Jomanho General Representative Privately Invited
Only Attendee Among E-commerce and Fashion Industry Companies
Jomanho, the CEO of Musinsa, met with Mohammed bin Zayed Al Nahyan, President of the United Arab Emirates (UAE), on the 28th and had a cordial conversation.
CEO Joman attended a meeting held at Lotte Hotel in Jung-gu, Seoul, between President Mohammed and heads of domestic companies. On that day, CEO Jo headed to the event venue dressed in Musinsa Standard setup attire, holding a shopping bag in one hand. This was CEO Jo's first external activity since returning to management this year.
The meeting was attended by heads of the top 10 groups such as Samsung, SK, Hyundai Motor, Hanwha, as well as industry representatives including NCSoft (ICT), HYBE (K-pop), and CJ E&M (culture). Musinsa was reportedly the only company in the fashion and e-commerce industry to receive a private invitation.
It is expected that the meeting between President Mohammed of the UAE and CEO Jo involved discussions about the entry of K-fashion into the Middle East. The UAE is one of the countries with great interest in K-culture. Currently, it is expanding new businesses beyond oil, and there is a significant demand for entertainment based on content such as music, dramas, and movies, as well as fashion. Since 2022, Musinsa has been leading the way in entering the global market and promoting domestic designer brands overseas.
Musinsa views the Middle Eastern market as a land of opportunity for K-fashion. While some express concerns that fashion companies may find it difficult to enter Middle Eastern countries due to traditional clothing like the hijab, it is actually reported that the population enjoying traditional clothing is very small. In the case of the UAE, more than 80% of residents are foreigners, known to freely consume fashion.
A Musinsa official explained, "We are accelerating our global business, so our needs align with those of the UAE government, which aims to enter the fashion industry," adding, "If the UAE's 'oil money' supports Musinsa's financial strength after completing the Series C round, the cooperative relationship could develop more concretely."
Currently, Musinsa is the largest fashion platform in Korea, with 15 million members, about 8,000 tenant brands, and over 5 million monthly active users (MAU). In 2023, it recorded annual sales of 991.3 billion KRW, approaching 1 trillion KRW. The corporate value recognized after attracting Series C investment in July last year is in the mid-3 trillion KRW range.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
