Concerns about growth arise following failed global expedition of Korean unicorns

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The story " Concerns about growth arise following failed global expedition of Korean unicorns" was covered 2 weeks ago by Korea Economic Daily, a news publisher based in South Korea.

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Concerns about growth arise following failed global expedition of Korean unicorns - Korea Economic Daily

Quick Summary:

Baemin, Korea’s No.1 food delivery app, advanced into about 10 cities in Vietnam and spent a lot on marketing to attract local people but its attempt did not pan out as planned, causing the company massive losses only, the official added.WBV Retail Co., Woowa Brothers’ retail operation in Vietnam in charge of meal kits and grocery delivery services, also shuttered its business less than a year after its launch.

Woowa Brothers said in its audit report for 2023 that it discontinued the operation of its food delivery app Baedal Minjok, or Baemin, in Vietnam last year, five years after its venture into the Southeast Asian market.

Its Vietnam operation Baemin Vietnam had suffered from consecutive losses after failing to lure local consumers away from its bigger regional rivals Grab and ShopeeFood, which control 45% and 41% of the country’s online food ordering and delivery market, respectively, said a company official.