The additional purchase should have been worthwhile.
The US-listed e-commerce giant Coupang announced on Wednesday that its net profit in the third quarter had risen by 51% compared to the previous year. This is due to the strong performance in the product trading and new business segments.
In the three months ended Sept. 30, net profit rose to 131.6 billion won ($95 million) from 86.9 billion won a year earlier, the company said in a press release.
Operating profit rose 51.5 percent to 224.5 billion won from 148.1 billion won in the said period, while sales increased 20 percent to 12.84 trillion won from 10.69 trillion won.
Strong results in the company's core product trading business, including Coupang's signature delivery service Rocket Delivery, as well as the growth of new businesses such as luxury fashion platform Farfetch Holdings, operations in Taiwan and food delivery service Coupang Eats contributed to the solid quarterly performance, the company said.
Sales in the new growth businesses rose 31 percent year-on-year to 1.78 trillion won in the quarter.
Coupang acquired British luxury retailer Farfetch in January 2024, a move that positioned the company as a major player in the $400 billion global personal luxury goods market.
