K-fashion giant Musinsa takes on China, Japan

What happened South Korean fashion e-commerce leader Musinsa is taking its next big step by launching physical stores in China and Japan. CEO Park Joon-mo announced plans to debut locations in Shanghai by the fourth quarter, and expand to Tokyo, Osaka, and Nagoya by early next year. The brand currently supports 8,000 domestic labels online and operates 25 private-label and multi-brand stores in South Korea. Of these, around 2,000 brands are already featured on Musinsa Global, the company’s English-language platform catering to 13 Asian markets (excluding China). From Seoul streets to global stages As Musinsa sets its sights on broader international growth, including potential moves into Europe and the Middle East, it is also investing in local partnerships to streamline logistics and operations. With an ambitious target of onboarding 8,000 brands to Musinsa Global by year-end, the company aims to reach 3 trillion Korean won ($2.2 billion) in overseas gross merchandise volume (GMV) by 2030. Park held a Global Partners Day press conference at the Dongdaemun Design Plaza (DDP) in Seoul on June 10, where he said, “While now is the optimal time for overseas expansion with K-pop, K-dramas, and K-culture becoming mainstream, K-fashion has yet to see notable success in foreign markets. Musinsa aims to create a platform for K-fashion brands to enter overseas markets.” To support this push, Musinsa plans to provide end-to-end support for partner brands, from marketing to distribution, and is exploring an IPO to fund its global logistics infrastructure. The Jing Take This move marks an expansion of K-fashion and business to the rest of East Asia. Musinsa began in 2001 as a niche online community for sneaker photos and street-style snaps in Seoul, created by a high school enthusiast. It quickly grew into Korea’s go-to spot for organic fashion content. Over time, the platform evolved into a full-fledged store and platform — it has even had K-popstars New Jeans as brand ambassadors since 2022. Key additions included Musinsa Magazine, private-label lines, pop-up spaces (“Musinsa Terrace”), and a marketplace for independent Korean labels lacking offline outlets. By 2021, Musinsa had surpassed $75 million in annual GMV and was expanding over 40% YoY. It was credited as a top incubator for Korean streetwear brands. By 2022, Musinsa launched its global online store in 13 countries, onboarding about 1,000 brands and targeting fans of K‑fashion overseas. Company figures show that by the end of last year, Musinsa had approximately 15 million users, 78% of whom were aged under 30. Teenagers and those in their 20s accounted for about 60% of all users. Unlike some online competitors, Musinsa has deployed physical retail as part of its strategy. Riding the K-pop and style wave, Musinsa believes now is the moment for Korean brands to scale internationally. It acknowledges a gap as few Korean fashion labels have achieved global offline success, and wants to fill that gap. Learning from Japan’s e-commerce giant The company is partnering with local retail giants such as Japan’s largest e-commerce business Zozo, and Anta Sports in China. According to reports, China’s Alibaba Group showed interest in investing in Musinsa, but the Korean fashion platform declined the proposal. In January this year, Musinsa sold a 1.7% minority stake to China’s Anta Sports for 50 billion Korean won ($33.9 million), valuing the company at around 3 trillion Korean won ($2 billion), according to MK. The shares were acquired from existing investors IMM Investment, Atium Investment, and Daeshin Private Equity. The deal foreshadowed Musinsa’s broader strategy to enter the Chinese market via a joint venture. With Anta’s assistance, Musinsa is set to experience a strong 2025 in the Chinese market. While others struggle amid a major global spending slump, the Korean business’ phygital retail model is showing promise. The Jing Take reports on a piece of the leading news and presents our editorial team’s analysis of the key implications for the luxury industry. In the recurring column, we analyze everything from product drops and mergers to heated debate sprouting on Chinese social media.

K-fashion giant Musinsa takes on China, Japan

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Published June 13, 2025

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K-fashion giant Musinsa takes on China, Japan