Amazon taps into Korea by investing in 11st
Amazon is partnering with Korean e-commerce platform 11st to avail purchase of its goods to Korean customers, 11st operator SK Telecom said on Nov. 16.
According to SKT, which is SK Group’s mobile carrier that operates online shopping platform 11st, the two made an agreement for Amazon’s equity participation in 11st.
Amazon is reportedly expected to purchase up to 30 percent of 11st’s company shares. Depending on 11st’s performance, which includes the company’s plans for an initial public offering, industry observers believe Amazon would be given preemptive rights to the stock.
11st said it has been offering stable service for more than 12 years in South Korea and is offering differentiated products from its cooperation with SKT.
“We are glad to see the fruit of our work for global partnership with Amazon,” a SKT official said.
“We will work to boost the industry by continuously creating synergies with Amazon in the information and communication technology areas, which includes commerce businesses.”
Saying they are in an early stage of their agreement, 11st said it will reveal more details to new services it plans to launch with Amazon.
“11st shares our vision for ‘Customer Obsession’ and is a leading e-commerce business in South Korea,” Amazon said.
“From our cooperation, we look forward to provide customers with differentiated experience of shopping products available in Amazon.”
By Jo He-rim (email@example.com)