“The LG Electronics president envied them” They resigned after receiving 3 billion won investment

EDWO, a startup that is preparing a tailored fashion platform for men, is a proven rookie from a trainee of a large agency in the entertainment industry. This is a case where LG Electronics and the human resources and capital of Future Play, a company that fosters innovative startups (accelerator), have joined forces. It is also the first case that LG Electronics executives and employees have discovered new business opportunities with external companies and commercialized them.

Startup EDWO, created in collaboration with LG Electronics and startup fostering company Future Play, will launch’Hidden Peter’, a fashion platform for men, in the first half of the year. EDWO CEO Lee Seung-mi (left) and Kang Hyun-jin, EDWO director. [EDWO]

LG Electronics and Future Play decided that EDWO’s fashion platform’Hidden Peter’, which has been discussing since last year, has business potential, and recently spun off. EDWO, which means’We will continue on a wonderful journey where great pleasure unfolds endlessly (Eternal Delight, Wonderful Odyssey)’, became LG Electronics’ first outside venture company. Lee Seung-mi (34), EDWO CEO and Kang Hyun-jin (31), who have led the discovery of new businesses at Future Play and LG Electronics, were interviewed at the Tipstown office in Yeoksam-dong, Seoul on the afternoon of the 19th.

Future Play, which started as an early technology startup investor in 2013, received a total of 3 billion won from LG Electronics, Naver, and SK Planet in 2016. LG Electronics needed a partner who could discover promising startups and verify new business ideas externally, and Future Play needed the know-how and funds of large companies. Since then, the two companies have discussed the discovery of new business items several times and have started working together in earnest from last year.

CEO Lee said, “Three people from LG Electronics and Future Play each joined together to conceive and develop business items.” “After working together, it is meaningless to distinguish between a large company and a startup. There was” he said. CEO Lee and Director Kang remained at EDWO, but the rest of the employees who were planning a business together are returning to their respective companies and discovering another new business item.

‘Hidden Peter’, which EDWO is preparing to launch in the first half of this year, is a non-face-to-face customized fashion platform for men. When you have a question,’What should I wear on a blind date next week?’ If you enter Hidden Peter, you can get recommendations for fashion items that fit your body shape and taste.

EDWO CEO Lee Seung-mi and Kang Hyun-jin are providing Hidden Peter services to customers. [퓨처플레이]

The reason for designing a fashion platform for men is that it has high potential for growth. Director Kang said, “At the stage of the investigation, we were able to confirm that men also had a strong desire to wear clothes as well as women,” and said, “Although men do not openly say’I want to wear well,’ men are worried about their body shape, I had a lot of grievances about which item to choose,” he explained. CEO Lee said, “There is no need for injectable recommendations such as “‘The coat with this design is fashionable these days”. “Hidden Peter’s strength is not to recommend only a specific brand or to wear it like a celebrity. “I will.” EDWO is focusing on building a men’s fashion database to improve service quality.

Why did you choose independence instead of a stable environment? CEO Lee said, “If we started with a project of both companies, we decided that there would be limits to growth.” He said, “It is not true independence if you live in your parents’ house and get food and your parents pay taxes instead,” he said. “I want to ask LG Electronics and Future Play to’collaborate to create synergies’ because the independent EDWO is working well.”

Isa Kang said, “If you compare it to the sea, the place where you can go by a big boat and the place where you can go by a small boat are different,” said Kang. “The hidden Peter service has many places to go by exploring more places with a small boat.”

Service screen of’Hidden Peter’, a non-face-to-face fashion recommendation platform for men. [EDWO]

The two got permission to spin-off from LG Electronics and Future Play at the end of last year after a 4-5 month market research period and item development period. CEO Lee said, “While preparing a report for LG Electronics executives, there was a preconceived notion that’isn’t the decision-making process slow for large companies?’ But when we met, we didn’t feel any barriers of communication. We only looked at business items and passion rather than our background. “He said. Director Kang said, “CEO Bong-Seok Kwon, CEO of LG Electronics, listened to our report and encouraged him to say,’I am more envious of doing a new business than myself in a large company.'”

Reporter Ha Sun-young [email protected]

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