11st Korea splits from SK Planet
11st Korea has split from SK Planet Co and become an independent business under SK Telecom.
Rebranded Eleven Street Co, the South Korean company says it plans to become the nation’s top e-commerce portal and to lead SK Group’s e-commerce business in cooperation with its parent company and the group’s ICT units. It will operate a mobile payment service as well as a cosmetics brand.
Eleven Street’s director Lee Sang-ho said: “Eleven Street will become a comprehensive commerce portal that supports every shopping process. We will work hard to provide the best service to both sellers and buyers by improving service, technology and communications with customers.”
The platform will apply AI and big data developments to power its entire retail operation following an investment of KRW500 billion (US$448 million) it secured in June.