News Formal

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

  • 📰 ChannelNewsAsia
  • ⏱ Reading Time:
  • 31 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 66%

United States News News

United States United States Latest News,United States United States Headlines

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.

 

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:

 /  🏆 6. in US

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Woes at Qoo10's South Korean e-commerce units intensify as companies cut tiesSouth Korean authorities have launched an investigation into Seoul-based TMON and WeMakePrice, both owned by Qoo10.
Source: straits_times - 🏆 5. / 69 Read more »