K Cube Ventures – specialist in mobile, internet and technology investments has invested US$500k (KRW 600m) into Mutzip, the provider of Hot Source an independent fashion platform.

The name Hot Source refers to the independent platform’s ability to find ‘Hot’ trends and ‘Source’ fashion brands. The service is able to connect Korean independent fashion brands with buyers via mobile app and web base equipped with an easy transaction service.

Mun Gun, the director of the business with more than 18 years of industry experience in wholesale and retail of fashion has a developed understanding of the business as well as a widespread network. The platform was created after recognizing the need for independent fashion designers to conveniently promote and market their new products and to feed the need of retail buyers with their appetite for order through mobile platforms.

Hot Source does away with cumbersome and inconvenient ordering and payment processes and simplifies the steps from search to check out into one single operation. In particular, Mutzip utilizes the former shops it operated to link into DongDaeMun wholesale market as well as other independent brands.

Mutzip opened Hot Source in April and the feedback so far has concreted the decision of the company to concentrate on web and mobile platforms. From next year, the company plans to actively market with aims to increase the number of users as well as gain further interest from Korean fashion industry. The company has further plant to expand the platform to a global offering.

Mun Gun from Mutzip commented, “By promoting independent fashion brands will provide positive contributions to other areas of the fashion industry”.

Jung Shin Ah from K Cube Ventures commented, “Although the fashion trend for independent brands has evolved rapidly, the platforms supporting this business is stuck in inefficient methods of the past”. “We are hopeful with Mutzip’s experience in the independent fashion industry and knowledge of the required technology will bring a paradigm to the industry”.

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