CJ OnStyle Invests 20 Billion KRW in Musit... "Strengthening Fashion Competitiveness"

[Asia Economy Reporter Lim Chun-han] CJ OnStyle announced on the 8th that it will invest 20 billion KRW in the online luxury platform Mustit, securing a 4.7% stake.

Through this investment, CJ OnStyle plans to expand its customer base by attracting new customers interested in luxury goods and strengthen its market dominance in the core category of fashion. Initially, it will be able to offer a variety of luxury products through joint direct purchases of luxury brands and real-time API integration.

Since its founding in 2011, Mustit has established outstanding competitiveness compared to its rivals in terms of transaction volume, number of sellers, and number of products. Additionally, it has secured its own IT infrastructure and customer service capabilities, which are difficult to build for emerging platforms, resulting in high customer satisfaction.

A CJ OnStyle official stated, “We decided to invest because we believe that strengthening our luxury competitiveness will serve as a foundation for future growth through clear synergies such as expanding the customer base by attracting new customers and increasing the average transaction value.”

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