Hyosung TNC Invests in Eco-Friendly Fashion Startup
Kim Yong-seop, CEO of Hyosung TNC (left in the photo), and Wang Jong-mi, CEO of Pleats Mama, are taking a commemorative photo after the equity investment agreement ceremony on the 28th. Photo by Hyosung TNC
View original image[Asia Economy Reporter Choi Dae-yeol] Hyosung TNC announced on the 29th that it has decided to invest by acquiring shares in the eco-friendly fashion startup Pleatsmama.
This investment will strengthen the strategic alliance between the two companies. Hyosung TNC will contribute to establishing Pleatsmama as a leading domestic eco-friendly fashion brand by stably supplying eco-friendly fibers and supporting sales activities, branding, and entry into the global fashion market. The specific amount of the equity investment was not disclosed.
Pleatsmama is a fashion startup that produces clothing and accessories using eco-friendly fiber materials in a way that generates no waste, such as leftover fabric scraps. The two companies previously collaborated on various projects, starting with the Knit Pleats Bag project made from Re:gen polyester fiber recycled from discarded PET bottles in 2018, and worked with Jeju City, Seoul City, and Yeosu Port Fishing Cooperative, among others.
With this investment as a turning point, Hyosung TNC will launch the ‘Re:gen Lab Project.’ This project involves collaborating with fashion startups like Pleatsmama to create various eco-friendly fashion products using eco-friendly materials developed by Hyosung. Hyosung TNC plans to prioritize applying its fiber prototypes to startup products and release them through various exhibitions and online platforms. Depending on market response, they will develop fiber or fabric products. In addition to Pleatsmama, Hyosung TNC will continue to invest steadily in other promising eco-friendly fashion startups.
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Kim Yong-seop, CEO of Hyosung TNC, stated, "Based on the know-how of a large corporation, we will build various cooperative systems with startups and spare no support to discover many capable eco-friendly fashion startups."
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