Korean e-commerce leader Coupang is preparing for its IPO on the New York Stock Exchange, and could raise $ 3.6 billion in the process. Enough to open the door to a potential valuation estimated at 42 billion euros (51 billion dollars), far from the 7.5 billion euros (9 billion) posted during its last round table conducted in 2018.
Founded in 2010 by Bom Kim, Copang was initially a site specializing in coupons, which later turned into a marketplace. The group subsequently developed its tools to support both the sales process and delivery, via its own logistics subsidiary Rocket Delivery. Independence from the Korean public and private delivery networks which is now at the center of the strategy, while the group intends to create 50,000 jobs by 2025.
The company had experienced a rapid increase in its sales volume in its last financial years, with in particular in 2019 a growth of 60% to 8.29 billion euros. Already supported by Sequoia Capital, Softbank and Blackrock, Coupang has a general offer ranging from clothing to cosmetics, including sports, home equipment and food. The portal benefits in particular from Amazon’s lack of Korean commerce.
Recently announced, Coupang’s desire to go public comes after a favorable year for online sales in South Korea. Local e-commerce is indeed growing by 22.3% to 61 billion euros. Fashion is believed to be the largest online retail sector in the country, with a 29% market share, which places it ahead of the food and personal care segment (22%)
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