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She couldn't show it off due to the weather.
IU attended the recent 'Seoul Music Awards' in a long black dress that she had under a black blazer. The weather was freezing at -12 degrees celsius on the day of the event that it was impossible to go on without an outer wear.
It seems like IU herself really liked the dress that she shared pictures of her in only the dress on her Instagram with the caption going, "Beautiful dress that I couldn't show off because it was cold. Seoul music awards after a while."