Amazon partners SK Telecom to boost e-commerce biz in S Korea
South Korean mobile carrier SK Telecom and Amazon said on Monday they are partnering to allow people to have easier access to products on the US e-commerce giant’s platform.
The carrier said users of its e-commerce unit 11Street Co. can directly purchase Amazon 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, reports Yonhap news agency.
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 $122.7 million in the third quarter, up 8 per cent from a year earlier, according to SK Telecom.