Jomanho, CEO of Musinsa, Resigns... "Apologies for Controversy Over Coupons and Event Images Targeting Specific Customers"

[Asia Economy Reporter Seungjin Lee] Jo Man-ho, the founder of the online fashion platform Musinsa, has expressed his intention to resign and will step down from his position as CEO. Musinsa is currently in the process of selecting a successor and plans to appoint a new CEO as soon as possible.

On the 3rd, CEO Jo Man-ho stated in a press release, "I sincerely apologize to the customers disappointed by the issuance of coupons targeted at specific customers and the brands affected by the recent event image controversy," adding, "Regardless of the reasons, I deeply feel responsible and will step down from my role as operator and CEO, which I have held since founding Musinsa 20 years ago."

In March, Musinsa faced controversy for issuing coupons separately to men and women, prompting CEO Jo to personally apologize. Additionally, last month, an event poster used an image of a hand gesture that sparked controversy for allegedly symbolizing misogyny. It is known that CEO Jo expressed his intention to resign several months ago and has been focusing on resolving these issues to restore customer trust and preparing for the appointment of a successor.

After stepping down, CEO Jo will withdraw from frontline management and serve as chairman of the board. He will not participate in the operation of Musinsa Store but plans to focus on establishing the company's mid- to long-term strategies, including overseas business, and supporting the growth of Korean fashion brands.

Furthermore, he plans to gradually sell part of his personal shares to secure approximately 50 billion KRW in funds, which will be invested in a fashion fund managed by Musinsa Partners, Musinsa’s investment subsidiary. This fund will focus on early-stage investments primarily in small emerging brands, and CEO Jo will also share his experience and know-how accumulated while operating Musinsa Store.

Meanwhile, CEO Jo officially announced his resignation by sending an email titled "I am about to conclude 20 years" to Musinsa employees on the afternoon of the same day.

CEO Jo conveyed his intention to resign, saying, "As the ultimate person responsible for Musinsa’s operation, I thought it was my duty to take responsibility and step down from the CEO position." He added, "Although I will step back from the frontline taking responsibility for this matter, I hope you will continue the service without forgetting our goal of ‘helping tenant brands succeed and providing real benefits to customers’ that we have upheld so far."

He said, "Now seems to be the time when Musinsa needs a new leader with superior capabilities to manage the entire organization and oversee the overall business." He also announced, "I intend to share about 100 billion KRW worth of my personal shares with the headquarters employees who have built Musinsa together, members of affiliated companies who share Musinsa’s vision, and those who will join soon."

Musinsa started in 2001 as a community called "Mujinjang Sinbal Sajin-i Manheun Goseul" (a place with many shoe photos) when CEO Jo Man-ho was a high school senior. Later, it published Musinsa Magazine, introducing street fashion and style trends, and in 2009, it introduced a commerce function to serve as a trusted sales platform for members, growing into the current Musinsa Store.