Korean fashion retail platform Musinsa acquires Styleshare & 29CM
20 May 21 1 min read
Korean fashion retail platform Musinsa has acquired 100 per cent stake in Styleshare, a social media platform for fashion, and its subsidiary 29CM, an e-retail platform for apparel, for 300 billion won ($265 million). Styleshare had acquired 29CM in 2018. Musinsa will also invest in logistics systems and fulfilment centres for the newly acquired firms.
The platforms will be managed independently, but Musinsa will use its infrastructure to accelerate the growth of Styleshare and 29CM, according to Korean media reports.
Unicorn enterprise Musinsa was founded in 2001 and had an annual turnover of 1.2 trillion won ($1.1 billion) in 2020. It currently stocks over 6,000 brands and has more than 8.4 million users.
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Fibre2Fashion News Desk (KD)
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