11st Partners with Amazon... "Growing as a Global Distribution Hub Platform"

SKT-Amazon to Collaborate on Korean E-commerce Business Expansion

[Asia Economy Reporter Cha Min-young] SK Telecom announced on the 16th that it is promoting cooperation with Amazon, the world's largest e-commerce company, to innovate the e-commerce business and plans to enable customers to purchase Amazon products on 11st.

11st has been operating stable services in the domestic e-commerce market for over 12 years and provides differentiated products and innovative customer shopping experiences through synergy with SKT. 11st and Amazon plan to reveal detailed service information as soon as the launch preparations are complete.

Furthermore, SKT signed a share participation agreement with Amazon to innovate the commerce business based on the growth of 11st. Through this, Amazon may be granted rights to subscribe to new shares if certain conditions are met depending on 11st's business performance in the Korean market, such as its initial public offering (IPO).

SKT plans to grow 11st into a ‘global distribution hub platform.’ Together with SKT, 11st will expand cooperation with global e-commerce companies to provide better shopping experiences to customers and strive to create a foothold for domestic sellers to enter overseas markets.

SKT stated, “We are pleased that the global super-collaboration with Amazon has borne fruit,” and added, “We will continue to create synergy with Amazon in various ICT fields including commerce and strive to invigorate the entire industry.”

11st said, "We expect to provide a unique purchasing experience to domestic customers together with Amazon," and added, "We will work hard to offer differentiated benefits to customers as soon as possible through smooth cooperation with Amazon."

Amazon stated, "11st shares our 'customer-first principle' and is a leading e-commerce operator in Korea," and added, "We look forward to providing a differentiated experience where customers can shop for Amazon products through this cooperation."

This content was produced with the assistance of AI translation services.