Kurly’s First Operating Profit in 10 Years — The 4 Keys Behind Its Turnaround

Logistics & Retail Strategy Briefing
STREAMLINE: Kurly’s First Operating Profit in 10 Years — The 4 Keys Behind Its Turnaround
2025.05.16

After 10 years of accumulating losses, Kurly has finally turned a profit. In Q1 2025, Kurly posted its first-ever quarterly operating profit of KRW 1.76 billion (approx. $1.3M) on a consolidated basis.
More importantly, growth did not stall. Revenue grew 8% YoY to KRW 580.7 billion, and GMV rose 15% to KRW 844.3 billion—six times the industry’s average growth (2.6%, according to Statistics Korea).

This wasn’t a result of short-term cost-cutting or layoffs. Rather, it was a structural transformation. Based on Kurly’s press releases, IR materials, and internal interviews, STREAMLINE breaks down the four core strategies that powered this breakthrough.

1️⃣ Point of View | What’s Changed?

From ‘growth without profit’ to ‘profitable growth’

Until 2024, Kurly focused on cutting costs and retooling its operations. But Q1 2025 marked the beginning of a new experiment: Could it invest in growth again and still remain profitable?
The results say yes—marketing spend surged 85.7% YoY, yet Kurly still recorded an operating profit. Clearly, the company’s business structure has fundamentally changed.

2️⃣ Inside the Move | Core Strategies in Motion

① Lock-in Products: PB & BeautyKurly

30% of GMV comes from “Kurly Only” exclusive SKUs

Launch of theme-based private brands (PB) like Charyeonaen

PB repeat purchase rate: 31%, vs. 10–15% for typical brands

Beauty category <10% of GMV, but with far superior margins

“Everyone sells the same stuff these days. PB is uniquely ours, and customers have a reason to choose us.” – Kurly insider

② 3P Marketplace + FBK Fulfillment

Marketplace accounts for 7% of GMV, with 72% YoY growth

Curated, closed marketplace — brands must pass a screening process

FBK (Fulfillment by Kurly) handles warehousing, inventory, packing, delivery

Leverages 20–30% spare logistics capacity for monetization

“Whether it’s 3P or FBK, the end experience has to feel like a ‘Kurly purchase’.” – Kurly insider

③ Logistics Consolidation & Automation

Shut down Jangji center, consolidated to Pyeongtaek & Changwon

Outer-metro hubs cut packaging and transport costs

Automation boosts productivity by 20%

Pyeongtaek center: 200,000㎡, 220,000 boxes/day capacity

2024 packaging cost down 13% YoY to KRW 54.5B

④ Paid Membership: Kurly Members

1.6 million subscribers, 97% renewal rate

65% of GMV from members

3–4x higher average basket size vs. regular users

Enhances marketing ROI and demand forecasting accuracy

3️⃣ Business Playbook | Execution Roadmap

Period	Strategic Focus	Key Actions
2023	Operational efficiency	Logistics consolidation, automation, revamped membership
2024	Profit-first restructuring	Reduced logistics & marketing cost, PB expansion
2025 Q1	Profit + growth test	Increased marketing, FBK launch, curated expansion
2025 Q2~	Growth acceleration	Full-scale IMC campaigns, customer acquisition drive

4️⃣ Market Impact | Why This Matters

First case of profitable operation in Korea’s dawn delivery market

Fulfillment (FBK) opens a new monetization path beyond retail margin

PB & beauty-driven curation locks in customers and boosts profit per unit

Efficient operations + loyal users = a compound return engine

5️⃣ Competitor Matrix | Kurly vs. Coupang

Category	Kurly	Coupang
Delivery coverage	Seoul + select regional cities	Nationwide
Sales model	DTC + Closed 3P Marketplace	DTC + Open Marketplace
Fulfillment monetization	FBK (early stage)	Rocket Growth (mature model)
Customer lock-in	Kurly Members + PB strategy	Wow Membership
Expansion strategy	Curated premium verticals	Nationwide, mass-market scale

6️⃣ Beyond the Numbers | Signals & Next Moves

Kurly is not a mass commerce player like Coupang—it’s building a trust-based curated platform

Expansion may be slower, but brand loyalty and purchase intent are higher

Positioning as an “online department store,” not just a grocery platform

2025 Q2 kicks off aggressive IMC campaigns (e.g., Lee Hyo-ri, Lee Chan-hyuk) to reignite growth

IPO readiness still unclear, but external growth signals are strengthening

7️⃣ Summary Insight | Key Takeaway

Kurly is no longer the poster child for losses.
It has built a sustainable business structure—and is now testing how far that model can scale.
Rather than chasing scale like Coupang, Kurly is crafting a high-margin, loyalist platform built on curation.
What comes next will define if it remains niche, or goes mainstream on its own terms.

💡

This strategic briefing is based on the May 15, 2025 article “The 4 Keys Behind Kurly’s First Operating Profit in 10 Years” published by Connectus, a premium content channel invested in by BEYONDX. It incorporates Kurly’s IR materials and market research insights, and was independently reconstructed by BEYONDX for informational and educational use. This document does not represent the official position of Connectus.