Musinsa Acquires StyleShare and 29CM for 300 Billion Won

[Asia Economy Reporter Lim Hye-sun] Online fashion platform Musinsa is acquiring StyleShare and 29CM as a business strategy to enter the overseas fashion market together with domestic brands.

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

With this acquisition, Musinsa plans to additionally secure core competencies necessary for discovering brands that appeal to diverse customer segments and building a global platform. 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.

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.

Jo Man-ho, CEO of Musinsa, stated, “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.”