The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
The world’s fastest growing retailer, Coupang, launched delivery services in Tokyo on Thursday, kicking off plans to take on its first overseas market, The Korea Times reports.
Following the company’s record-breaking $4.6 billion US IPO in March, which it said would go towards global expansion, Coupang’s biggest investor and Softbank chairman Misayoshi Son hinted at its intentions to take on the Japanese market.
At present, Coupang is delivering products on a trial basis in Tokyo’s Shingawa district to shoppers who place orders through their mobile app; the platform has also set up a distribution centre in the area.
Though the firm has been tight-lipped about its expansion game plan, it’s clear that a Singapore base, granting access to the lucrative and competitive Southeast Asian region, is in the books. Coupang recently set up an arm in Singapore and began hiring employees there.
Imran Amed shares his observations from a trip to the wealthy desert metropolis, home to the most lucrative stores for many of the world’s top fashion brands.
Spurred by rapid growth in the pure luxury market, global brands operating in lower-priced segments like contemporary fashion are entering the country or accelerating expansion plans.
This week’s round-up of global markets fashion business news also features India’s textile industry, Chinese beauty major Yatsen and Ghana’s newest garment factory.
Luxury fashion retailers in the oil-rich African nation keep a low profile to provide a discreet shopping environment for consumers and avoid flaunting the elite nature of their own business.