South Korean online fashion platform Musinsa has secured US$190 million in a Series C round led by global investment firm KKR and participated by Wellington Management.
The fund will bring Musinsa’s value to approximately US$2.76 billion, making it the first fashion platform to be valued at more than 3 trillion won in Korea. The Series C marks company’s third financing round, after raising 130 billion won in Series B and 100 billion won in Series A in 2021 and 2019 respectively.
“Musinsa has developed itself as top consumer Internet platform in Korea and a differentiated marketplace by its ability to scale rising brands, enable the creator economy for fashion, engage and provide a high-quality e-commerce experience for customers,” said Mukul Chawla, partner and head of growth equity, Asia Pacific at KKR.
CEO of Musinsa, Munil Han, said the company will use the fund for “scaling the platform and creating new standards of success in the online and offline markets with domestic and foreign brands.”
“We see enormous opportunity for Munsina to build on its leading position in a fast-growing K-fashion market that continues to shift online and expand globally on the back of K-culture’s explosive reach,” Chawla said.
This transaction marks KKR’s first technology growth investment in Korea from its Next Generation Technology (NGT) strategy in Asia, which also includes investment in omni-channel eyewear retailer Lenskart.
Founded in 2001 as an online sneaker community, Musinsa now boasts more than 8000 local and foreign designer brands. Musinsa opened a global e-commerce store last year, offering fashion products in 13 overseas countries, including Asia, America, and Oceania, to help small and medium-sized Korean brands expand internationally.
The South Korean fashion platform reported 708.3 billion won (US$545 million) in revenue last year, which represents 54 per cent year-on-year growth. The brand has tripled its turnover in three years from 219.7 billion won in 2019.
