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SK Telecom pursues e-commerce biz with Amazon in S. Korea

All News 10:20 November 16, 2020

SEOUL, Nov. 16 (Yonhap) -- 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.

Amazon.com, Inc.'s logo is shown in this undated file photo provided by Yonhap News TV. (PHOTO NOT FOR SALE) (Yonhap)


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