Online fashion platform MUSINSA has achieved record high growth, exceeding 90% growth when compared to the previous year.
Last year, the total sales of online fashion platforms operated by MUSINSA (MUSINSA, 29CM, StyleShare, and SoldOut) recorded 2.3 trillion KRW (roughly $1.860 billion USD). This has ushered in an era of extraordinary sales for online fashion platforms.
MUSINSA’s incredible growth has been the main factor behind the enormous growth in sales, 90% when compared to the previous year.
Increasing the sales of domestic (Korean) brands that have gained popularity mainly among teenagers and people in their twenties (including DOFFJASON, LA Fudge Store, Lee, What it isNt, YESEYESEE, and Yale) has played a major role in MUSINSA’s growth.
The popularity of luxury, sports/outdoor, and global contemporary brands also drove the increase in sales.
Customer activation indicators also rose overall.
MUSINSA had four million monthly active users (MAU) in 2021. The platform has seen a roughly 30% increase in the past year and has now surpassed ten million members.
This year, MUSINSA plans on expanding its target market and categories by opening a new fashion service for kids and women between the ages of 35 and 45.
MUSINSA’s sales for luxury brands, golf, and beauty have all grown significantly in the past year. MUSINSA plans on actively carrying out marketing activities to strengthen its expertise and increase customer influx.
Since the second half of last year, 29CM and StyleShare have been actively promoting shared growth with brands by significantly strengthening their brand support programs.
This year, the strategy is to strengthen the competitiveness of the service by expanding the recruitment of brands that fit the taste and style of the target markets for each platform.
Soldout, a platform created by MUSINSA that is known for resales of limited edition products, has focused on service advancement in hopes of increasing customer satisfaction in the fast-growing resale market.
Future plans for Soldout include expanding the platform’s categories and brand products such as sneakers, streetwear, luxury, and tech to increase investment in the infrastructure and provide a better customer experience.
MUSINSA’s CEO Moon-il Han shared his thoughts and future goals for the business. “We would like to thank the customers who were interested in and actively used MUSINSA as well as the brands that have partnered with us. We want to thank you for your trust and support. As the leading online fashion platform, we will continue to think of more ways to revitalize the fashion market. We will use this year to open ourselves up to the global market for brand fashion and focus more on overseas business.”