Split into Platform and Global & Brand Divisions
Han Moon-il and Park Jun-mo as Co-CEOs of Each Division
Jo Man-ho to Serve as Founder and Overall CEO
Jo Man-ho, chairman of the board and founder of Musinsa, is returning to the forefront of management after three years. Musinsa is transitioning to a dual CEO system to strengthen expertise by business division, with Jo Man-ho serving as the overall CEO coordinating the two divisions.
On the 29th, Musinsa held its regular shareholders' meeting and board meeting, where the agenda to appoint Jo Man-ho as the overall CEO was approved. The board also approved the agenda to split Musinsa’s business into Global & Brand and Platform divisions, each led by its own CEO. Jo Man-ho, as overall CEO, will be responsible for driving the organic growth of both divisions.
Jo Man-ho stepped down from frontline management in June 2021 after Musinsa was embroiled in controversy over promotions conducted for select members. Since then, he has served as chairman of the board, focusing solely on nurturing emerging brands and consulting. Jo founded an online community called “Mujinjang Sinbal Maneun Goseul” (meaning “a place with a lot of shoes”) in 2001. After publishing Musinsa Magazine, which introduced street fashion, he launched Musinsa Store in 2009, taking on the role of a retailer.
Musinsa’s decision to split into two business divisions is aimed at strengthening specialized leadership in response to rapidly changing market conditions. Given the company’s rapid growth, bold structural changes were deemed necessary. Musinsa recorded sales just under 500 billion KRW in 2021, and it is estimated that sales approached 1 trillion KRW last year.
The Global & Brand division will be led by Han Moon-il, who has been leading Musinsa for the past three years. This division will handle “Musinsa Standard,” which has become a core growth driver, as well as discovering emerging brands and managing intellectual property (IP) brand businesses. The Global & Brand division will also be responsible for overseas market development and supporting brand expansion.
The Platform division will be led by Park Jun-mo, CEO of 29CM business. This division will oversee Musinsa and 29CM. The main task is to advance the platform business. Park, a commerce platform expert with experience at big tech companies such as Google and Amazon, joined 29CM in 2021 and is credited with significantly raising its profile. Musinsa expects Park to accelerate platform growth through his global commerce experience and deep understanding and expertise in the tech field.
A Musinsa official said, “We believed it was necessary to separate business areas to enhance expertise and execution speed,” adding, “We will accelerate growth based on fast decision-making and execution capabilities.”
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
