CPNG - Coupang exits Japan after less than two years
2023-03-13 08:21:53 ET
Coupang Inc. ( NYSE: CPNG ) confirmed on Monday that it will halt service in Japan on March 21.
"We have decided to curtail our pilot in Japan which will allow Coupang to focus our resources on growth opportunities in Korea and Taiwan that we expect to generate more value for customers and stakeholders," reads a company statement.
The South Korean e-commerce platform entered Japan in June of 2021 during the pandemic when demand was high for grocery delivery service. However, local consumers have reportedly found Coupang's ( CPNG ) service less attractive due to the strong convenience store business culture in Japan.
Shares of Coupang ( CPNG ) traded flat in the Monday premarket session at $13.29.
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Coupang exits Japan after less than two years