Kkr Leads Us$190 Million Series C Round In Leading Korean Online Platform Musinsa

By Author: Arina Smith
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MUSINSA, a prominent online fashion platform in South Korea, has joined forces with KKR, a leading global investment firm, to secure a US$190 million Series C fundraise. Under the agreement, funds managed by KKR will spearhead the investment, with participation from Wellington Management, one of the world's largest independent investment management firms.

Originally established in 2001 as an online sneaker community, MUSINSA has transformed into a comprehensive online fashion marketplace in South Korea, boasting an impressive collection of over 8,000 local and international designer brands, including its in-house brand called "musinsa standard." The platform plays a significant role in fostering the creator economy for fashion in South Korea. Over the years, MUSINSA has expanded its offerings to include various components such as communities, a brand incubator named "MUSINSA PARTNERS," a direct-to-consumer brand operator, and an offline multicultural lounge known as "musinsa terrace." The latter provides a unique opportunity for offline interactions with customers and facilitates online-based fashion brands with physical ...
... spaces for pop-up stores.

MUSINSA's remarkable achievements and innovations have garnered recognition, as the company was honored by Fast Company as one of the "10 most innovative Asia Pacific companies of 2023" for its contributions to "globalizing K-fashion."

KKR's decision to invest in MUSINSA represents a significant milestone as it marks the firm's first technology growth investment in Korea within its Asia Next Generation Technology ("NGT") strategy. The strategy is aimed at supporting the growth of innovative and disruptive companies across Asia Pacific, with a focus on key themes such as software, consumer technology, and FinTech.

Mukul Chawla, Partner and Head of Growth Equity, Asia Pacific for KKR, emphasized MUSINSA's position as a top consumer Internet platform in Korea, highlighting its unique marketplace that efficiently scales rising brands and fosters the creator economy for fashion. He recognized the tremendous opportunities for MUSINSA to further capitalize on its leading position in the rapidly growing K-fashion market, which has been rapidly shifting online and expanding globally, thanks to the explosive reach of K-culture. KKR is enthusiastic about the partnership with MUSINSA's management team and looks forward to leveraging its global network, operational expertise, and profound technology experience to fuel MUSINSA's next phase of growth.

Munil Han, the CEO of MUSINSA, expressed delight in welcoming global investors of KKR and Wellington's caliber, considering it a testament to the quality of MUSINSA's platform and the potential of the Korean online fashion market. With this substantial investment, MUSINSA aims to further enhance its platform's capabilities and set new benchmarks of success in both online and offline markets, catering to both domestic and foreign brands.

The Series C funding is MUSINSA's third successful fundraise, following a KRW 100 billion won Series A round in 2019 and a KRW 130 billion won Series B round in 2021. The collaboration with KKR aligns with the firm's Asia NGT strategy and demonstrates its confidence in MUSINSA's potential for growth and impact in the fashion industry.

KKR's Asia NGT strategy has led to investments in various innovative companies across Asia Pacific, including Lenskart, Advanced Navigation, Privy, GrowSari, KiotViet, and NetStars.

Overall, the partnership between MUSINSA and KKR signifies a significant step forward in MUSINSA's journey to becoming a global fashion powerhouse. With KKR's support and expertise, MUSINSA is well-positioned to capitalize on the growing K-fashion market and expand its presence globally while continuing to innovate and drive the fashion industry's creator economy in South Korea.

https://www.techdogs.com/tech-news/business-wire/kkr-leads-us190-million-series-c-round-in-leading-korean-online-platform-musinsa