SK Telecom’s 11Street to let shoppers buy from Amazon
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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.
Questions & Answers
Q.What is the primary benefit for South Korean shoppers from this partnership?
What is the primary benefit for South Korean shoppers from this partnership?
South Korean shoppers will gain easier access to products available on Amazon.com, Inc. Users of SK Telecom's e-commerce platform, 11Street, will be able to purchase products from the US company directly through their existing platform.
Q.When will this new service allowing purchases from Amazon via 11Street be available?
When will this new service allowing purchases from Amazon via 11Street be available?
The article states that SK Telecom did not provide a specific timeframe for the service's launch. Therefore, the exact date when this new feature will become available to shoppers is currently unknown.
Q.What is the significance of Amazon's agreement regarding a stake in 11Street?
What is the significance of Amazon's agreement regarding a stake in 11Street?
Amazon has secured the right to acquire a stake in 11Street. This acquisition would be contingent upon 11Street's performance and progress within the South Korean local market, suggesting a long-term strategic interest.
Q.What are SK Telecom's plans for its 11Street e-commerce unit?
What are SK Telecom's plans for its 11Street e-commerce unit?
SK Telecom is planning an initial public offering (IPO) for its 11Street e-commerce unit. This is part of a broader strategy, as 11Street is one of several subsidiaries, like T map Mobility Co., slated for IPOs.
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