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Amazon forays into South Korea in partnership with SK Telecom

Business and capital tie-up with midtier 11Street offers foothold in new market

The 11Street partnership marks Amazon's first step into South Korea's e-commerce market.   © Reuters

SEOUL -- Amazon will jump into South Korea's e-commerce market through a partnership with an SK Telecom unit, giving consumers here access to a wide range of products sold by the U.S. retail titan. 

SK Telecom announced the deal on Monday.  According to a sourceAmazon obtained the right to acquire a stake of up to 30% in 11Street, an e-commerce market operator whose parent company is SK telecom. Depending on the performance of the partnership, Amazon could invest hundreds of millions of dollars in the company. Details of the joint service, including the start date, will be hammered out going forward.

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