Popular Korean fashion platform Musinsa has raised a Series C investment of more than $187 million (KRW 240 billion) from global private equity firm Kohlberg Kravis Roberts (KKR) and asset manager Wellington Management.
The company’s previous investment was a $ 101 million (KRW 130 billion) Series B round led by Sequoia Capital and IMM Investment in March 2021 at a valuation of $ 336 million (KRW 2.5 trillion). Cumulatively, the company has raised $ 336 million (KRW 430 billion).
After more than two years of investment since 2021, Musinsa’s enterprise value has been recognized at $ 2.73 billion (KRW 3.5 trillion), approximately $ 780 million (KRW 1 trillion) higher than before. Investors reportedly expect Musinsa to play a pioneering role in promoting K-fashion in the global market by leveraging its platform operation capabilities and brand cultivation expertise accumulated in Korea.
With this investment, Musinsa plans to build a business that is different from the way existing companies grow. By combining content and commerce, starting with the community, Musinsa plans to build on its success story and expand its business from online to offline, from Korea to overseas.
With the financial resources from the investment, Musinsa plans to actively engage in mergers and acquisitions to create new growth engines. Starting this year, the company will also actively invest in brands to improve the competitiveness and profitability of our services such as Musinsa Store, 29CM, Lazy Night and Soldout in the increasingly competitive fashion market. It plans to secure global brand IPs that have not been introduced in South Korea, identify and directly invest in promising brands with high growth potential, and expand its presence and improve its profitability.
In addition, Musinsa will also strengthen its offline presence to expand consumer touch points for fashion brands. Musinsa will expand the brand’s pop-up store space, currently concentrated in Seongsu, Hannam and Hongdae, and increase its offline presence by opening Musinsa Standard Store and Musinsa Select Shop in Daegu and Busan.
“Not resting on our laurels, we will continue to work with local and international fashion brands to set new standards of success in the online and offline markets,” said Mun-il Han, CEO of Musinsa.
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