[SEUM Law] SEUM Law Advises NAVER’s Fashion Tech Company BRANDI in its KRW 10 Billion Investment Round
SEUM Law advised NAVER Corporation (“Naver”) on its investment in BRANDI, Inc. (“BRANDI”), the fashion tech company, and BRANDI’s subsidiary AVID E&F, valued at an aggregate total of KRW 10 billion (relevant news article here).
BRANDI was the first company in Korea to launch in 2018 an all-in-one fulfilment service called “Helpi” for sellers in Dongdaemun (one of the most well-known shopping districts in Korea) which provides buying, packaging, delivery, and customer response services, and recently also have launched “Trendi” through AVID E&F, which is a mobile wholesale center for wholesalers and retailers in Dongdaemun. CEO of BRANDI, Jungmin Seo, remarked that, “through this investment, we will contribute to the digital transformation of the world's largest fashion cluster, Dongdaemun market, together with NAVER.” (See relevant news article here).
Since last May, NAVER has been testing its Dongdaemun Fulfillment Service for sellers on BRANDI and NAVER Smart Store and decided to invest in BRANDI given the high probability of future collaboration and synergy. NAVER has recently been actively making strategic investments in various fulfillment startups including BRANDI and continues to develop its capacities by growing the alliance between NAVER Smart Store and the logistics industry in order to solidify their reputation of being “the most satisfactory platform for small business owners”.
As NAVER’s long-time legal partner, SEUM Law advised NAVER on the entire process of this strategic investment in BRANDI and has successfully assisted in a smooth completion of the transaction.
The SEUM Law team was comprised of partner Hoseok Jung and associates Egyul Kim, and Yoonji Lee.