Sales reached 952.3 billion won! Korean e-commerce Market Curly is in full swing

Market Curly, which is in the process of listing on the stock market following Coupang, reportedly doubled its sales last year to 1 trillion won from the previous year.

Due to the impact of the epidemic , people's demand for non-face-to-face shopping has increased rapidly, and the company's sales have grown to the level of online shopping malls of large retailers .

According to financial investment and distribution industry sources on the 18th , Market Curly recently notified shareholders of a regular shareholders' meeting in the name of Seul-ah Kim, saying that last year's sales were 952.3 billion won, up 123.5% from 425.9 billion won the previous year , a figure close to the sales of major hypermarket online shopping malls.

It is reported that Shinsegae Group's comprehensive online shopping mall SSG had sales of 1.2 trillion won last year (transaction volume of 3.92 trillion won ) , and last year, Lotte Mart 's sales reached 6.8 trillion won , of which online sales accounted for 10-15%.

Previously, Coupang stated in its listing documents submitted to the U.S. Securities and Exchange Commission that its sales last year were US$1.97 billion (about 13.25 trillion won), an increase of about 91% from 7.1 trillion won in 2019. After the outbreak, Coupang's sales have increased by about 2 times.

Curly's sales surge is attributed to the growth in online shopping following the pandemic , and Curly recently revealed plans to promote a listing, stressing that Curly's financial situation has improved enough for an IPO, saying its annual sales are about 1 trillion won.

However, like Coupang, Curly also suffers operating losses.

Curly's operating loss last year was 116.2 billion won, an increase of 15 billion won from 111.2 billion won in the same period last year , and the cumulative operating deficit is expected to increase to 260 billion won . However , the increase in operating deficit is not significant compared to the increase in sales .

The head of Market Curly emphasized, “Even taking into account the accumulated operating losses, there is still room for funding, with the amount of investment attracted so far being 420 billion won .”

The official also added about the performance that appeared in the notice of the shareholders' meeting : " We have conveyed the rough figures to the shareholders' meeting participants first , and the specific figures will be made public at the end of this month. "

As of the 17th, the trading price of Curly shares rose to 57,700 won on the Seoul Exchange Unlisted stock trading platform, up 23.74% from the previous day.

Since Coupang's successful listing , competition in South Korea's e-commerce has intensified , and major companies have also introduced corresponding policies to compete for a share of the booming e-commerce market. Sellers should seize the opportunity and use their advantages to gain competitiveness in the South Korean market.

South Korea

E-commerce

Seller