Fashion: five Korean startups taking on French industry

Portfolio#fashiontechReading time: 03'53''December 7, 2021Photo of actor Park Jeong-min and actress Im Yoon-ah for Marie Claire Korea (Marie Claire Korea, September 2021, Wikimedia )A Global Demo Day was organized on Thursday December 2 by KIDP and Creative Valley to allow Korean fashion and beauty startups to promote their assets to French and international investors. Their goal: to become a reference outside of Asia.SHAREREPORT AN ERRORSAVE PDF / EXPORT

It’s time for the advent of K-beauty and K-fashion – K for Korea (Korea). According to Business France, “South Korea is today one of the most dynamic and influential markets in the world in the field of beauty”. In recent years, influencers and social networks have revealed Korean beauty and fashion secrets to the world. The country's design industry is worth $18.29 billion according to figures from the Korea Institute of Design Promotion. And the "idol" of K-pop, who have enjoyed international fame for a few years, have a lot to do with it. The style of clothing – highly sought after, avant-garde even futuristic – displayed on stage or in clips, has influenced urban fashion. “Koreans are very sensitive to visual beauty,” says Kian Ban, director of the French incubator and accelerator Creative Valley. Indeed, physical appearance is synonymous with a factor of social ascent and popularity.

The Korean group, BTS, in 2021 (Photo / Carolin von Petzholdt, Wikimedia)

In addition to clothing, "the country has the highest consumption of cosmetic products per person in the world, with an average of more than 20 products used per month", details Business France. 11.3 billion euros in revenue were generated in 2018, making Korea "the 9th largest market in the world for cosmetic products, just behind France and India", according to Business France.

A benchmark in Asia

To promote this specificity, KIDP (Korea Institute of Design Promotion) has commissioned the French incubator and accelerator Creative Valley to support five promising Korean startups in the fashion sector and beauty. "Korea is very dynamic in the field of startups," says Kian Ban. For this, a Global Demo Day was organized via Zoom on Thursday, December 2.

Augmented reality makeup, digital personal shopper, ease of purchasing auxiliary materials… The startups Acloset by Looko , Brandi , Ticker by Tachyon BNT , Buja Market by JongdalLab and StyleAI By Fashionade were thus able to promote Korean practices to actors and international investors. "Korea is already a benchmark in terms of fashion and beauty in Asian countries that imitate all its trends," says Kian Ban. From now on, she wants to reach Europe and more precisely France. “It would be a collaboration, an exchange. Koreans also want to learn French know-how. »

Photo of the Global Demo Day 2021 organized Thursday December 2 by KIDP and Creative Valley

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The cosmetics market in particular is a breeding ground for opportunities for French brands that have a reputation for being qualitative and reliable. Business France indicates that “in 2018, French cosmetics exports to South Korea reached 389 million euros, dethroning our American competitors for the first time”.

Strength of adaptation and Korean requirement

In order to reach France, Korea is counting on its main asset: its versatility. “Trends change very quickly, and Korean startups adapt easily. It's a kind of mechanism: companies easily follow trends to find textiles and materials. The efficiency of manufacturing allows clothing collections to be brought to market quickly,” says Kian Ban. Another advantage: “Nothing is relocated, the design, materials and manufacturing are all concentrated in Korea. Added to this is a strength that comes directly from customers: their high standards. “In Korea the climate is very harsh in summer and winter. Satisfying consumers is therefore a major challenge,” says Kian Ban. According to the director of Creative Valley, Korean women are very difficult because they face a very large number of brands and proposals. If a brand wins the hearts of Koreans, then it becomes a safe bet and “will have a strike force elsewhere than in Korea”.

The five startups selected by KIDP and Creative Valley:

–Acloset by Looko: Acloset is a mobile application that offers consumers a digital wardrobe. She offers personalized shopping according to their dressing room and also creates outfits from the clothes already present in their wardrobe.

–Brandi: Brandi is a shopping app for young Millennials (born between 1986 and 1996) and Generation Z (1997-2005). It also offers a same-day delivery service.

–Ticker by Tachyon BNT: Ticker by Tachyon BNT allows consumers to try virtual makeup on using augmented reality technology.

–Buja Market by JongdalLab: Buja Market is an O2O (online to offline) service that breaks the prejudice that auxiliary materials can only be purchased offline. Buja Market effectively improves the working process of designers in the auxiliary materials market.

–StyleAI by Fashionade: With Style AI, Fashionade offers solutions to make the coordination process – normally done by hand – more automated, data-driven, and with the average basket 23% higher.

Maddyness, media partner of Creative Valley