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11st to Partner with JD.com on Cross-Border E-Commerce Business, Service Launch Set for First Half of This Year

11STREET

11st has signed a strategic memorandum of understanding with JD.com and will move ahead in earnest with a cross-border e-commerce business that supports sellers' entry into the China market in the first half of 2024.

11st and JD.com sign strategic partnership. 11st said on the 12th that it will pursue cooperation in global e-commerce business with the Chinese e-commerce company JD.com. On the 4th, 11st signed a strategic memorandum of understanding with JD Worldwide and JD Logistics at JD.com's headquarters in China. The agreement was aimed at building a global e-commerce system that connects Korea and China by leveraging JD.com's global platform and logistics infrastructure.

Cross-border e-commerce model and service rollout schedule. In cooperation with JD.com, 11st will launch a cross-border e-commerce business that sells 11st sellers' products to consumers in China. The structure is designed to support domestic sellers' overseas expansion based on JD Logistics' logistics network. The official launch of the service is scheduled for the first half of 2024. Through this, 11st aims to strengthen the global competitiveness of its e-commerce business.

[Challenges] Limits to seller profitability amid saturation in the domestic e-commerce market, and high barriers to entry for individual sellers seeking to secure logistics and distribution networks in China [Strategy] Direct linkage with major local Chinese platforms and specialized logistics infrastructure through an MOU with JD Worldwide and JD Logistics [Expected results] By the first half of 2024, 11st is expected to secure a dedicated cross-border sales channel for its sellers and complete the construction of a Korea-China global e-commerce logistics system