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Coupang (photo = Yonhap news) |
[Alpha Biz= Reporter Lee Hyung jin] NYSE-listed Coupang, a Korean online e-commerce company, has been uniquely operating its business.
According to Alpha Biz coverage, Bom Kim, the CEO and Chairman of the Board, Hangseung Kang, the Representative Director of Business Management, and Harold, the General Counsel and Chief Administrative Officer, have been receiving crucial information on key divisions from in-house counsels.
Because of its unique reporting structure, Coupang placed in-house legal counsels in its key business divisions. The counsels are responsible for reviewing major projects, collecting information, and reporting to senior leadership of the company.
An official who is familiar with the company’s internal matter said, “Legal counsels of the business divisions will review the regulation and set the direction of the projects. No divisions are not allowed to deviate from the direction.”
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Coupang (photo = Yonhap news) |
Coupang’s business divisions have sued or filed a complaint against its competitors. The iconic example was filing a complaint against CJ Olive Young. The company claimed that CJ Olive Young hindered small and midsize enterprises’ health and beauty stores from entering the market and filed a complaint to the Korea Fair Trade Commission.
During that time, Coupang strengthened its luxury health and beauty production lines by introducing ‘Rocket Luxury’ to the market.
No one from Coupang including in-house legal counsel Junghwa responded to the AlphaBiz written inquires.
Coupang ran a business with an in-house counsel-led reporting structure for critical decisions. After reviewing relevant laws, the company sued or filed a complaint against its competitors.
Alphabiz 이형진 기자(magicbullet@alphabiz.co.kr)
