SKT to collaborate with Amazon for new offering in Korea

With more than 12 years of experience in operating one of the largest online marketplaces in Korea, along with its potential synergies with SKT, 11st is well-positioned to deliver a differentiated shopping experience, SKT said in a statement.

In connection with the business collaboration, SKT has also entered into an agreement with Amazon under which Amazon would have an investment right to acquire a minority interest in 11st through new preferred shares if certain conditions related to business performance or an IPO listing event are met.

Going forward, together with SKT, 11st aims to grow into a global distribution hub. 11st will continue to work with global e-commerce companies to improve its customer experience and develop greater business opportunities for Korean sellers.

"We are pleased to join hands with Amazon. We will focus on creating synergies with Amazon in diverse ICT-related business areas including e-commerce to improve customer convenience and boost overall growth," SKT said.

"Together with Amazon, we expect to offer an unrivaled experience to customers in Korea. Through this close collaboration, we will make efforts to provide customers with differentiated benefits soon," 11st said.

"11st shares our customer obsession and is one of the leaders in the Korean e-commerce space," said an Amazon spokesperson. "Through this upcoming collaboration with 11st, Amazon looks forward to providing customers in Korea another way to shop Amazon products."

Fibre2Fashion News Desk (RKS)