Coupang Is Strengthening Margins and Expanding Market Reach
Feb 28, 2025
Coupang—often called the "Amazon of South Korea"—continues to deliver strong results, with fiscal year sales growing 24%, or 29% on a constant-currency basis. Even excluding the Farfetch acquisition, growth remained well above 20%. Gross margins also expanded significantly, rising to 29.2% from 25.4% last year, reflecting strong operations and disciplined pricing. Despite its scale, Coupang still holds just 22% of South Korea's e-commerce market, leaving plenty of room for growth, while its expansion in Taiwan is still in its early stages. Additionally, through R. Lux and Farfetch, Coupang has an opportunity to tap into the global luxury goods market, valued at over $300–350 billion. Given these factors, the fair value estimate increases by a few dollars to $26.50, making the stock look like a compelling buy at current levels.
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