Musinsa buys two fashion companies for $265 million
Musinsa, an online company specializing in men’s wear, is acquiring StyleShare and 29CM, online shopping sites, for 300 billion won ($264 million).
The company announced the purchases and said they were bought with the aim of broadening the user base.
While Musinsa will run each site separately, it will integrate the logistics centers of all three.
Musinsa has emerged as a mainstream fashion company especially for male customers in their teens and 20s as the company brings together trendy fashion items from its own “Musinsa” label, established brands and up-and-coming designers.
The number of the members stood at 8.4 million as of the end of 2020, up 40 percent on year. Around 6,000 brands are sold on the site.
Its sales last year were 331.9 billion won, up 51 percent compared to the previous year. Its operating profit was 45.5 billion won, down 7 percent on year.
StyleShare and 29CM primarily target women customers, although StyleShare is more oriented towards younger age groups.
StyleShare differentiates itself by displaying the feeds of users to show how they are mixing and matching items bought on the platform.
BY PARK EUN-JEE [email@example.com]