Farfetch, owned by Coupang, is closing its SaaS product Farfetch Platform Solutions. Once central to Farfetch's strategy, FPS is now discontinued as Farfetch grapples with a $105M loss in Q2 2024, shifting focus back to its core marketplace.

Despite a $121M fine and $105M loss, Coupang's Q2 2024 results were boosted by Farfetch, which brought in $460M, contributing to Coupang's $7.3B revenue. Coupang's strategy shows promise as Farfetch averaged 26M visitors, outpacing competitors.

Coupang's Q2 2024 results show a $105M net loss, a sharp decline from last year's $145M profit. This downturn was caused by Farfetch's $108M loss and a $121M fine for illegal search manipulation, hitting Coupang hard.

Qoo10's Korean units, TMON and WeMakePrice, are under investigation for delaying $123M in payments to 60K merchants. The companies face liquidity issues and halted refunds. Banks stopped loans, and merchants threatened to stop selling on the platforms.

South Korea’s privacy authority fined AliExpress $1.4M for not protecting customer data. AliExpress shared info with 180K foreign sellers without proper measures. The decision emphasizes foreign e-commerce operators must comply with national laws. AliExpress is taking corrective steps.

Global spending on Korean cultural products is expected to nearly double to $143B by 2030, driven by TikTok's influence. Currently valued at $76B, Hallyu's growth is fueled by viral K-content across platforms, especially in the U.S. and Southeast Asia.

Oasis is acquiring 11Street to expand its services. The deal includes a 100% stake swap for 25% of Oasis and shares in its logistics arm. Oasis is valued at $1.1B, while 11Street is valued at $500M. This will boost Oasis' customer base and international reach.

Coupang, South Korea's e-commerce giant, appoints Asha Sharma, former Microsoft AI specialist, to its board. Sharma's experience spans roles at Microsoft, Meta, and Instacart. This follows Coupang's $500M acquisition of Farfetch in January.

South Korea's consumer safety agency found that 30% of tested products, including toys, sold on AliExpress, Temu, and Qoo10 did not meet safety standards. The agency tested 88 items, finding issues in 27, prompting tighter regulations for foreign e-commerce platforms.

YouTube partners with Coupang to launch an affiliate shopping program in Korea, allowing creators to tag products and earn commissions. This is YouTube’s second rollout of the program after the US.

Hy, a South Korean retail firm, will launch the Knowk food delivery app in June, offering free delivery services and a low commission rate of 5.8% for restaurants. The initiative aims to collaborate with local businesses and leverage Hy’s logistics network.

Coupang, a South Korean e-commerce giant, saw its net income drop dramatically in Q1 2024, from $91M to $5M, largely due to its recent acquisition of luxury retailer Farfetch. Excluding Farfetch, net income would have been $98M.

38 children's products on Temu and AliExpress contained dangerous chemicals, up to 3,026 times over Korean safety limits. Phthalates, cadmium, and lead were among the substances detected. The Korea Customs Service vows tougher import controls to safeguard consumer health.

Alibaba Group plans a $72.4M investment in South Korea's Ably (fashion platform) to purchase a 5% stake, expanding its influence in the global e-commerce sector and promoting cross-border trade.

AliExpress, a Chinese e-commerce giant, increased its South Korean subsidiary's capital by $24.2M on April 24, marking the largest capital boost since its 2023 setup.

AliExpress and Temu's rapid growth in Korea challenges Coupang's dominance. With aggressive marketing and strategic expansions, these platforms are not just surviving but thriving, showcasing a dynamic shift in Korea's e-commerce landscape.

Coupang Eats revamps its WOW membership to include free delivery, eliminating cost hurdles and potentially doubling order volumes, as CEO Bom Kim reports a significant rise in subscriptions.

Sephora is bowing out of Korea, starting to close down its online, app, and physical stores from May 6. The exit includes the loss of loyalty points for members and deletion of their info, with customer service winding down by mid-August. This move contrasts with Ulta's expansion into Mexico and comes amid leadership changes at Sephora.

With a whopping $1.1bn investment, Alibaba is set to shake up South Korea's e-commerce scene by 2024, targeting Coupang's stronghold with a vast logistics network, enhancing delivery speeds and supporting local businesses.

South Korea's FTC is on the verge of sanctioning Meta Platforms for not safeguarding Facebook and Instagram marketplace users against fraud. With an investigation revealing potential e-commerce law violations, Meta's response remains awaited.

Just a month after acquiring Farfetch, Coupang's CEO, Bom Kim, shares bold plans. Despite challenges, including shareholder protests and partner departures, Coupang's Q4 shines with $6.6B revenue and 21M active customers. The future of luxury e-tail looks exciting under Coupang's wing.

In a Series B round led by Altos Ventures, Techtaka, a South Korean logistics innovator, has just landed a whopping $9.5M. Founded by e-commerce veterans, the startup is revolutionizing the fulfillment game with AI and next-day delivery, already boasting over 170 customers and a strategic partnership with Naver’s SmartStore.

This deal is far from being a seamless merger of online shopping titans. Farfetch investors, including Fir Tree investment firm, are rallying against the deal. Holding over 50% of Farfetch's convertible senior notes, they could lose it all.

🇰🇷 Alibaba's AliExpress and Temu navigate challenges in South Korea's ecommerce Boom.. Despite attracting millions of users with low prices, they grapple with long delivery times and quality concerns, contrasting with local giants Coupang and Gmarket. South Korea, the fourth-largest e-commerce market, poses a unique challenge for these Chinese platforms