SK Telecom Pursues E-commerce Biz with Amazon in S. Korea | Be Korea-savvy

SK Telecom Pursues E-commerce Biz with Amazon in S. Korea


Amazon.com, Inc.'s logo is shown in this undated file photo provided by Yonhap News TV.

Amazon.com, Inc.’s logo is shown in this undated file photo provided by Yonhap News TV.

SEOUL, Nov. 16 (Korea Bizwire)SK Telecom Co., South Korea’s largest mobile carrier, said Monday it is partnering with Amazon.com, Inc. to allow South Koreans to have easier access to products on the U.S. e-commerce giant’s platform.

The carrier said users of its e-commerce unit 11Street Co. can directly purchase the U.S. company’s products on its platform. It did not provide a specific time frame for the service’s launch.

SK Telecom said it has also made an agreement with Amazon so that the U.S. tech giant has the right to acquire a stake in 11Street based on the South Korean e-commerce company’s progress in the local market.

The announcement comes as SK Telecom is currently planning an initial public offering (IPO) for 11Street.

The carrier said in its third-quarter conference call that the e-commerce unit is among its list of subsidiaries, such as new mobility spinoff T map Mobility Co., that will pursue IPOs.

The e-commerce unit’s sales reached 135.7 billion won (US$122.7 million) in the third quarter, up 8 percent from a year earlier, according to SK Telecom.

(Yonhap)

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