[Alpha Biz= Paul Lee] SEOUL, Oct. 15 — SK Telecom has begun the process of selling its subsidiary SK Stoa, South Korea’s leading data home shopping platform, signaling a potential reshaping of the domestic home shopping industry amid an overall market slowdown.
According to industry sources, SK Telecom is currently moving forward with the sale of SK Stoa and has begun due diligence with prospective buyers.
In an internal announcement to employees on Tuesday afternoon, Yang Maeng-seok, CEO of SK Stoa, stated:
“The company will soon begin the official sale process. Throughout the transaction, we will make every effort to ensure employment stability and the preservation of employee benefits.”
Established in 2017, SK Stoa differs from traditional TV home shopping channels by operating an IPTV-based product sales platform built on SK Broadband’s network infrastructure.
As of last year, the company reported sales of 302.3 billion won and an operating profit of 8.1 billion won, maintaining profitability for three consecutive years. The consistent performance has earned SK Stoa a reputation as a “hidden gem” within the industry.
Industry observers note that SK Stoa’s sale could accelerate market consolidation in South Korea’s home shopping sector as traditional and digital retail boundaries continue to blur.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
