Coupang sees net loss in Q1 amid Chinese e-commerce rise
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The e-commerce giant announced on Wednesday that its first-quarter sales surged by 28 percent to 9.45 trillion won ($71.4 billion), surpassing 9 trillion won for the first time in its quarterly performance history. However, profitability took a hit as it reported a net loss of 31.8 billion won, ending a streak of six consecutive quarters of profits. Operating profit also plummeted by 61 percent year-on-year to 53.1 billion won.
Coupang’s deteriorating performance was primarily attributed to increased costs, particularly in improving customer benefits as Chinese e-commerce platforms such as Alibaba Group’s AliExpress and PDD Holdings‘ Temu’s aggressively expand in the market. The company’s $500 million investment to acquire U.S. luxury fashion platform Farfetch in December 2023 also contributed to a loss of 150.1 billion won.
In response to the rise of Chinese e-commerce, the company announced plans including an additional 3 trillion won investment in logistics to support free shipping, increasing the proportion of Korean-made products to 70 percent of its offerings, and improving membership benefits.
Coupang Chairman Kim Beom-seok, also known as Bom Kim, addressed the company‘s strategy in a post-earnings conference call, acknowledging the low barrier to entry for Chinese e-commerce companies and consumers’ tendency to explore alternative shopping options. Kim outlined plans to expand product options and customer investment, including a plan to “increase investment in Korean-made products to 22 trillion won this year from 17 trillion won in 2023.”
Jung Yeon-sung, a professor at Dankook University, emphasized the need for Coupang to increase its investment “to survive,” saying that if AliExpress and Temu continue to grow at their current pace, their sales in Korea could total 8 trillion won, up from 2023’s figure of nearly 3 trillion won.
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