The company attributed the solid result to a turnaround in once money-losing Farfetch Holdings Plc, an online luxury fashion retailer it acquired last January, as well as robust growth in its international business.“We believe the playbook we pioneered in Korea can be applied in other markets with equal success,” Bom Kim, founder and chief executive of Coupang, said during an earnings conference call on Tuesday.“Our first international market, Taiwan is a great example.”In the final quarter of last year ended in December, Coupang posted $312 million in consolidated operating profit, more than doubling from a year ago.Sales were up 21% to $7.9 billion over the same period.
Farfetch’s adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) stood at $30 million in the fourth quarter while reporting $1.7 billion in annual sales.“Farfetch was a sector leader with roughly $4 billion in annual transaction volume and a global brand in luxury fashion,” said Kim.“Farfetch continues to attract 49 million monthly visitors in over 190 countries around the world.”When Coupang acquired Farfetch a year ago, the luxury fashion platform was losing hundreds of millions of dollars annually.
Coupang Inc., South Korea’s answer to global e-commerce giant Amazon.com, ended last year with profit for two consecutive years thanks to the revival of its luxury fashion platform Farfetch business and its successful landing in Taiwan, offsetting a slowdown in its mainstay delivery business.
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