11st to Launch 'Amazon Global Store' at the End of This Month

[Asia Economy Reporter Lim Chun-han] 11st will open the 'Amazon Global Store' at the end of this month. The plan is to secure momentum for its initial public offering (IPO) by differentiating its overseas direct purchase service.

On the 11th, Ha Hyung-il, Head of SK Telecom Corporate 2 Center, stated during SK Telecom's Q2 earnings conference call, "We are steadily preparing to open the Amazon Global Store, which offers differentiated shopping convenience linked with SK Telecom's subscription services, around the end of August."

The Amazon Global Store will operate in a way that allows customers to purchase Amazon products directly on the 11st website. Specific details of the collaboration with Amazon will be disclosed at a press briefing scheduled for the end of this month.

Yoon Poong-young, Chief Financial Officer of SK Telecom, said, "We plan to conduct large-scale promotions and investments soon with Amazon to differentiate our overseas direct purchase service," adding, "Through this, we aim to lay the groundwork for a successful 11st IPO."

Last year, SK Telecom signed a share participation agreement with Amazon to innovate its e-commerce business. Amazon may be granted rights to subscribe to new shares if certain conditions are met based on business performance in the Korean market, including the 11st IPO. The 11st IPO is expected to take place between 2022 and 2023.

Earlier, in June, Park Jung-ho, CEO of SK Telecom, mentioned regarding the Amazon Global Store, "We are preparing a membership program that strongly connects free shipping with SKT points."

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