SEOUL -- After snagging its first ever operating profit last year, South Korean online retailer Coupang is aiming to extend its reach in the domestic market beyond food and daily necessities to luxury goods, leveraging a recent acquisition of high-end U.K.-based platform Farfetch.
New York-listed Coupang reported Wednesday that sales grew 18% to $24.3 billion in 2023, with the company earning an operating profit of $473 million -- its first yearly profit and a significant turnaround from the $112 million loss a year earlier. The company also achieved free cash flow of $1.8 billion.
