South Korean operators KT and LG Uplus have invested a total of KRW 26 billion in SK Telecom’s subsidiary One Store to acquire a 3.8 percent stake in the company. KT acquired a 3.1 percent stake for KRW 21 billion, while LG Uplus invested KRW 5 billion for a 0.7 percent stake in One Store.
Following this investment, the three South Korean mobile operators hold a total stake of 53.9 percent in One Store, followed by Naver (27.4%) and financial investors (19.4%).
The three South Korean mobile operators plan to establish a responsible management system together, as well as increase their presence in the market by securing more diverse contents and expanding the user base.
One Store was established in 2016 by integrating the mobile app markets of SK Telecom, KT and LG Uplus and Naver. Under the terms of the partnership deal, the three mobile operators are offering a 10 percent membership discount for their subscribers.
In 2020, One Store reported net income surplus for the first time since its launch, and sustained gross merchandise value growth for 10 consecutive quarters. According to data from IGAWorks, One Store’s gross merchandise value growth rate was 34.4 percent, about two times higher than that of other global app markets.
One Store claims to hold a share of 18.3 percent of South Korea’s mobile app market. Google Play and Apple App Store accounted for 71.2 percent and 10.7 percent of the Korean app store market, respectively.
SK Telecom also announced it will promote an IPO of One Store this year. Back in 2020, the company selected KB Securities and NH Investment and Securities as lead underwriters, and SK Securities as co-manager for the IPO.
