Seoul: Musinsa Co., a South Korean fashion platform, announced plans to expand its global presence by opening offline stores in China and Japan in the coming months. This move is part of the company's broader strategy to increase its international footprint.
According to Yonhap News Agency, Musinsa currently hosts about 8,000 South Korean fashion brands on its online platform and operates several offline stores within South Korea. Of these brands, approximately 2,000 are also available on Musinsa Global, the company's English-language platform targeting 13 strategic Asian markets, excluding China.
Domestically, Musinsa runs 25 "Musinsa Standard" outlets selling its private-label products and three "Musinsa Store" locations featuring partner brands. The company plans to open at least two stores in China, with the first in Shanghai in the fourth quarter, and up to three stores in Japanese cities like Tokyo, Osaka, and Nagoya early next year, as stated by Musinsa CEO Park Joon-mo during a press conference.
Musinsa is also eyeing entry into China, Europe, and the Middle East, in addition to its existing 13 overseas markets. The company is exploring collaborations with local firms for logistics and sales networks. Park highlighted the global mainstreaming of K-culture and the emerging opportunities for K-fashion items, emphasizing the timeliness for Korean fashion brands to expand globally.
The company plans to provide its partner brands with a comprehensive "one-stop" service, including marketing, logistics, and local operations in overseas markets. Musinsa aims to increase the number of brands on Musinsa Global to 8,000 by the end of the year, responding to the growing global demand for K-fashion products.
With expanded partnerships and rising demand, Musinsa targets reaching 3 trillion won (US$2.2 billion) in overseas gross merchandise volume (GMV) by 2030, alongside its domestic sales. The company's overall GMV in 2024 was 4.5 trillion won, with an operating profit of 102.82 billion won.
Regarding fundraising for its global expansion, Park mentioned the need for significant investment to build domestic logistics infrastructure, noting that an initial public offering (IPO) will be crucial in their fundraising efforts. Musinsa plans to appoint a lead manager for its IPO process soon, although further details were not disclosed.