Unlike competitors supported by their parent companies, LG fashion was completely separated from LG International Corp.(LGIC) and started its independent operation since September 1, 2006. Before the equity spin-off, LG fashion had a difficult time implementing fashion-oriented strategies because it was just a business department of LGIC whose main business operations are focused on trade and distribution. The entrance of global SPA firms to domestic market, diversification of rival firms, and, moreover, inefficient synergy with LGCI were pivotal reasons for LG fashion’s spin-off. The aim of this study is to draw implications on process problems that a spin-off company might undergo while corporate restructuring is in progress. This study deals with a successful spin-off strategy of LG fashion that grows as strong as high-ranked fashion firms by adopting business restructuring within 5 years since 2006. For example, LG fashion almost caught up with Cheil Industries Inc. and E-Land World, 1st and 2nd firm in 2006, in terms of sales, operating sales, and net profits. In this case, we discuss about why LG fashion had to conform to spin-off, what made it decide to take corporate restructuring, and how it operationalized such decision and strategies. This study, therefore, compares and analyzes the results of each strategic decision and is expected to give the opportunity to systematically learn an appropriate spin-off process for business specialization.