Latest news with #Musinsa
Korea Herald
11-07-2025
- Business
- Korea Herald
Musinsa, Nike launch ‘Leaders of Seoul' pop-up highlighting women's sneakers
Online fashion retailer Musinsa has partnered with Nike for its "Leaders of Seoul" campaign and pop-up event, aimed at introducing a new generation of women's sports style. The collaboration includes the exclusive early release of two new sneakers, the Air Max Muse and Air Superfly, ahead of their broader launch. The pop-up runs through July 23 at Musinsa's "Seongsu @Daelim Warehouse" store in Seongsu, Seoul, a rising shopping hub for young consumers. The venue will feature the new sneakers alongside apparel such as The Pleated Suit, designed for active, urban lifestyles. Inspired by local trendsetters, the Leaders of Seoul campaign reflects a future-oriented, street-style interpretation of women's sportswear. Musinsa and Nike are targeting women in their 20s and 30s — a demographic that makes up over 80 percent of Musinsa Seongsu's customer base, with foreign shoppers accounting for roughly half. The space also features a 360-degree photo zone, where customers who share their sneaker snapshots on social media can receive promotional gifts. After the pop-up ends, Musinsa will expand its in-store presence of Nike as a shop-in-shop at the same location starting July 24, offering ongoing access to both new and best-selling Nike products. "This campaign marks our continued effort to deepen our connection with young female consumers by positioning ourselves at the intersection of sportswear and street fashion," a Musinsa official said.
Korea Herald
06-07-2025
- Business
- Korea Herald
Korean e-commerce turns outward amid China's pressing market incursion
Coupang raises stakes in Taiwan market; Kurly eyes US entry after pilot program; Musinsa pushes into two Asian neighbors South Korean e-commerce players are going global not just to offset muted domestic consumption, but also in part to hedge against China's aggressive advance on their home turf. Their international forays come at a time when global fascination with K-food, K-beauty and K-fashion is running high. One successful market entry is that of e-commerce giant Coupang, which has been doubling down on Taiwan since entering the market in 2021, already investing nearly 500 billion won ($367 million) in logistics infrastructure and product sourcing. Earlier this year, the company launched its Rocket Delivery membership in Taiwan while expanding its local delivery network. In the first quarter, the company posted net revenue of over $1 billion in its Developing Offerings segment, which includes its international business, Coupang Eats, Coupang Play and luxury platform Farfetch, marking a 78 percent on-year surge on an FX-neutral basis. Coupang said its growth businesses, particularly its operations in Taiwan, helped drive the increase in earnings. 'We're seeing an increase in repeat customer rates and spending in Taiwan,' Coupang founder and CEO Bom Kim said during an earnings call in May. He added that the more the company invests in the Taiwanese market, the stronger its confidence grows. In January, Coupang re-entered the Japanese market with its food delivery app, Rocket Now, after withdrawing from the country in 2023, this time with a renewed focus on food delivery rather than quick commerce. Other e-commerce companies are also testing the waters. For instance, Kurly plans to begin beta testing its US operations this Tuesday, gathering feedback from local residents on its shopping and delivery services in preparation for a full-scale launch. 'Based on the results of the pilot service, we will adjust our logistics operations and our entry plans,' a Kurly official said. Fashion platform Musinsa is pressing ahead in Japan and China. After establishing its Japanese subsidiary in 2021, it set up its Chinese unit this April. Musinsa CEO Park Joon-mo said that the company will open its first brick-and-mortar store in Shanghai in the second half of this year and roll out physical stores in Japan by the first half of next year. The impetus to enter global markets stems partly from the rapid encroachment of Chinese platforms like AliExpress and Temu, combined with a stark slowdown at home -- domestic online shopping growth plunged to the 5 percent range last year, down from 20.2 percent in 2021, according to Statistics Korea. 'While Chinese platforms have faced recurring quality and privacy concerns, there remains a stable base of demand in Korea,' one industry insider noted. 'Domestic growth is nearing its limits, and the influence of China's price-first platforms is growing rapidly. As of February, AliExpress ranked second in general e-commerce app usage with 8.73 million monthly active users, followed by Temu in third with 7.84 million, both trailing only Coupang, according to WiseApp data. Worse yet for Korean e-commerce firms, one of China's leading platforms alongside AliExpress and Temu, opened two self-operated logistics centers in Korea in April, the first instance of a Chinese e-commerce company owning warehouses on Korean soil. Chinese lifestyle brand Miniso, often regarded as China's equivalent to Korean dollar store chain Daiso, has been making a comeback since last December, most recently opening a flagship store near Seoul's Gangnam Station in June.
Korea Herald
13-06-2025
- Business
- Korea Herald
MCM, Rawrow unveil collaborative travel collection
German luxury brand MCM teamed up with Seoul-based travel gear company Rawrow to release a new collaborative collection aimed at modern travelers. The collection, which launched Thursday through MCM and Rawrow's official global online and offline channels, features two sizes of travel carriers designed for cabin and checked luggage. The products are also available on the online fashion platform Musinsa. Titled 'From Munich to Mars,' the campaign combines MCM's travel heritage with Rawrow's utilitarian design philosophy. The collaboration aimed for futuristic reinterpretation of mobility, balancing precision engineering with practicality. A standout element of the collection is its signature color, Mars Gold, a modern take on MCM's iconic cognac tone. The luggage is constructed with lightweight aluminum and lined with recycled polyester for durability and sustainability. Attention was also paid to details that reflect identities of both brands. MCM's signature Visetos monogram appears on the trolley handle and interior lining. RAWROW added its patented innovations, such as the TT handle for maneuverability, a scale handle to allow travelers to weigh their luggage and a hidden pocket for quick access to passports and tickets.
Korea Herald
25-03-2025
- Business
- Korea Herald
How Musinsa Standard challenges Uniqlo with Gen Z shoppers
In-store sales from foreign tourists in Seoul's main shopping hubs boom Musinsa, South Korea's largest online fashion platform, has long been a behind-the-scenes tastemaker, setting the tone of the country's youth fashion scene. Yet, what has given the company sharper definition over the years can be chalked up to its private label, Musinsa Standard. Now squaring off against global fast-fashion giants on its own home turf in Korea, Musinsa Standard has asserted itself as a force to be reckoned with. The brand outfitted Team Korea in sleek cerulean blue ceremonial uniforms at the 2024 Paris Olympics. Brought to life as Musinsa's private label in 2017, Musinsa Standard began as an online-based brand delivering affordable basics. In 2021, Musinsa Standard shed its online-only identity, establishing its first brick-and-mortar store in Seoul's youth-centric district of Hongdae. From there, Musinsa Standard rode a wave of store openings in three of Seoul's districts for shopping, including Myeong-dong, Seongsu-dong and Hannam-dong. The pace didn't let up, with 14 more stores added just last year. As of March, the brand operates 23 stores nationwide, extending beyond Seoul to Gyeonggi Province, as well as Busan and Daegu. It kicked off the year with a fresh launch in Ulsan in February, with the momentum continuing into the capital through three additional openings in March. "With a balance of reasonable pricing and high-quality products, Musinsa Standard will continue its offline expansion, sharpening brand recognition through strategic footholds in key commercial districts,' a Musinsa official said. The brand's reach extends beyond its own stores, with essentials now available at GS25 convenience stores nationwide. With just 23 stores to its name, Musinsa Standard is still dwarfed by global heavyweights like Uniqlo, which ran 132 locations in Korea as of December. But sheer numbers don't tell the whole story, in particular among younger generations. In a survey conducted last October by Open Survey, which polled 800 Korean nationals aged 19 to 29 about which fast-fashion chains they had ever purchased from, Musinsa Standard topped the list at 48.1 percent, ahead of global chains like Uniqlo (42 percent) and Zara (36 percent). Its swift trend-chasing agility, combined with affordability and the platform's extensive reach, has helped catapult the brand's popularity to new heights, according to industry insiders. In-store sales from tourists boom With international clientele tallying up from a total of 136 nations as of last year, foreign purchasing power is now driving a substantial share of in-store revenue in Korea. Last year, combined foreign customer sales at its three Musinsa Select shops and 19 Musinsa Standard stores skyrocketed past 20 billion won ($13.6 million), a sixfold jump from the previous year. Over 70 percent of foreign customer purchases come from flagship stores in Myeong-dong, Seongsu-dong, Hannam-dong and Hongdae -- renowned as some of the capital's main hubs for shopping and trends. According to the company, nearly half of the Myeong-dong store's customers are from abroad. In line with the trend, Musinsa is doubling down on its global playbook, planning to roll out tax refund services and multilingual in-store assistance to enhance the customer experience, the company said. Notwithstanding Musinsa's online reach spanning 13 countries, the prospect of Musinsa Standard establishing physical stores overseas remains speculative at best. 'We haven't outlined a concrete plan yet, but we're viewing the possibility through an optimistic lens,' the company official noted. Future bright but uncertain Musinsa's annual consolidated sales in 2023 soared by around 40 percent on-year to 993.1 billion, with industry estimates suggesting that the company's revenue in 2024 would surpass the 1-trillion-won mark to reach over 1.2 trillion won. In comparison, Uniqlo posted a 15 percent year-on-year surge to 1.06 trillion won in annual sales for fiscal 2024 in Korea. While the company hasn't disclosed last year's sales figures for Musinsa Standard alone, estimates suggest it had already surpassed 200 billion won in 2023, based on the performance of its in-house products. From January to October last year, the private label's cumulative store sales surged more than 3.5 times compared to the same period the previous year, according to the company. In October alone, offline sales hit a record high of 12 billion won in monthly revenue. However, Musinsa reported a decline in profitability, with its operating profit of 11.3 billion won in 2022 sliding to an operating loss of 8.6 billion won in 2023 -- a setback the company attributes to strategic investments, including scaling up its private label brand. Industry insiders note that Musinsa Standard's future moving forward, while bright, is not certain, however. 'When Musinsa as a platform faces public backlash, its private label could serve as the much-needed growth engine,' said one industry official, referring to past scandals surrounding Musinsa, including recent quality control issues involving down jackets sold on its platform. But doubts persist, the official said, about whether Musinsa Standard's appeal can withstand the test of global markets. 'While Musinsa Standard's upward trajectory remains undeniable, the real challenge will be navigating international markets dominated by powerhouses like Uniqlo and Zara, once the domestic industry reaches saturation," the official added.
Korea Herald
11-02-2025
- Business
- Korea Herald
GS25 partners with Musinsa to expand non-food product range
GS Retail announced Tuesday that its convenience store chain, GS25, has partnered with the nation's largest online fashion platform to stock goods from Musinsa Standard. Under the agreement, the company aims to strengthen its competitiveness in the non-food sector, while Musinsa gains a physical presence across GS25's 18,000 stores nationwide. Starting March 2, GS25 will exclusively launch 'Musinsa Standard Express,' featuring 12 fashion essentials such as jackets, trousers, T-shirts, belts, underclothes and socks. These items will initially be available at 3,000 GS25 locations, with plans to expand to additional stores. Beyond product distribution, GS25 will continue working with Musinsa to enhance marketing strategies and customer benefits. 'We expect this collaboration between leading online and offline retailers to create synergy for future growth and an unparalleled customer experience,' said Huh Chi-hong, senior manager at GS Retail. 'Leveraging our extensive offline network, we will continue to drive mutual success.' The official said it will team up with more brands in hopes of offering products that appeal to a broader customer base.
