Sellers and buyers are demanding payments from Qoo10's shopping platforms WeMakePrice and Tmon.
South Korea online shopping platforms WeMakePrice and Tmon, both owned by Qoo10, have failed to pay money owed to sellers in May.
In an urgent press conference on July 25, Mr Ryu Hwan-hyun, chief executive of WeMakePrice, said the value of delayed payments by the company was some 4 billion won . Ms Kim Seo-hyun, a 42-year-old mother who had planned to visit a theme park with her son and daughter, criticised the company’s poor handling of the situation at the site.
Regulators were also ramping up efforts to monitor the situation. The nation’s antitrust watchdog, the Fair Trade Commission, said it started on-site inspections to prevent further losses.Meanwhile, industry experts suggest that the business disruptions likely occurred because Qoo10 might have used the delayed payments to expand its business with the apparent goal of listing on the stock market in New York.
The official added that Tmon and WeMakePrice were already struggling financially due to an increasingly competitive market environment. Regulatory filings show that Tmon’s cash reserves were 8 billion won as of 2022, down from 55.5 billion won the previous year, while WeMakePrice’s impaired capital reached 239.8 billion won.
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