Coupang’s revenue in 2024 reached 41.29 trillion won ($30.27 billion), marking a 29% increase from the previous year. The company, founded in 2010 with an initial capital of 3 billion won ($2.2 million), surpassed 40 trillion won ($30 billion) in annual revenue for the first time. It remained South Korea’s largest retailer, ahead of Lotte Shopping, which reported 13.98 trillion won in revenue, and Shinsegae Group, which operates E-Mart and department stores, at 35.59 trillion won.
Farfetch and Taiwan operations contributed significantly to revenue growth. Sales from these businesses increased more than fourfold to 4.88 trillion won ($3.57 billion). Farfetch, which Coupang acquired early last year, posted an adjusted EBITDA of 41.8 billion won ($30 million) in the fourth quarter, its first recorded profit since the acquisition. Previously, Farfetch had reported annual losses of around 1 trillion won ($750 million) and was nearing bankruptcy. Taiwan’s Rocket Delivery business also grew, with fourth-quarter net revenue rising 23% from the previous quarter. Coupang introduced its Wow membership program in Taiwan to strengthen customer retention.
Operating profit declined 2.4% year-on-year to 602.3 billion won ($436 million). The decrease was attributed to a 162.8 billion won fine from the Korea Fair Trade Commission and losses from Farfetch. Insurance payouts from a warehouse fire in the fourth quarter offset some of the impact. This marks Coupang’s second consecutive year of profitability following its first-ever annual profit in 2023.
Coupang expanded same-day and dawn delivery services, increasing the volume of these deliveries by 45% in the fourth quarter. It also launched dawn delivery in Jeju Island and expanded its fresh food delivery selection by more than 30%.
The company invested in logistics automation, doubling its automated fulfillment and distribution infrastructure. This resulted in a 16% reduction in line-haul costs. Automated systems now account for just over 10% of Coupang’s logistics infrastructure, with further expansion expected.
Despite raising the annual fee for its Wow membership program from 4,990 won to 7,890 won in August, Coupang reported growth in membership and spending. Annual spending by loyal customers increased by more than 20% across all cohorts.
For 2025, Coupang projects revenue growth of around 20%. CFO Gaurav Anand estimated adjusted EBITDA losses for growth businesses, including Farfetch and Taiwan, to range between $650 million and $750 million. In 2024, these businesses recorded an adjusted EBITDA loss of 860.6 billion won ($631 million).
Looking ahead, Coupang plans to invest in artificial intelligence and automation. CEO Bom Kim stated that AI-driven innovations would contribute to efficiency and profitability. He added that the company would focus on strategic capital allocation and expansion, prioritizing long-term profitability.
