Seoul: Musinsa Co., a South Korean fashion platform, announced plans to open offline stores in China and Japan in the coming months as part of its global expansion strategy. The company, which already offers around 8,000 South Korean fashion brands on its online platform, is looking to strengthen its presence in international markets with these new ventures.
According to Ethiopian News Agency, Musinsa currently operates several offline stores within South Korea and offers its products through Musinsa Global, an English-language platform that targets 13 strategic Asian markets, excluding China. Of the 8,000 brands available on its platform, about 2,000 are also sold through Musinsa Global.
Domestically, the company runs 25 “Musinsa Standard” outlets for its private-label products and three “Musinsa Store” locations featuring partner brands. Musinsa’s CEO, Park Joon-mo, revealed during a press conference that the company plans to open at least two stores in China, starting with one in Shanghai in the fourth quarter, and up to three stores in Japanese cities such as Tokyo, Osaka, and Nagoya early next year.
In addition to its current overseas markets, Musinsa is considering entering China, Europe, and the Middle East. The company is also exploring partnerships with local firms for logistics and sales networks to facilitate its expansion. Park highlighted the rising global interest in K-culture, stating that Korean fashion brands are in a prime position to expand globally, despite the absence of a major global success story in Korean fashion.
Musinsa aims to provide its partner brands with a comprehensive “one-stop” service that includes marketing, logistics, and local operations in overseas markets. The company plans to increase the number of brands on Musinsa Global to 8,000 by the end of the year, capitalizing on the growing demand for K-fashion products such as shoes and miscellaneous goods.
Looking forward, Musinsa has set a target of reaching 3 trillion won (US$2.2 billion) in overseas gross merchandise volume (GMV) by 2030, in addition to its domestic sales. The company reported an overall GMV of 4.5 trillion won in 2024, achieving an operating profit of 102.82 billion won.
On the subject of fundraising for its global expansion, Park mentioned that a significant investment is necessary to develop logistics infrastructure in the domestic market, with an initial public offering (IPO) being a pivotal step in their fundraising endeavors. The company plans to appoint a lead manager for the IPO process in the near future, though further details were not disclosed.