SK Telecom recently announced that it has entered into a collaboration with Amazon to enable customers in Korea 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.
