VirtualTech Forms Capital Partnership with 'Snow Peak' to Target Apparel Market

[Asia Economy Reporter Hyunseok Yoo] VirtualTech announced on the 30th that it has signed a license agreement and a capital and business partnership with the camping goods specialist company 'Snowpeak' for the outdoor apparel market.

Snowpeak acquired 3.8 million common shares (6.6%, approximately 3.1 billion KRW) through VirtualTech's third-party allotment paid-in capital increase in December last year, and will actively participate in the outdoor apparel business that VirtualTech will launch.

VirtualTech's existing business was waste collection and sales, but after CEO Ho-sun Kim was appointed as the largest shareholder and CEO last year, the company has been steadily preparing to launch a new outdoor apparel business sector.

The company announced a 'new VirtualTech' by making large-scale executive replacements and establishing a solid new business structure to increase profitability and re-evaluate corporate value. Along with this, VirtualTech is determined to revitalize the stagnant outdoor and sportswear market and solidify its position as a leading company through various distribution channels with differentiated brands.

A VirtualTech official said, "Since CEO Ho-sun Kim's new appointment, we have been faithfully preparing a foundation for a leap forward by enhancing brand capabilities and value," adding, "We will establish a virtuous cycle structure that can improve shareholder value through increased sales and profits."

This content was produced with the assistance of AI translation services.