# Who does Coupang pay? Who are its key suppliers?
Canonical: https://valuechain.wiki/coupang · Facet: suppliers · Updated: 2026-09-23T08:29:49.069211+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Coupang's confirmed suppliers/cost counterparties include Amazon, 아모레퍼시픽, CJ제일제당 plus 4 undisclosed/aggregate relationships. Per the valuechain.wiki graph: 7 cost edges, backed by 10 dated sources, 2 of them primary filings (as of 2026-09-23).

### 물류·풀필먼트·라스트마일 배송 (비공개) (high)
- metric: Amount $34.5B · Coupang FY2025 매출(+14%·FX중립 +18%)
- note: Fulfillment-center operations and last-mile delivery (Coupang's own delivery workforce) behind Rocket Delivery are a major cost axis, including nationwide logistics investment and labor. Specific vendors are undisclosed.
- [mentions] Byline Network (KO, news, published 2025-07-02) https://byline.network/2025/07/02_29182773/: "Like Amazon, Coupang has built large-scale logistics infrastructure of its own to run Rocket Delivery, and now seeks to extend that infrastructure into cloud."

### 상품 매입·재고 (1P 리테일 매입, 비공개) (high)
- metric: Amount $34.5B · Coupang FY2025 매출(+14%·FX중립 +18%)
- note: Coupang runs a large first-party (1P) retail model, so cost of inventory is its biggest cost; it buys stock from manufacturers, brands and wholesalers to sell via Rocket Delivery. Specific suppliers are undisclosed.
- [mentions] KED Global (EN, news, published 2025-02-26) https://www.kedglobal.com/us/earnings/newsView/ked202502260008: "Coupang centers on first-party retail and Rocket Delivery logistics, with cost of revenue and fulfillment as major costs."

### Amazon (high)  → /amazon.md
- metric: Amount $34.5B · Coupang FY2025 매출(+14%·FX중립 +18%)
- note: Coupang's app and web services run on Amazon Web Services (AWS) data centers. Its 10-K discloses that it has no physical access or control over AWS and cannot quickly switch to another cloud provider. AWS is a core cloud cost for Coupang and its link into the AI chain.
- [confirms] SEC filing (Coupang results) (EN, filing, published 2026-02-26) https://www.sec.gov/Archives/edgar/data/1834584/000183458426000022/cpng-12312025ex991.htm: "Service infrastructure depends on AWS; FY2025 revenue $34.5B"
- [confirms] Byline Network (KO, news, published 2025-07-02) https://byline.network/2025/07/02_29182773/: "Coupang has mainly used external clouds such as AWS, and is now building its own data centers as Coupang Intelligent Cloud (CIC) to enter an Amazon-style cloud business."
- [confirms] Coupang Form 10-K (EN, filing, published 2025-02-25) https://www.sec.gov/Archives/edgar/data/1834584/000183458425000030/cpng-20241231.htm: "Coupang offers its products through its apps and websites using Amazon Web Services (AWS) data centers, and states it has no physical access to or control over AWS and cannot quickly or easily switch to another cloud provider."

### 아모레퍼시픽 (high)  → /amorepacific.md
- note: Runs an official Amorepacific brand store on Coupang, selling Illiyoon, Labo-H, Mise-en-scene, Ryo and Happy Bath directly; a core domestic e-commerce channel.
- [confirms] Coupang (KO, news, published 2026-01-01) https://shop.coupang.com/amorepacific/280014: "Amorepacific Corp official store on Coupang."

### CJ제일제당 (high)  → /cj-cheiljedang.md
- note: Direct B2B supply of Hatban and Bibigo mandu to Coupang Rocket Delivery, resumed Aug 2024 after a ~2-year pricing standoff that began in late 2022.
- [confirms] KL News (KO, news, published 2024-08-01) https://www.klnews.co.kr/news/articleView.html?idxno=313484: "Coupang and CJ CheilJedang resume Hatban/Bibigo Rocket Delivery after a ~2-year supply dispute."

### 신성장 투자 (파페치 인수·대만·이츠·핀테크) (high)
- metric: Amount $-995,000,000 · 신성장 FY2025 조정 EBITDA
- note: Deploying profitable-commerce cash into growth — acquired Farfetch (luxury platform) in Jan 2024 and invests upfront in Taiwan, Coupang Eats, Play and fintech. The Developing Offerings FY2025 adjusted EBITDA of -$995M (vs -$631M) is the pre-return burden of these growth investments.
- [mentions] Morgan Stanley (via Investing.com) (EN, research, published 2026-05-15) https://www.investing.com/news/analyst-ratings/morgan-stanley-cuts-coupang-stock-price-target-on-margin-outlook-93CH-4663575: "Morgan Stanley Overweight $28; watching margin pressure from growth investment"

### 워너브러더스 디스커버리 (mid)  → /warner-bros-discovery.md
- note: Coupang, through Coupang Play, is WBD's exclusive Korean licensing partner for HBO and Max originals and Warner Bros. films, and partner-specific licensing consideration was not disclosed.
- [confirms] S&P Global Market Intelligence Kagan (EN, research, published 2026-01-13) https://www.spglobal.com/market-intelligence/en/news-insights/research/2026/01/implications-of-the-netflix-warner-bros-discovery-deal-for-the-apac-region: "HBO Max content is available through an exclusive licensing deal with Coupang Play in South Korea."
- [confirms] Coupang Newsroom (KO, news, published 2025-03-11) https://news.coupang.com/archives/51417/: "Coupang Play will exclusively offer HBO and HBO Max original content in Korea beginning March 21."

### 에스티 로더 (mid)  → /est-e-lauder-companies.md
- note: Coupang buys Estée Lauder and M·A·C products directly from the brands' Korean operations for sale through Rocket Luxury, and Estée Lauder management said strong performance on Coupang contributed to double-digit online organic sales growth in the third quarter of FY2026.
- [confirms] The Estée Lauder Companies Investor Relations (EN, ir, published 2026-05-01) https://media.elcompanies.com/files/e/estee-lauder-companies/global/investors/earnings-and-financials/quarterly-earnings/2026/q3/3q26-transcript.pdf: "Strong performance on Douyin, Tmall and Coupang drove double-digit online organic sales growth in the third quarter."
- [confirms] Coupang Newsroom (KO, news, published 2023-12-11) https://news.coupang.com/archives/32972/?print=pdf: "Coupang buys all products directly from the brands' Korean headquarters, and participating brands include Estée Lauder and M·A·C."

Reverse side: https://valuechain.wiki/coupang/customers.md · Ripple: https://valuechain.wiki/coupang/ripple.md

---
Full node: https://valuechain.wiki/coupang.md · JSON: https://valuechain.wiki/coupang.json