Farfetch acquisition decimates Coupang’s profit

Coupang’s acquisition of the embattled luxury e-tailer, Farfetch, has resulted in a dramatic fall in its quarterly profit, going from USD 91 million in the same quarter las year, to USD 5 million in 2024. Excluding Farfetch, however, net income rose by 7%. As of March 31st, 2024, net quarterly revenue at Coupang had reached USD 7.1 billion, a YoY growth of 23% on a reported basis, or 28% when taking into consideration foreign exchange rates.

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