TAIPEI (Taiwan News) — Coupang CEO Kim Bom said Wednesday the company’s Taiwan revenue rose 54% in the second quarter compared to the previous quarter, and more than doubled from the same period last year.

Kim credited the growth to a sharp increase in brand partnerships, which boosted spending among members, per CNA. Since launching its “Rocket Delivery Service” in Taiwan in 2022, Coupang has seen rapid gains in both membership and revenue.

Speaking Wednesday, Kim said the company’s performance in Taiwan had exceeded expectations. Coupang plans to further expand its brand collaborations and product inventory in the local market this year.

The company recently rolled out a new membership plan in Taiwan, offering free shipping on all items for 90 days with no minimum spend. After the trial period, customers pay a monthly fee. The program has improved both customer retention and purchase frequency, Coupang said.

Globally, Coupang posted Q2 revenue of NT$255 billion (US$8.5 billion), a 16% year-over-year increase. Gross profit rose 20%, and total membership climbed 10% to 23.9 million.

Meanwhile, Taiwanese e-commerce platform Momo reported NT$26.03 billion in Q2 revenue, a 2% decline from the same period last year. Quarterly profit fell nearly 20%, citing increased competition.

PChome also posted a wider quarterly loss of nearly NT$370 million, up from NT$181 million a year earlier. The company blamed the results on foreign exchange losses tied to its Japanese subsidiary and intensifying market competition.