, Korea

SK Telecom denies selling 11Street stake to Amazon

There are currently plans for Amazon products to be directly purchased in 11Street.

South Korea’s major mobile carrier SK Telecom denied a news report that it is planning to sell a stake in its e-commerce unit 11Street to US retail giant Amazon.com Inc. in a bid to bolster its online retail business, Yonhap reported.

Local media reported that the wireless carrier is seeking to sell a 30% stake in 11Street to Amazon, and that the US retailer could acquire up to a 50% stake in the South Korean e-commerce company.

"We are collaborating to launch a service so that Amazon products can be directly purchased within 11Street," SK Telecom said in a statement. "There is no ongoing matter regarding a stake transfer."

SK Telecom and Amazon strengthened ties in 2020 to collaborate in e-commerce. The wireless carrier currently owns an 80% stake in 11Street and is planning an initial public offering for the online retailer next year.
 

Follow the links for more news on

Join Retail Asia community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

Tailor-fitting retail stores to catch up on the digitisation race
Retailers would need over 200 hours to manually digitise their products, but Fairmart claims this could be trimmed down to zero.