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[Alpha Biz=(Chicago) Reporter Kim Jisun] Coupang's parent company, Coupang Inc, announced on the 18th that it will acquire the world's largest luxury clothing platform, Farfetch.
Coupang Inc made it meaningful that it has established itself as a leader in the $400 billion (520 trillion won) global personal luxury market through the acquisition of Farfetch Holdings, a top online luxury company that sells 1,400 luxury brands, including Chanel and Hermes, to consumers in more than 190 countries.
"We will combine Coupang's excellent operating system and logistics innovation with Papech's leading role that led the luxury ecosystem to provide the best experience for customers, boutique and brands around the world," Coupang Inc said.
"With the acquisition deal, Papech will provide cutting-edge technology tailored to its exclusive brand and boutique and invest $500 million (650 billion won) worth of funds to help the world's leading designers reach consumers around the world," Coupang said.
Coupang analyzed that Korea, where per capita personal luxury spending is the highest in the world, is in an unrivaled position to realize the tremendous value of papechi.
Kim Beom-seok, founder and CEO of Coupang Inc, said, "Popech is a landmark company in the luxury field and is the subject of transformation that shows that online luxury is the future of luxury retail."
He emphasized, "In the future, Farfetch will once again focus on providing high-quality experience for the world's most unique brand while pursuing stable and careful growth as an unlisted company."
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
