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Biz News Korea(Eng)
11Street to enhance partnership with Amazon to bolster value ahead of IPO
- Collected
- 2022.05.05
- Distributed
- 2022.05.06
- Source
- Go Direct
Ha Hyung-il
According to 11Street on Wednesday, 11Street’s new chief executive officer Ha Hyung-il presented new growth strategies for the company during its “11Street 2.0 Up & Up” town hall meeting.
11Street will enhance Amazon Global Store service, expand its direct purchases business, establish a loyal customer base through SK Telecom Co.`s paid subscription service Woozoo, and provide unique services based on the open market.
11Street is one of the oldest e-commerce platforms in Korea, first launched in February 2008. It expanded from open market to mobile service in 2010 and separated from SK planet in 2018. U.S. e-commerce giant Amazon acquired a 30 percent equity stake in 11Street in 2020, enabling Amazon Global Store to be accessible on the 11Street online shopping mall.
“We will expand our commerce ecosystem based on 11Street’s premium services and SK pay, a simple payment service,” said Ha. The company will also work with various companies both within and outside Korea to achieve sustainable growth, he added.
11Street sent out a request for proposal (RFP) to 10 securities firms at home and abroad late last month and is planning to announce the syndicate team sometime this month.
Other affiliates under SK square – No. 2 security company SK shieldus and No. 2 app store One Store – are also planning to go public.
Shares of its parent company SK square closed down 1.75 percent at 50,500 won ($39.71) on Wednesday.
By Pulse
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