5 south Korean start-ups enter the french market
As part of the StyleTech Global Demo Day 2021 digital event, the Korea Institue of Design Promotion (KIDP) and the Creative Valley incubator have presented yesterday 5 promising south Korean start-ups in the fashion and cosmetic universe. All of them arrive in France to accelerate their development.
Pic of the StyleTech Global Demo Day 2021 digital event, organized yesterday by the Korea Institue of Design Promotion and Creative Valley.
Despite the many kilometers that separates the two countries, France and South Korea have many points of similarity : they are both great nation of the Tech and have a recognized cross-border know-how in fashion and cosmetic universe. To create synergies between the two countries, the KIDP - the agency attached to the South Korean Ministry of Trade, Industry and Energy - has tied a partnership with Creative Valley.
Since September, the french incubator has set up an accelerator program for 5 promising South Korean start-ups in fashion and cosmetic sectors. The objective is to assist young shoots on a commercial, marketing and financial level to enter the French market. The accelerator program has just closed yesterday at the end of the StyleTech Global Demo Day 2021 digital event, which allowed to present to partners and investors these 5 high potential start-ups. As part of this exchange program, 2 french start-ups, targeting the South Korean market, also pitched.
Brandi : the digital version of the South Korean Market of Dongdaemum
Founded in 2014, Brandi is one the most well-known start-ups of South Korea. With a valuation of over $500 million, it is poised to become the country's next unicorn.
Since its inception, it has raised $100 million, employs 500 persons and already realizes $150 million turnover. Brandi offers consumers direct sales of discounted clothing from the Dongdaemum market, the world's largest fashion cluster, located in the South Korean capital. The marketplace's ambition is to offer a digitalized version of the cluster, historically domestic and off-lign to open it to the global fashion market.
Jongdal Lab : the AI in the service of the search for accessories and raw materials
Founded in 2016, Jongdal Lab has develop a digital platform called Buja Market, that offers the sale of fashion accessories and raw material for manufacturers, garment shops and individuals. The strength of the marketplace lies in the technology of Artificial Intelligence. Via its search engine, it allows to find easily, according to criteria, such as colors, accessories and raw materials among thousands of references (fabrics..).
Looko : the virtual wardrobe
Launched last February, its Acloset application already has 350.000 users, many of whom are located in Europe and North America. By taking pictures of your clothes, the app digitizes your wardrobe and proposes a different look every day, depending on the weather, your mood or an event.
Fashionade : purchase recommendations based on the association of looks
Founded in 2020, Fashionade offers a Saas platform, StyleAI, for retailers. Interfaced to e-tailers websites, it increases the average shopping basket by 23%. According to their purchase history, StyleAI offers end customers new recommendations. These are based on the look of the chosen item, and not on the association of key words or theme on the merchant site. The solution is also available in an offline version for in-store kiosks.
Tachyon BNT : the application to digitally test cosmetic products
With Tachyon BNT, no more need to go to stores to test cosmetic products. Its Ticker application allows to virtually try out products, which has attracted the interest of major comestic brands such as Shiseido and Dolce & Gabbana in the middle of a health crisis. Simply take a picture of yourself, choose the product to instantly see how it looks on you. The start-up has about 20 employees and has raised $4 million since its founding in 2018.
The StyleTech Global Demo Day 2021 digitale event, set up by the Korea Institue of Design Promotion and Creative Valley has also brought to light 2 french start-ups targeting the Korean market :
WATIZ, the « fashion Shazam ». The application allows to find online looks and clothes from a simple picture.
Botelab, a science and AI based solution, that performs market research for beauty brands, in the context of new product launches (consumers data analysis...)
« The Covid-19 and the acceleration of the numeric transformation shiws that the physical distance isn't a brake anymore to the start-ups' commercial development. StyleTech companies can now meet their audience directly without border restrictions. The world's largest companies are investing more and more in high potential South Korean start-ups. As the South Korean National Institue for design promotion, we are here to support them develop in France and worldwide. » testifies YOON Sang Heum, Korea Institue of Design Promotion President.