Coupang Inc., the parent company of South Korea’s Coupang, made headlines with its swift acquisition of Farfetch, the world’s largest online luxury shopping mall. The move marks Coupang’s leap into global prominence, securing a distribution platform spanning the entire world for luxury goods a mere year and two months after entering the Taiwanese market.

On Tuesday, Coupang announced that Coupang Inc. acquired Farfetch, a platform selling over 1,400 luxury brands, including Chanel and Herm?s, to consumers in 190 countries. The deal cost $500 million and signifies Coupang’s first acquisition of a global corporation since its founding. Originating in London in 2007, Farfetch strategically established itself as the world’s leading online luxury specialist by securing the official rights for numerous brands, effectively thwarting concerns about counterfeit products, and generating sales of $2.31 billion in 2022.

Farfetch has seen a substantial surge in active customers, which has more than doubled in just four years from 1.69 million in the first quarter of 2019 to 3.99 million in the second quarter of 2023.

“With this acquisition, we have instantaneously positioned ourselves as a global player in the $400 billion luxury goods market,” a Coupang spokesperson said.