Kolon Industries and Nokia formed a strategic partnership with each other late this month in order to launch a joint business in the IoT wearables market. The signing ceremony took place in Seoul on August 25 and was attended by Kolon Industries CEO Park Dong-moon, Nokia CEO Rajeev Suri, etc.
According to their agreement, Kolon Industries is scheduled to develop two IoT safety jacket prototypes by the end of this year, work on connected fashion as a concept developed from smart fashion, and work with Nokia in the field of R&D for new materials.
Then, they set up a joint venture based on the Lifetech smart jacket brand of Kolon Industries before their business expansion to cover B2B, B2G and B2C.
In addition, the central research institute of Kolon Industries and Nokia Bell Labs are going to cooperate with each other in an increasing number of fields, including materials R&D.