Coupang Doubles Spending with 20,000 Hires Last Year

Coupang's Labor Costs Last Year 2.7 Trillion Won... 92% Increase

Coupang Photo by Yonhap News

[Asia Economy Reporter Park Jun-yi] Coupang's labor costs nearly doubled compared to the previous year due to hiring more than 20,000 employees last year.

According to the audit report (consolidated basis) disclosed by Coupang on the 13th, labor costs last year amounted to 2.7352 trillion KRW, a 92% increase from 1.4246 trillion KRW in 2019.

Earlier, Coupang stated in its listing application documents submitted to the U.S. Securities and Exchange Commission that it hired 25,000 employees last year. Among them, about 12,500 were hired for logistics centers.

Revenue increased by 94.7% to 13.9236 trillion KRW. Operating loss decreased by 23.6% to 550.4 billion KRW.