Musinsa Standard Surpasses 100 Billion KRW in Annual Sales

[Asia Economy Reporter Yujin Cho] Musinsa's modern basic casualwear brand Musinsa Standard achieved its highest-ever performance last year with sales of 110 billion KRW.

Musinsa announced that Musinsa Standard's sales last year increased by 76% compared to the previous year, reaching 110 billion KRW. By category, Musinsa Standard's representative product, slacks, sold over 1 million units last year alone, and blazer jacket sales increased by more than 172% compared to 2019.

The company self-assessed this as "an achievement through online single-channel distribution amid intensified competition among domestic and international SPA (Specialty retailer of Private label Apparel) brands due to the economic downturn." Musinsa Standard's sales performance also greatly contributed to the growth of Musinsa and its partner brands. Based on monthly new customer data over the past year, an analysis of the 'brand purchased for the first time after membership registration' showed that Musinsa Standard ranked first for all 12 months. More than 24% of new buyers at the Musinsa Store chose Musinsa Standard as their first purchase brand.

In particular, 7 out of 10 customers who newly joined Musinsa and made their first purchase with Musinsa Standard went on to purchase products from other brands within the Musinsa Store. It is interpreted that most customers who purchased Musinsa Standard tend to explore and make additional purchases of various brand products.

Musinsa Standard’s ‘Hit Standard 100 Won Campaign,’ launched in early October, also played a key role in expanding the age range of Musinsa members. Compared to before the campaign, the proportion of new purchasing members aged 30 and above more than doubled. Additionally, over 50% of customers who purchased products through the Hit Standard campaign also paid for products from other brands within the Musinsa Store.

Riding on the growth momentum in 2020, Musinsa Standard aims to establish itself as a leading basic fashion brand in Korea in 2021. The brand plans to clearly define its identity by offering high-quality products at reasonable prices, and to develop product planning and marketing with diversified materials and designs. It is also considering expanding offline presence through flagship stores to increase customer touchpoints.

At the same time, Weeklywear, a subsidiary overseeing Musinsa Standard, will expand production consulting services to grow alongside Musinsa’s partner brands. Weeklywear, which produces up to 9 million Musinsa Standard products annually, has provided production consulting services including production, sourcing, cost, and quality management based on its accumulated know-how and capabilities. Going forward, it plans to gradually expand the brands receiving these services and offer consulting services covering overall production.

Lee Geon-oh, CEO of Weeklywear and head of Musinsa Standard, said, “This achievement is significant as it shows that Musinsa Standard has increased brand trust and gained recognition for product competitiveness.” He added, “This year, we have set a sales target within 10% of Musinsa’s annual transaction volume, focusing on creating synergy with the Musinsa Store and growing together with partner brands as we develop our business.”

This content was produced with the assistance of AI translation services.