Coupang Jamsil headquarters. Photo = Yonhap News
Coupang’s business situation, which has not been known so far, was revealed as it promoted listing on the New York Stock Exchange.
According to Coupang’s listing application documents on the 13th, Coupang recorded sales of 1,197 billion dollars (about 13.25 trillion won) and an operating deficit of $474.90 million dollars (about 525.7 billion won) last year.
Compared to the previous year, sales increased by 91% from KRW 7.1 trillion, and the deficit from KRW 7205 billion decreased by KRW 150 billion.
As of the end of 2020, Coupang’s cumulative deficit amounted to $4.118 billion (about 4.5 trillion won). Coupang announced plans to continue large-scale investments for the time being despite a large cumulative deficit.
This is because non-face-to-face consumption has increased and the number of users has soared in the aftermath of the novel coronavirus infection (Corona 19).
The number of active customers who have purchased a product at Coupang at least once was 14.8 million as of the end of last year, up 25.9% from 11.8 million in the same period last year.
Net sales per active customer also increased 59.0% from about 178,000 won in the fourth quarter of 2019 to about 283,000 won in the fourth quarter of 2020.
Coupang’s paid membership system’Rocket Wow’ subscribers accounted for 32% of active customers in the fourth quarter of last year, and the frequency of purchases was more than four times that of regular subscribers.
In the application for listing, the remuneration of the board chairman Kim Bum-seok, the founder of Coupang, also attracts attention.
It was found that Chairman Kim received a total of $14,31229 (about 15.8 billion won), including an annual salary of about 886,000 dollars (about 980 million won) and a stock-type bonus (stock award) last year.
Tuan Pam, the Chief Technology Officer (CTO), who was hired last year, also received a total of $27.46 million (about 30.5 billion won), including a stock award worth $27.43 million.
Sesung Oh, reporter of Hankyung.com [email protected]
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