"Supporting Partner Companies with 24 Billion KRW" Market Kurly Joins Fair Trade Commission Win-Win Agreement

Participation of Online Mall Leading Companies in Fair Trade Commission's Distribution-Supply Industry Win-Win Agreement
Annual 10 Billion KRW Promotional Events and 14 Billion KRW Accounts Receivable Secured Loans Announced as Agreement Measures

[Asia Economy Reporter Yuri Kim] Market Kurly announced on the 3rd that it will continue its efforts for mutual growth with its partner vendors by participating in the win-win agreement for the revitalization of the distribution-supply industry, organized by the Fair Trade Commission, following last year.

To support suppliers facing business difficulties due to the prolonged COVID-19 pandemic and to establish a win-win agreement for the distribution-supply industry, the Fair Trade Commission held the "Win-Win Agreement for the Revitalization of the Distribution-Supply Industry," which was attended by 17 companies from the distribution sector (department stores, large marts, online malls, outlets, etc.) and 11 companies from the fashion and food industries. Kurly participated as a representative online mall company alongside Coupang, SSG.com, and Musinsa.

Market Kurly took part in the agreement held on the afternoon of the 2nd in the form of a webinar with the slogan, "Kurly creates opportunities for producers to establish healthy cooperation and achieve sustainable growth together." Through this agreement, Market Kurly will support promotional events worth 10 billion KRW annually, conducted periodically. The costs will be fully borne by Market Kurly. Additionally, Market Kurly will support a purchase loan program secured by accounts receivable, which allows financial institutions to provide short-term funds to partner vendors, with a scale of 14 billion KRW. Advertising costs for events held by small and medium-sized partner vendors will also be supported to seek mutual growth with these vendors.

Market Kurly stated, "Since its inception, we have operated through direct purchase methods to grow together with local small and medium-sized merchants as well as agricultural and fishery producers, and we strive for fair and transparent transactions with producers." They are conducting sustainable co-growth activities with producers, enabling partner vendors to focus on supplying better products through risk management and quality control consulting, support for brand value enhancement, and joint planning of new products.

The sales of small and medium-sized merchants in the marketplace grew 100% in 2020 compared to 2019. Last year, Market Kurly supported 600 small and medium-sized merchants who were struggling due to COVID-19 and started new transactions with them, resulting in small and medium-sized merchants accounting for 95% of all partner vendors. Among them, Hwarim, a flower farming cooperative corporation that suffered severe difficulties due to the cancellation of graduation ceremonies, entrance ceremonies, and weddings, succeeded in maintaining its 2019 sales by compensating for offline sales declines through Market Kurly.

This content was produced with the assistance of AI translation services.