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11st CEO pledges to enhance corporate value before IPO

Ha Hyung-il, CEO of 11st, speaks during a town hall meeting at 11 Street Headquarters in Jung-gu, Central Seoul, Tuesday. (11st)
Ha Hyung-il, CEO of 11st, speaks during a town hall meeting at 11 Street Headquarters in Jung-gu, Central Seoul, Tuesday. (11st)

Aiming to become a next Coupang, e-commerce platform 11st said Wednesday that it would work on raising its corporate value before its market debut slated for next year.

“Based on our premium e-commerce service and joint membership service with SK Telecom, we will expand our business, boost sales and garner traction within the market this year,” said Ha Hyung-il, CEO of 11st.

Ha said the company will strengthen its cross-border online shopping segment, Amazon Global Store, which was jointly launched with Amazon in August last year.

11st has continuously improved customer experience of purchasing products overseas by reducing delivery time from 6-10 days to 4-8 days, a 11st official said. After compiling sales data that shows preference of Korean customers, the company has expanded sales of products and categories in high-demand.

The company plans to accelerate quick commerce by making sales of directly purchased items -- mostly daily necessities -- without any middle distributors, Ha said.

Rather than building or leasing additional warehouses, the company said it will more efficiently utilize warehouse spaces to stock inventories.

As for other key business strategies, Ha stressed that 11st will provide more benefits for customers using Universe Pass, a joint subscription payment service with SK Telecom and Amazon, and secure long-term customer loyalty.

The company also plans for an organizational reshuffle to shorten the decision-making process within each department.

The town hall meeting was the first official event after Ha was officially appointed as CEO in April. The event was simultaneously held both offline and online. More than 700 staffers joined virtually through Zoom.

Before joining 11st, Ha was a chief development officer at SK Telecom for over three years. Since 2020, he has served as an outside director of 11st and is said to have led the joint launch of Amazon Global Store.

By Byun Hye-jin (hyejin2@heraldcorp.com)
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