3. IGOREE is a ‘Modern Hanbok Platform’.
The terms ‘Modern Hanbok’ and ‘Platform’ defined as above.
BUSINESS IDEA
CONCEPT
IGOREE: Modern Hanbok Platform
IGOREE is a compound word
made of ‘I’ and ‘goree’,
respectively meaning ‘2’ and ‘linkage’
in Korean.
IGOREE therefore aims to promote a
linkage between
1. Traditional culture
with modern culture
2. Hanbok culture
and customers
Hanbok refers to the
Korean traditional dress.
Modern Hanbok refers to the
modernized version of Hanbok, which
has been increasingly consumed by
females customers in their 20s and 30s
in the recent years.
Modern Hanboks are worn
on a regular basis along
with regular outfits.
IGOREE is an online platform
connecting the Modern
Hanbok brands with their
customers.
It is basically an online
shopping mall and
community, available to
customers on PC and smart
devices.
Image: modern hanbok
4. Modern Hanbok differentiates from traditional Hanbok,
for they are intended at younger customers for daily occasions with modern materials and lower prices.
IGOREE aims to expand the modern Hanbok share as a competitive fashion item.
BUSINESS IDEA
POSITIONING/TARGET
Main Target: Female customers in their 20’s
Sub Target: Females customers in their 30’s
1. Sensitive to trends
2. Purchasing power over clothing
3. Influenced by contents
4. Highly sensitive WOM
COSTUME
FASHION
LUXURY FAST FASHION
TRADITIONAL
HANBOK
REGULAR
FASHION
BRANDS
MODERN
HANBOK
TARGET
5. SELECT SHOP CUSTOMIZE
Differentiation among brands
Brand equity & name value
Affordable ready-made products
Product over brand
High quality & personalized
Hand-made processes
COMMUNITY
-Daily look
Street Fashion
Photoshoot
IGOREE provides three main functions.
(1)Select Shop for multiple Modern Hanbok Brands
(2)Customized order-made for Modern Hanbok
(3) Fashion Community for Modern HAnbok
BUSINESS IDEA
MAIN FUNCTIONS
6. SELECT SHOP
-
In IGOREE select shop, Modern Hanbok brands form partnerships
to distribute their products through the IGOREE platform.
Commissions are the main source of revenue from this function.
BUSINESS IDEA
MAIN FUNCTIONS-1/3
Image: screenshot of igoree select shop
7. Being a relatively new trend, designs are limited for Modern Hanboks.
In order to provide a wider range of variety to cover all fashion tastes,
IGOREE provides a customization service in which customers can select
material, design, details, and measurements according to taste.
BUSINESS IDEA
MAIN FUNCTIONS-2/3
CUSTOMIZE Image: screenshot of igoree customization
8. -
IGOREE communicates with customers via fashion contents.
By creating contents that are widely consumed by the target segment,
the awareness of IGOREE and Modern Hanbok among customers can be raised.
Contents are distributed in Instagram, facebook, styleshare, and lookbook.nu.
BUSINESS IDEA
MAIN FUNCTIONS-3/3
COMMUNITY Image: screenshot of igoree community
9. IGOREE has four revenue models, of which fee revenue is the main model.
As the service gets on track, additional revenue models can be realized.
BUSINESS IDEA
REVENUE MODEL
Fee Revenue Ad Revenue
Marketing
Revenue
PB Revenue
Commision from sales
from partnership brands
in the IGOREE platform
Payments for additional options
within the website
(ex. Display as recommended)
Payments for maketing activities,
including e-mail marketing,
SNS keyword marketing, etc.
Sales from private brand
products, cultural classes,
collaboration products, etc.
11. Although Modern Hanbok is a niche market, the profitability analysis is promising.
Moreover, because the market itself is expected to expand,
the analysis above can be interpreted as a conservative outlook.
ITEM BACKGROUND
PROFITABILITY ANALYSIS
Korean Fashion Indsutry
34.3 trillion KRW
Hanbok Industry
1.3 trillion KRW
(Lotte Dptm. Store, 2014)
Modern Hanbok Industry
0.45-.075 trillion KRW
(SAM)
Early Stage
Online Shopping Mall Form
40% of SAM
One purchase
(top+bottom)
150K-200K KRW
First-mover advantage
Expected Market Share
at year 1 5%
Goal Market Share
at year 3 20%
Early Stage Revenue
= Sales Commission
15% from Partner Brands
5% Share at year 1
Commission Revenue
of 2.5 million KRW
20% at year 3
10 million KRW
12. Hanbok has become widely worn and consumed by women in their teens, 20s, and 30s over the last 5 years.
The sales of hanbok in general has on the rise in online open markets,
and the major search engines (naver, google) has also shown rising trend in hanbok keyword searches.
Modern Hanbok has gained popularity in SNS and settled as a new trend among female consumers.
ITEM BACKGROUND
MODERN HANBOK TREND
Naver Search Trend for ‘hanbok’
Google Search Trend for ‘hanbok’
Instagram tags for ‘Modern Hanbok’
13. Sellers of Modern Hanbok has rised more the 1000% over the last couple of years.
Although a fast growing industry, some pain points remained unsolved, as stated above.
IGOREE addresses the issues by providing its three main functions.
ITEM BACKGROUND
PAIN POINT
0
50
100
150
200
250
300
2014 2016
Modern Hanbok
Sellers
Information and products of Modern
Hanbok are dispersed, making it
difficult to find, purchase, or compare
products.
Most sellers are a 1-person brand, with weak differentiation,
marketing strategies, and sales infrastructure. Even though most
sell online, there is not a dominant distribution channel for
Modern Hanbok.
Because it’s a relatively new item, there is not a set idea on how Modern Hanboks should be marketed, sold,
purchased, or worn. In general, there is a lack of information despite a wide range of curiosity and interest in
the product of both parties.
CUSTOMERS SELLERS
BOTH PARTIES
▶ IGOREE SELECT SHOP/CUSTOMIZATION
▶ IGOREE FASHION CONTENTS/COMMUNITY
15. IGOREE is composed of two co-founders and two employees,
with in-house staff for content building.
TEAM
ORGANIZATION
IGOREE
Online Marketing
Manager
Kim Na Yeon
In-house Models
Photographer
Pierre Zipagan
Overseas
Marketing Manager
Yi Liu Han
CEO
Cheon Jin Woo
Co-Founder
Ryu Soo Yon
16. CEO: Planner / Developer
CHEON JIN WOO
TEAM
MEMBERS
Yonsei University: Creative Technology Management
LG Electronics X Design Factory Korea: IoT Project Researcher(2015)
University Startup Worldcup: Finalist, Copenhagen (2015)
Seoul Aspirin Center Startup Competition: Winner (FinTech Idea) (2015)
Yonsei University Communication School UX Lab: Intern Researcher(2014)
Having a thorough understanding of the startup field,
Jin Woo is not only capable of business planning,
but also has the ability develop web and application services.
His competencies allow IGOREE to be built, developed, and if needed, pivot.
His fluency in Korean and English allows IGOREE to be expanded internationally.
17. Co-founder: Branding Manager / Sales
RYU SOO YON
TEAM
MEMBERS
Yonsei University: Culture and Design Management, Business Administration
Yonsei University Service Management Society: Founder/President (2016)
LG Electronics X Design Factory Korea: IoT Project Researcher(2015)
Yonsei Theater Arts Research Club: PR Manager (2015)
Lapalette: Collaboration Fashion Designer (2013)
Fashion/Beauty Power Blogger (2008~)
-
Having experiences in the fashion industry and in hanbok making,
Soo Yon has a fundamental understanding of the core of this business item.
Her competencies allow IGOREE to build competitive branding of fashion contents.
Furthermore, with experiences in fashion design, IGOREE can expand
its item to private brand and collaborations.
18. Online Marketing Manager / Web Designer
KIM NA YEON
Yonsei University: Information Interaction Design
SK Planet: O2O UX Intern (2016)
Yonsei Theater Arts Research Club: Planner / PR Manager (2016)
Techno-Art Student Club: PR Team (2015)
TEAM
MEMBERS
Being a young UX designer with background in PR,
Na Yeon manages and designs contents for online marketing.
Her experiences in the culture fields allows
active communication with potential customers.
19. Overseas Marketing Manager
YI LIU HAN
Yonsei University: Business Administration (Graduate School)
(Research Field: Social Contagion, SNS Marketing, Service management)
Asia Hope Camp: Chinese Market Manager (New Product Design, Marketing)
Etude: Chinese Market Researcher
Ju Hyung Jun Entertainment Management Agency: Owner
TEAM
MEMBERS
Being a foreigner(Chinese) studying in Korea,
Liu Han is fluent in Korean, Chinese, and English, making overseas penetration viable.
Moreover, her expertise in Chinese market research and SNS marketing
helps IGOREE build a sturdy starting point in the Asian markets.
21. After launching our MVP(minimum viable product) in the market,
we observed the potential potholes for our business idea.
Based on the observation, our future plans were made to address these potholes.
POTHOLES & PLANS
MAJOR POTHOLES
Lack of
information on
how to wear
Modern Hanbok
Increasing sellers,
but with poor
branding
New customers
wanting offline
interaction with
products
Active Communication with Customers
Limited and
similar designs
among brands
22. Benchmarking the most successful fashion select shops,
IGOREE plans to provide fashion contents through SNS.
By providing the popularly consumed fashion contents with Modern Hanbok,
IGOREE aims to raise awareness and solidify Modern Hanbok as a fashion item.
IGOREE BRANDS
Lack of information on how to wear
Modern Hanbok
DAILY
LOOK
STREET
FASHION
PHOTO
SHOOT
CONTENTS
POTHOLES & PLANS
CONTENTS BUILDING
23. Moreover, IGOREE selected some of the biggest Hanbok purchasers and SNS influencers
and contents creators to collaborate with IGOREE in contents production.
POTHOLES & PLANS
SUPPORTERS
Lack of information on how to wear
Modern Hanbok
Image: igoree supporters
24. In order to increase market share, IGOREE continues to form partnerships with sellers.
Each partners go through an extensive branding process with IGOREE,
and are positioned and branded to each achieve a competitive edge.
In addition, IGOREE creates contents to solidify the brandings.
POTHOLES & PLANS
QUALITY CONTROL
Increasing sellers,
but with poor branding
Image: igoree initiated-photoshoot
25. Although reguar users are comfortable with online purchases,
new customers seek offline interaction to try the new items.
IGOREE held a successful pop-up store in the university areas,
and plans to do so on a bi-yearly basis to attract new customers.
POTHOLES & PLANS
POP-UP STORES
New customers wanting offline
interaction with products
Image: photos from igoree’s 1st pop-up store
26. In addition, IGOREE has held cultural events to increase retention of heavy buyers.
These events solidifies IGOREE’s brand image and raise awareness among hanbok-enthusiasts.
POTHOLES & PLANS
CULTURAL EVENTS
New customers wanting offline
interaction with products
Image: igoree 1-day culture class
27. Because the designs are similar among brands,
IGOREE collaborates with regular fashion brands to provide novel designs,
and to expand the interest to fashion people.
IGOREE is now in collaboration with a Thai brand to penetrate overseas market.
POTHOLES & PLANS
COLLABORATION
Limited and similar designs among
brands
Image: igoree collaboration with folkcharm
28. IGOREE also plans to expand to private brand to increase revenue
and provide competitive designs with an in-house hanbok designer.
POTHOLES & PLANS
PRIVATE BRAND
Limited and similar designs among
brands
Image: hanbok designers from igoree designer
29. IGOREE aims to expand overseas by the end of 2016 to meet the demands of international customers.
Target customers include hanlyu-enthusiasts with the purchasing power.
The website is to be translated into English, Chinese, Japanese, and Spanish for such customers.
IGOREE also ships worldwide, allowing Koreans living in aborad to purchase hanbok.
POTHOLES & PLANS
INTERNATIONAL SERVICE
Expanding to Overseas Market
Image: hanbok lecture in an asia-pacific culture event
30. 1Q 2Q 3Q 4Q
IGOREE has so far successfully launched its MVP(minimum viable product) in the market,
held multiple events for promotion, and is currently working to raise awareness.
Its plans for 2016 include expansion to oversea markets and securing additional revenue streams.
With the short-term mission being expanding the Modern Hanbok market per se, the plans are promising.
POTHOLES & PLANS
2016 MILESTONES
Completed Milestone
In-Process Milestone
Planned Milestone
