Amazon will partner with Korean e-commerce platform 11street in a move to encourage Koreans to buy its products. Owned by SK Telecom, 11st has operated for over 12 years and is planning for an initial public offering.
Amazon is expected to acquire a 30% stake in 11st and collaborate with the shopping platform to launch new services.
A SK Telecom official said the company “will work to boost the industry by continuously creating synergies with Amazon in the information and communication technology areas, which includes commerce businesses.”
“11st shares our vision for ‘Customer Obsession’ and is a leading e-commerce business in South Korea,” Amazon said.
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