Musinsa Acquires StyleShare and 29CM for 300 Billion Won... Enters Global Fashion Market

[Asia Economy Reporter Seungjin Lee] Online fashion platform Musinsa announced on the 17th that it has signed a business agreement (MOU) with StyleShare and 29CM and will begin acquisition procedures as a business strategy to enter the global fashion market together with domestic brands.

This acquisition decision is being pursued to combine the core competencies of both companies to secure competitiveness for domestic brands to pioneer overseas sales channels. The acquisition method will be conducted in the form of Musinsa acquiring 100% of the shares of StyleShare and 29CM. The acquisition scale is 300 billion KRW.

Musinsa, which has laid the foundation for the global expansion of domestic brands, plans to additionally secure know-how in discovering brands that encompass diverse customer segments and core competencies necessary for building a global platform through this acquisition. StyleShare and 29CM are expected to make greater attempts in the women's fashion and high-sensitivity lifestyle markets, where they currently have strengths, by utilizing Musinsa's brand investment and growth support infrastructure.

Both companies share a common growth DNA of pioneering a new online fashion market based on community and content, and they aspire to challenge the global market leveraging their differentiated service operation capabilities that have been the foundation of their rapid growth.

Even after the acquisition, Musinsa, StyleShare, and 29CM will maintain independent management systems to preserve the unique characteristics of each platform. The integrated strategy formulation and synergy creation will focus on benefits supporting the growth of tenant brands and infrastructure for platform advancement. Musinsa plans to expand the application of its currently operating brand co-growth program to tenant brands of StyleShare and 29CM and accelerate the development of a fulfillment center for building an integrated logistics system.

Jomanho, CEO of Musinsa, said, “Overseas market entry is essential to revitalize the domestic brand fashion ecosystem and provide customers with more diverse fashion content,” adding, “This will be an opportunity for Musinsa, StyleShare, and 29CM tenant brands to grow into K-brands loved not only in Korea but worldwide and to leap forward as a global fashion distribution platform.”

Yoon Jayoung, CEO of StyleShare and 29CM, said, “We are pleased that the three services, which have created distinct fandoms by generation and taste in the domestic fashion and lifestyle markets, can move toward a bigger market together with domestic brands by leveraging each other's strengths and know-how,” adding, “We will continue to grow by pursuing synergy as a global fashion commerce while maintaining the identity of each service to provide unwavering satisfaction to existing customers and brands.”

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