[S Report] 'K-Basic' Musinsa Standard Targets the World
Creatrip Team
2 months ago
Musinsa’s private brand 'Musinsa Standard' is driving the company’s second growth phase by expanding aggressively offline and pushing into overseas markets. Despite a soft fashion market, Musinsa Standard’s annual GMV rose about 40% to roughly 470 billion KRW last year, and the company raised its 2024 revenue target to 1 trillion KRW. Domestic store count more than doubled to 33, and offline sales grew 86%, while QR-code signups in stores nearly doubled—evidence of an effective O4O (Online for Offline) strategy linking physical and digital channels. Major department stores competed to host the brand, and key stores showed high foreign-customer shares (e.g., Myeongdong 55%), indicating appeal among young international shoppers. Musinsa opened its first overseas store in Shanghai and plans up to 10 China locations, after forming a joint venture with Anta Sports to test local platforms like Tmall. Industry observers say the high-margin PB (private brand) growth could boost Musinsa’s IPO valuation toward the quoted 10 trillion KRW level as it moves from platform-only to manufacturing and retailing globally. (O4O: online-to-offline retail strategy; PB: private brand)
