10:25 AM EDT, 04/12/2024 (MT Newswires) -- Coupang ( CPNG ) is raising its Wow membership fee to 7,890 Korean won ($5.7) from 4,990 won, multiple media outlets reported, citing the company.

New subscribers will pay the increased price from Saturday, while current subscribers' price will also be hiked from August, The Korea Times reported.

"New members of Coupang's ( CPNG ) Wow membership will likely see more discounts in the future. Based on data from major organizations such as Statistics Korea, and assuming consumers' typical spending patterns, it is estimated that Wow members who routinely use all five services, including free shipping, returns, direct purchases, OTT and food delivery, can save an average of 970,000 won per year compared to non-members," The Korea Times quoted a Coupang ( CPNG ) spokesperson as saying.

Coupang ( CPNG ) did not immediately respond to MT Newswires' request for comment.

Shares of the company were up over 9% in recent Friday trading.

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