Brandi, an eCommerce company, announced on August 4 that it had successfully raised an additional KRW 20B ($17M) from Naver. With this investment, Brandy plans to accelerate its global expansion with Naver and plans to target the Japanese market in the fashion category as early as this year.
This investment follows Naver's KRW 10B ($9M) investment last year and a strategic alliance between the two companies in May of this year, marking Naver's total investments to KRW 30B ($26M). Brandi’s cumulative fund raised has increased to a total of KRW 75B ($65M).
In May, Naver unveiled the “K-Fashion Digitalization and Globalization Program” with Brandi and KDB, an alliance with a shared goal to sell Dongdaemun products through the Naver Smart Store platform by joining hands with Brandi.
Through the Brandi Fulfillment Center, Dongdaemun wholesale and retail sellers' products can be connected so that they can be sold to Japanese consumers through Yahoo! Japan and Line through Naver's smart store solution.
Brandi CEO Jung-min Seo said, “Brandy is jointly promoting business with Naver to accelerate entry into the Japanese market by the end of this year. Following the completion of the expansion of the Brandi Fulfillment Center to about 4,000-pyeong (13,223 square meters) this year, we will also promote the establishment of a new logistics center.”