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Sunday, February 08, 2015

Korea's 11street Invests Over RM35million and Set to Make a Debut in Malaysia in April 2015

Korea’s largest online marketplace 11street set to make a debut in Malaysia in April 2015 and investing over RM35 million (USD10 million) to drive sellers’ participation. Here are some key highlights on this press release:-

Hoseok Kim, CEO of 11street, Malaysia
  • Established in Korea since 2008, 11street is one of the top global e-commerce marketplaces with presence in Turkey and Indonesia. 11street has a staggering number of 22 million sellers serving over 40 million consumers worldwide with annual gross merchandise value of USD6 billion (RM19.8 billion).
  • Malaysian version of 11street (www.11street.my) will be hosted by Celcom Planet Sdn Bhd (‘Celcom Planet’). Celcom Planet is a joint venture between Celcom Axiata Berhad and SK Planet -a leading Korean e-commerce open marketplace provider, which is also a wholly-owned subsidiary of mobile operator- SK Telecom, to enter into the Malaysia’s e-commerce market.
  • 11street in Malaysia aims to deliver local consumers a trustable and convenient e-commerce platform where they can shop for a variety of products. It will also be the first online marketplace in Malaysia that promotes not only physical products but also deal offerings such as e-vouchers under a single platform.
  • 11street plans to bring 11,000 Malaysian sellers on-board by 2015 and RM35 million Malaysian Ringgit will be invested this year in various programs to drive sellers recruitment effort

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