[THE INVESTOR] Korean massage chair firm Bodyfriend signed a license contract with Lamborghini on May 11 and will launch a collaborative version in 2018.
The 10-year-old company has been wooing the supercar manufacturer since last year. After several attempts it managed to finally cinch a deal, which Bodyfriend hopes will secure a firm foothold in the global market.
Bodyfriend's Lamborghini Aventador-inspired massage chair BF-290
The Korean firm is seeking to tackle the US market first and announced its plans to open nearly 150 retail stores by 2020 after successfully building itself as a global leader in 2016 with US$360 million revenue. It posted sales of 2.7 billion won (US$2.40 million) in 2007.
Bodyfriend has exclusive rights to use the supercar company’s name on the massage chairs until the end of 2021. It will first introduce its new product BF-290 that not only takes after the design of Lamborghini’s Aventador, but also the material, lighting and the sound of its engine starting.
“We are close to reaching our goal in Korea and would like to grow overseas in the future. This collaboration with Lamborghni will be a new opportunity for us,” said Park Sang-hyun, CEO of the company, adding that it aims to attract more younger customers so that it can reach its 1 trillion won revenue target by 2020.
The two companies estimate that the deal will be worth more than US$3 billion in the coming decade.
By Hwang You-mee (firstname.lastname@example.org)