SK Telecom, led by CEO Park Jung-ho, announced on Nov. 16 that it will promote 'cooperation in e-commerce business' with Amazon, the world's largest e-commerce company.
Through this cooperation, 11 Street, a commerce subsidiary of SKT, will also be able to purchase Amazon's products. 11 Street and Amazon plan to reveal details of the service as soon as they are ready to launch.
SK Telecom also signed an agreement with Amazon to participate in equity investment in order to innovate its commerce business based on growth on 11 Street. Amazon can be granted the right to buy new shares if certain conditions are met depending on its business performance in the Korean market, including the IPO on 11 Street.
In addition, SK Telecom is planning to grow 11 Street into a 'global distribution hub platform'. 11 Street, along with SKT, plans to expand cooperation with global e-commerce companies to provide better shopping services to customers and to continue making efforts to pave the way for local sellers to make inroads into overseas markets.
"We are pleased that our global hyper-cooperation with Amazon has paid off," SK Telecom said. "We will continue to create synergy in various ICT areas, including Amazon and commerce, and make efforts to revitalize the entire industry."
"11 Street shares our 'customer first' principle and is Korea's leading e-commerce operator," Amazon said. "We look forward to providing a differentiated experience to shop Amazon products through this cooperation."
"We expect to provide unique purchasing experience to domestic users with Amazon," 11 Street said. "We will make efforts to provide differentiated benefits to users as soon as possible through smooth cooperation with Amazon."
