Musinsa Completes Acquisition of StyleShare and 29CM
[Asia Economy Reporter Lim Hye-sun] Online fashion platform Musinsa announced on the 30th that it has completed the acquisition of StyleShare and 29CM.
Musinsa signed a stock purchase agreement (SPA) and a comprehensive stock exchange agreement to acquire 100% of StyleShare's shares on the 7th of last month. After completing the payment for the purchase, the final acquisition process was concluded. The Fair Trade Commission's corporate merger review passed the voluntary preliminary examination and is now awaiting the main review. StyleShare will become a subsidiary of Musinsa, and 29CM will be incorporated as a wholly owned granddaughter company. All existing employees will be retained, and the three platforms will operate independently without merging.
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With this acquisition, Musinsa plans to expand its target and fashion categories while strengthening its core capabilities in the branded fashion market. StyleShare and 29CM are expected to create new synergies by utilizing Musinsa's brand investment and growth support infrastructure.
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