Meet Coupang, the Firm Rescuing Farfetch – WWD

José Neves was all the time astute as a dealmaker — making one vogue connection after one other as he constructed Farfetch up from a Nice Recession start-up to a luxurious platform. 

Alongside the best way, Neves, who leads the corporate as founder, chairman and chief govt officer, lower offers with Compagnie Financière Richemont, Alibaba, Neiman Marcus Group, the Pinault household’s funding arm Artémis and extra.

Whereas none of these connections was keen to come back to Farfetch’s rescue when it was working out of cash this month, Neves had another deal in him — with Coupang, which is usually known as the Amazon of South Korea. 

Right here, a primer on Coupang, drawn from the corporate’s annual report, press releases and statements to traders.

Chief: Bom Kim, founder and chief govt officer, who controls 76 p.c of the corporate’s voting energy.

Bom Kim’s Message to Buyers: “We consider we nonetheless have important alternative forward in each variety of lively clients and spend per buyer. Our lively buyer depend is simply 20 million and our single-digit share of the whole retail market signifies a low share of pockets in the present day….

“Essentially, Coupang will not be a shopper items firm, or a supply firm or a retail firm. Coupang is, at its essence, an organization that breaks trade-offs to ship wow in clients’ each day lives.”

“We’re constructing the following technology expertise for e-commerce. By investing for the long run with a fanatical tradition of buyer centricity, we consider we’re delivering a superior buyer expertise at a decrease value and proceed to redefine requirements for e-commerce worldwide.”

Footprint: Headquartered in Seattle, Coupang has extra workplace house within the U.S., South Korea and all through Asia. It owns or leases about 47 million sq. ft of achievement and logistics house in South Korea.

Workers: Roughly 63,000

Earnings Energy: For the 9 months ended Sept. 30, the corporate posted internet earnings of $327 million on revenues of $17.8 billion.

Inventory: Publicly traded on the New York Inventory Change beneath the ticker “CPNG.” The inventory fell 5.1 p.c to $16.15 after the Farfetch deal was made public, leaving the corporate with a market capitalization of $28.9 billion.

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