Willbes

What Willbes does

Willbes (THE WILLBES & CO., LTD., KRX:8600) is a South Korean diversified holding company headquartered in Cheonan, operating through three business divisions: Textile, Education, and Investment. The company traces its origins to 1973 as Kunja Industries and has grown into a multi-segment group with global operations and an estimated workforce of 101-250 employees.

The Textile division is an OEM/ODM apparel manufacturer with a multi-country production platform spanning the Dominican Republic, Haiti, Indonesia, China, Cambodia, and Honduras, generating annual exports consistently above USD 200 million for major US and global retailers including Target, Gap, Walmart, Hanesbrands, Carter's, The Children's Place, Disney, Perry Ellis, Old Navy, and Kohl's. The Haiti operation benefits from HOPE II duty-free treatment, and the Dominican Republic hosts a vertical production system. The Education division is one of South Korea's largest adult professional examination preparation providers, covering judicial, diplomatic, government, police, and CPA/tax certification tracks through subsidiaries Miraenet (e-learning) and Namu Business Academy, which holds the #1 position in the Korean CPA exam-prep market. The Investment arm has historically realized capital gains through divestments including eBay/Auction (approximately USD 125 million) and Carlyle/Tower (KRW 69 billion), as well as the 2010 spin-off of KTB Securities.

The company monetizes through apparel manufacturing margins on long-term retailer contracts, tuition and digital subscription revenue across the Korean exam-prep portfolio, and capital gains on investment positions. Revenue exposure is split across Caribbean and Asian manufacturing geographies with HOPE II duty advantages, plus a domestic Korean services business anchored by a multi-city campus footprint (including Seoul, Busan, Daegu, and Gwangju).

Name

Willbes

Legal name

THE WILLBES & CO., LTD.

Website

https://willbes.com

Company type

Public

Founded year

1973

Operating status

Operating

Headcount range

101–250 employees

Short description

Willbes (KRX:8600) is a Korean diversified conglomerate with three divisions: OEM/ODM apparel manufacturing for global retailers (annual textile exports >USD 200M), adult professional exam preparation (CPA, judicial, police, government), and an investment portfolio with a history of equity divestments.

Ownership category

akta.pro rank

Headquarters

HQ city

Cheonan

HQ country

South Korea

HQ region

Asia

Offices9 records

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Personnel, Operations, Infrastructure, Marketing or Sales, Technology or R&D

Revenue model

1. Textile Export Revenue: Willbes exports apparel to major global buyers (Target, Gap, Wal-Mart, Hanesbrands, Carter's, The Children's Place, Disney, Perry Ellis, Old Navy, Kohl's) through OEM-ODM arrangements, recording annual sales of over USD 200 million. Production bases in Dominican Republic, Haiti, Indonesia, China, Cambodia, and Honduras.
2. Education Business Revenue: Education business covers postgraduate training including judicial examination, diplomatic examination, government official exams, appraiser certification, labor attorney certification, public servants, police exams, civil service promotion exams, teaching certification exams, TOEIC, TEPS, and accounting/cPA/tax accountant programs through Namu Business Academy. Revenue from tuition/registration fees.
3. Investment Business: Investment department administers overseas affiliates and explores new profitable businesses. Past successful investments include KTB Securities acquisition (1999), divestment of Internet Auction to eBay for ~KRW 1,500 billion (2001), merger of Wowbook with Yes24 (2002), sale of Internet Tower to Carlyle Group for KRW 69 billion (2003).

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels7 records

Core offering

Willbes is a diversified Korean holding company operating three business divisions: (1) a global textile manufacturing and export business running OEM-ODM production of knitwear, apparel, and swimwear for major international retailers across factories in the Dominican Republic, Haiti, Indonesia, China, Cambodia, and Honduras; (2) an adult professional education business offering exam preparation courses (judicial, diplomatic, civil service, police, CPA, tax, language tests) through the willbes.net portal, physical Willbes Academies, and subsidiary Miraenet's e-learning platform; and (3) a venture investment business managing stakes in promising internet and technology companies.

Product overview

Willbes operates three core business divisions: Textile Business (global apparel manufacturing and export with OEM-ODM operations across Latin America and Southeast Asia), Education Business (exam preparation services through willbes.net, Miraenet e-learning solutions, and acquired Namu Business Academy for CPA/tax courses), and Investment Business (venture capital and business development including historical stakes in KTB Securities, Internet Auction, and Wowbook). The company is a diversified conglomerate established in 1973, serving major global buyers like Target, Gap, and Walmart while also operating Korea's leading adult examination preparation education platform.

Differentiator

Problem solved

Functional benefit

Brands

• Willbes Education: Online education platform for professional exams including law, diplomacy, government official, appraiser, labor attorney
• Namu Business Academy
• Miraenet

Products and services

• Willbes Textile Business (OEM-ODM Apparel Manufacturing and Export) Global apparel manufacturing and OEM-ODM export business producing knitwear, swimwear, and apparel for major retail buyers including Target, Gap, Walmart, Hanesbrands, Carter's, The Children's Place, and Disney. Operates production bases in Dominican Republic, Haiti, Indonesia, China, Cambodia, and Honduras with annual exports consistently above USD 200 million.
• Willbes Education (willbes.net) - Adult Professional Exam Preparation Adult examination preparation education services covering judicial examination, diplomatic examination, government official exams, appraiser certification, labor attorney certification, civil servant exams, police exams, civil service promotion, teaching certification, TOEIC, TEPS, and accounting/CPA/tax accountant programs (the latter delivered through Namu Business Academy). Courses delivered online via the willbes.net portal and offline through Willbes Academy campuses.
• Miraenet E-Learning Platform E-learning solutions subsidiary specializing in online education technology for professional certification programs; provides personalized, anytime/anywhere learning through the miraenet.com platform, integrated with Willbes' course offerings.
• Namu Business Academy (나무경영아카데미) Specialized CPA and tax accountant examination preparation courses holding the #1 market share in Korean certified public accountant and tax accountant fields, recording continuous annual growth.

Quantifiable outcome

• Annual apparel exports consistently over USD 200 million
• +3 more outcomes

Named customers13 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Six partnerships are on record, tiered core and historical.

• 한세실업 (Hanse Sillup / Hanse Industry)coreStrategic or Co-development Partner · 8 May 2023Willbes and Hanse Sillup signed an MOU for a strategic partnership. This aligns with Willbes' ongoing efforts to diversify and strengthen its business portfolio through strategic alliances with industry peers.
• IFC (International Finance Corporation)coreStrategic or Co-development Partner · 1 May 2023IFC (World Bank Group member) awarded Willbes the Partnership Award at its 10th anniversary ceremony, recognizing Willbes as a valued strategic partner.
• Miraenet (미래넷)coreStrategic or Co-development PartnerMiraenet is Willbes' subsidiary e-learning specialist. Willbes pioneered new territory in online education through collaboration with Miraenet, using new technologies and a personalized approach to learning to inspire students.
• 나무경영아카데미 (Namu Business Academy)coreStrategic or Co-development PartnerNamu Business Academy was acquired in July 2015 and specializes in CPA and tax accountant education, holding the #1 market share in its segment and growing annually.
• eBay Inc.historicalStrategic or Co-development PartnereBay Inc., one of the world's largest online trading companies, acquired Internet Auction from Willbes in February 2001 for USD 125 million.
• Yes24historicalStrategic or Co-development PartnerYes24, Korea's #1 internet bookstore, merged with Wowbook (a Willbes affiliate) in May 2002 in an unprecedented M&A event that created Korea's largest internet bookstore.

Scale indicators7 records

Recent moves10 records

Expansion highlights5 records

Direct peers

• Youngone Corporation: Korean apparel OEM-ODM manufacturer exporting to global retailers including Walmart and Target from manufacturing bases in Bangladesh, Vietnam, and other low-cost countries. Closely comparable business model, customer set, and export-driven Korean-headquartered structure to Willbes' textile segment.
• Shenzhou International Group Holdings: Largest knitwear OEM in the world, supplying Nike, Uniqlo, Adidas and other global brands from China and Southeast Asia facilities. Direct comparable to Willbes Dominicana's knitwear operations and major-retailer customer profile.
• MegaStudy: Korea's leading adult examination preparation education company competing directly with Willbes Education in judicial, civil service, and CPA exam prep, including online delivery. Closest comparable to Willbes' education segment.
• Etoos Education: Korean online education company specializing in recorded/online exam-prep content for high school and adult professional certification. Comparable to Willbes' Miraenet e-learning subsidiary in the digital exam-prep category.
• Eclat Textile Co., Ltd. Taiwan-based apparel OEM-ODM manufacturer serving Nike, Under Armour, Lululemon and other global performance/active brands. Comparable OEM-ODM model and global apparel customer base to Willbes' textile segment.
• Hansae Co., Ltd. Korean apparel OEM-ODM manufacturer supplying Target, Walmart, H&M and other global brands from Vietnam, Cambodia, and other Southeast Asia facilities. Direct competitor in the same Korean-headquartered textile export category as Willbes.
• Sae-A Trading Co., Ltd. One of the largest Korean apparel OEM-ODM exporters with manufacturing in Guatemala, Nicaragua, Vietnam, Indonesia, and Cambodia serving Target, Walmart, Gap and similar buyers. Closely comparable customer base and geographic production footprint to Willbes.
• Daehyun Co., Ltd. Korean textile and apparel manufacturer with export-oriented OEM-ODM operations to global brands. Comparable Korean-headquartered textile exporter with multi-country production.

Broad incumbents

• Ruentex Industries: Taiwan textile conglomerate spanning upstream yarn production through downstream apparel, broader in vertical scope than Willbes but operating in the same textile/apparel OEM category across Asia.

Others

• Hanesbrands Inc. Major US apparel brand that is both a Willbes customer (per disclosed buyer list) and a competitor in innerwear/basic apparel. Useful reference for buyer power dynamics and apparel category economics relevant to Willbes.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries15 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Willbes