SKT to Collaborate with Amazon to Introduce New Offering in Korea2020.11.16 Print
SKT is collaborating with Amazon to offer Amazon’s ecommerce products to customers in Korea through its ecommerce subsidiary, ‘11st’
The collaboration is designed to offer customers in Korea added convenience and expand the overall benefits on 11st
SK Telecom (NYSE:SKM, hereinafter referred to as “SKT”) today announced that it has entered into a collaboration with Amazon. With the collaboration, customers in Korea will be able to buy products from Amazon through SKT's ecommerce subsidiary, ‘11st’. This comes as part of 11st’s efforts to innovate customer experience through cooperation with diverse global ecommerce companies.
With more than 12 years of experience in operating one of the largest online marketplaces in Korea, along with its potential synergies with SKT, 11st is well-positioned to deliver a differentiated shopping experience. 11st and Amazon will share more details with customers when the service is ready to be launched.
In connection with this business collaboration, SKT has also entered into an agreement with Amazon under which Amazon would have an investment right to acquire a minority interest in 11st through new preferred shares if certain conditions related to business performance or an IPO listing event are met.
Going forward, together with SKT, 11st aims to grow into a global distribution hub. 11st will continue to work with global ecommerce companies to improve its customer experience and develop greater business opportunities for Korean sellers.
SKT said, “We are pleased to join hands with Amazon. We will focus on creating synergies with Amazon in diverse ICT-related business areas including ecommerce to improve customer convenience and boost overall growth.”
11st said, “Together with Amazon, we expect to offer an unrivaled experience to customers in Korea. Through this close collaboration, we will make efforts to provide customers with differentiated benefits soon.”
“11st shares our customer obsession and is one of the leaders in the Korean ecommerce space," said an Amazon spokesperson. "Through this upcoming collaboration with 11st, Amazon looks forward to providing customers in Korea another way to shop Amazon products.”