Coupang: The bear suggests the bull case (Ep.1) Private labels

One investor question has been sticking with us recently: "what is the harvest moment for Coupang?" Investors have grown weary of continuous investment cycles and are waiting for the "harvest moment." In this bull case series, we explore what that potential margin expansion path could look like and, more importantly, where Coupang stands today. Episode 1 focuses on private label, drawing lessons from global peers (i.e., Daiso, Costco). Daiso is becoming a genuine threat to Coupang, with competition extending beyond value-focused categories and its offline-first model expanding online. We argue private label is the result of control, and control begins at the shelf: Daiso's end-to-end command of its shelf space underpins its structurally attractive margin profile. Following the KFTC ruling, Coupang's ability to promote private-label products through search rankings and merchandising algorithms has come under scrutiny, potentially limiting the most efficient path to scaling CPLB, whose G