest News, Business Business Headlines