Hyungji Elite announced on Wednesday that it has signed a memorandum of understanding (MOU) with Shanghai Zhongshuai Robot Co., Ltd., a Chinese firm specializing in intelligent exoskeleton robots, to collaborate on research and development of wearable robots and market entry.
The two companies plan to join forces in researching and designing wearable robot products tailored to the physical characteristics and lifestyles of senior customers in both South Korea and China, as both nations grapple with rapidly aging populations.
Their goal is to incorporate the fashion company’s expertise in pattern design and material technology into the robot frame, creating a more user-friendly robot design that feels less mechanical and more comfortable to wear.
The partnership aims to develop specialized high-performance fabrics that are both breathable and elastic, suitable for industrial (business-to-business (B2B)) protective gear and senior-focused (Business-to-Consumer (B2C)) mobility assistance devices.
Going beyond a mere technical partnership, the collaboration will involve exchanging research personnel to foster substantial technological cooperation.
Through this agreement, Zhongshuai Robot intends to enhance its core technology in the wearable robotics field to develop products suited for both Korean and Chinese consumers.
Hyungji Elite will leverage its deep understanding of the senior market to provide expertise in distribution strategies and design, taking charge of market validation.
In the year following the agreement, both companies plan to engage in practical discussions to further define the scope of their cooperation and implementation strategies.
Hyungji Elite aims to expand its reputation and expertise, gained in the Chinese premium school uniform market, into the robotics industry. The company envisions creating a new model for smart fashion that benefits businesses in both countries.
A spokesperson for Hyungji Elite stated that by merging Zhongshuai Robot’s cutting-edge technology with our fashion distribution know-how, it aims to introduce groundbreaking wearable robotic products that enhance mobility and boost self-esteem for seniors.
Hyungji Elite plans to use this agreement as a launchpad to expand beyond South Korea into the vast Chinese market. Their strategy involves first establishing a foothold in the B2B protective gear market for industrial safety, then broadening their scope to include senior mobility assistance robots (B2C), which are crucial in addressing the challenges of an aging society. This comprehensive approach aims to secure future growth drivers.
Hyungji Elite has identified the senior wearable robot market as a key future growth engine and is focusing its resources on advancing related business initiatives. The company recently completed the trademark application for Hyungji Robotics and recruited Lee Jun-gil, a former Doosan executive, to lead their future business expansion efforts. They plan to leverage their extensive senior-focused distribution network, comprising over 5,000 locations domestically and internationally, to commercialize products while simultaneously capturing market share.