SK Telecom (SKT) teamed with Amazon to simplify online shopping with plans to give subscribers direct access the US e-commerce giant’s products via its 11st subsidiary.
The deal grants Amazon the right to acquire a minority stake in the operator’s e-commerce subsidiary through new preferred shares, if certain business performance conditions are met or an IPO is launched, SKT said.
No launch date was specified.
In a statement, 11st said the move is part of efforts to improve customer experience by cooperating with a diverse range of global e-commerce companies, with aims to grow into a global distribution hub.
An Amazon representative stated: “11st shares our customer obsession and is one of the leaders in the Korean e-commerce space. Through this upcoming collaboration, Amazon looks forward to providing customers in Korea another way to shop Amazon products.”
In its Q3 earnings call, the operator said it planned to list some of its new businesses, including its T-Map Mobility platform and the e-commerce unit, where revenue increased 7.7 per cent year-on-year to KRW135.7 billion ($122.6 million).Subscribe to our daily newsletter Back