FuturePlay, LG Electronics Joint Venture 'First Spin-off'

Introducing 'Hidden Peter,' a Non-Face-to-Face Fashion Platform That Finds the Optimal Size Tailored to Customer Body Types
The First Case of a Company Established Through Direct Collaboration Between a Large Corporation and an Accelerator

The EDWO team, spun off as an external venture, is introducing the 'Hidden Peter' service to customers. Photo by FuturePlay

[Asia Economy Reporter Kim Heeyoon] FuturePlay announced on the 17th that the external venture jointly established with LG Electronics is spinning off for the first time.

FuturePlay started a new business discovery project last year with LG Electronics' CSO Division Business Incubation Center. Both parties explained that they decided to spin off as an external venture because they judged that this project has business potential to diversify growth engines.

This project is the first case where FuturePlay and LG Electronics employees discover new business opportunities and commercialize them. The name of the external venture company spun off earlier this year is ‘EDWO,’ an acronym expressing the aspiration to continue a wonderful journey where eternal delight unfolds endlessly (Eternal Delight, Wonderful Odyssey).

EDWO plans to officially launch its business starting with the ‘Hidden Fitter’ service. Hidden Fitter is a fashion platform service that finds the optimal size and fit tailored to customers' body shapes online in a non-face-to-face manner, suited to the new normal era.

According to FuturePlay, it will support investment, technological capabilities, and networks together with LG Electronics to ensure the successful establishment of this business. Additionally, FuturePlay added that starting with this case, it plans to promote various collaboration methods to help nurture internal and external ventures of large corporations.

Ryu Junghee, CEO of FuturePlay, said, “We are pleased to undertake an innovative attempt with LG Electronics to create a joint startup by bringing together members beyond the traditional financial investment and early startup nurturing followed by mergers and acquisitions, which were done by large corporations and accelerators.” He added, “This will be a model case where accelerators and established industry leaders jointly find ideas, discover business potential, and start a company in the startup way.”