2024-08-01 16:50:30
[티몬-위메프 사태]
“Safe” said Quten Group affiliates… “We can’t pay you” to sellers after 15 days
Major vendors leave the platform one after another… Interpark Books completely discontinues service
While Timon and WeMakePrice have filed for corporate rehabilitation procedures (court receivership), the delay in payment settlement is spreading to other affiliates of the Quten Group, including Interpark Commerce and AK Mall. On the 30th of last month, Quten CEO Koo Young-bae appeared at the National Assembly’s State Affairs Committee’s emergency questioning session and said, “Interpark Commerce and AK Mall may also see their payments suspended,” and his concerns have become reality. In addition, the repercussions are widening as sellers from overseas affiliates claim that they have not received their payment.
● Unsettled transactions also occur on other affiliate platforms
According to the distribution industry on the 31st, Interpark Commerce (shopping/books) notified its merchants the day before of a delay in settlement, saying, “We have not received the sales settlement money due to the impact of the non-settlement of Tmon and WeMakePrice.” As recently as the 16th of last month, Interpark Commerce reassured sellers by saying, “Sales money from platforms such as AK Mall, Interpark Shopping, and Inpac Shopping are being transacted safely,” and “We checked the settlement system once again and there are no issues.”
Sellers who have entered Interpark Commerce and AK Mall are expressing their dissatisfaction with the platform, which changed its words after two weeks, saying it could not pay. Mr. Moon said, “If they had not announced that they were not responsible, we could have taken out the items at that time and saved 15 million won,” and “They are scamming us.”
The distribution industry believes that many of the sellers who entered Timon and WeMakePrice also entered Interpark Commerce at the same time. As of now, the unsettled amount between Timon and WeMakePrice has reached 2,740 places and 226.4 billion won, and if you include the unpaid sales from June and July, it is estimated to exceed 1 trillion won. If unsettled issues occur in a chain on other platforms, the damage caused by the Qoo10 incident could snowball.
The problem is also being raised overseas. Singaporean media outlet Straits Times reported in March last year on the case of a construction and household goods seller who had not received payment for more than $12,000 (about 16.6 million won) from Quten for over a month. Quten explained to overseas sellers that the reason for the delay in payment was a “system error,” which is controversial because it is the same explanation given to Korean sellers at the beginning of the Timon-WeMakePrice incident.
● Companies leaving Quten-related platforms
Major distributors are suspending sales on Quten affiliated platforms one after another for fear of additional damage. In the brand hall of Interpark Shopping, major tenants such as GS Shop, CJ Onstyle, and Lotte Home Shopping have suspended sales.
Interpark Books completely stopped its service on the 31st. Interpark Books stated, “Due to the recent unsettled settlements with Timon and WeMakePrice, we have agreed to temporarily suspend our service until our affiliate Kyobo Bookstore normalizes.” When you purchase a book from Interpark Books, you will see a notice that says, “Orders are not possible due to the seller’s circumstances.” Earlier, Interpark Commerce’s overseas direct purchase platform service ‘Inpark Shopping’ also notified users that it will be ending its operation as of July 31st.
Interpark Triple, a subsidiary of Yanolja, notified Interpark Commerce on the same day that it would terminate its brand use contract and immediately stop using the brand. Interpark Triple, which operates Interpark Tour and Ticket, sold its shopping and book divisions to Quten Group last year.
Meanwhile, Timon and WeMakePrice ran large-scale discount events in early July, which led to a sharp increase in credit and check card payment amounts. In particular, on the 6th, just two days before the settlement delay incident first broke out, the daily card payment amount increased to 89.7 billion won. This is about five times the average daily card payment amount. This is why some interpret this as circumstantial evidence that Timon and WeMakePrice took steps to secure liquidity before the settlement delay incident broke out.
Reporter Lee Min-ah [email protected]
Reporter Kim Eun-ji [email protected]
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2024-08-01 16:50:30