Musinsa took a 100 percent stake in both platforms for 300 billion won ($265 million), Korea Tech Desk reports.
Styleshare, which was founded in 2011, is a social media platform for fashion and beauty content and serves over 6 million global users. In 2018, it acquired 29CM, an e-commerce platform selling clothes, lifestyle items and food.
The three platforms will continue to be managed independently, but adopt an integrated strategy to accelerate growth using Musinsa’s infrastructure; the firm is expected to invest in fulfilment centres and logistics systems.
Musinsa was founded in 2001. As of this month, it stocks 6,000 brands and boasts 8.4 million users. Last year, it reported an aggregate turnover of 1.2 trillion won ($1 billion). With more shoppers around the world interested in Korean fashion and culture, the move signals the company’s global ambitions. “It is essential to enter the overseas market in order to activate the domestic brand fashion ecosystem and provide more diverse fashion content to customers. It will be an opportunity to leap forward as a global fashion distribution platform,” Musinsa CEO, Man-ho Cho, said in a statement