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'3 trillion in transaction amount’ Musinsa, holding female customers and laying the groundwork for IPO
Last year's Musinsa Annual Transaction Estimated KRW 3.4 Trillion...Women's fashion category more than doubled
Aim to leap forward into a comprehensive fashion platform by expanding the customer base
Musinsa is speeding up its leap into a comprehensive fashion platform. Musinsa, which has become the No. 1 online fashion platform industry targeting male customers, has succeeded in securing vulnerable female customers and increasing the transaction amount once again. Musinsa, which has expanded its customer base, is planning to further solidify its status as the No. 1 fashion platform industry this year.
According to the industry, Musinsa's annual transaction amount, including the transaction amount of its subsidiary 29CM last year, is estimated to be around 3.4 trillion won. Musinsa is doing "storm growth" by changing its position in front of transactions every year from 900 billion won in 2019 to 1.2 trillion won in 2020 and 2.3 trillion won in 2021.
Achievements in securing female customers past 'sexual discrimination dark history'
In particular, Musinsa last year drew attention in that it succeeded in expanding its narrow male-centered customer base, which has been pointed out as a weakness, to women.
Musinsa, which started out as an online fashion community called "A place with many pictures of shoes without a hitch" in 2001, has expanded its position to include male consumers as its main customers. It has been pointed out as a weakness that not only has a significant number of male customers, but also the customer base is concentrated in their teens and 20s.
Accordingly, Musinsa has been making various efforts to secure female customers since 2016, but has not produced any results. Wooshinsa, launched as a women-only platform, has significantly decreased its utilization rate compared to Musinsa, and the women-only coupon issued to secure female customers has rather caused controversy over gender discrimination, leaving a stain on Musinsa's history.
Although noise continued in the process of securing female customers, Musinsa continued its efforts to secure a customer base. In July 2021, it acquired the women's fashion platform "Style Share" and the online select shop "29CM," which has a high proportion of female consumers in their 30s and 40s, to secure female customers.
The two companies contributed greatly to Musinsa's securing and growing female customers. StyleShare was absorbed and integrated into Musinsa Store's women's fashion community "Snap" and contributed to promoting Musinsa's name in the 1020 women's fashion market. In the case of 29CM, the transaction amount increased 77% year-on-year to 487.8 billion won, driving the growth of Musinsa's transaction amount. The transaction amount of 29CM is higher than the transaction amount of W Concept, a women-centered fashion platform acquired by Shinsegae SSG Dotcom (458.1 billion won).
In addition, in September last year, Musinsa selected the girl group NewJeans as a global ambassador to attract new female customers at home and abroad. It has started to expand its women's fashion line with female models. Through active collaboration with NewJeans, pictorials and exhibitions were held.
As a result, Musinsa's women's fashion category more than doubled last year's trading volume.
An official from Musinsa said, "The showcase page, where you can check the NewJeans pictorial and products worn by the members, has more than 30 times the average view," adding, "As a result of continuing to expand brands with differentiated designs and concepts in the women's fashion category, the transaction volume of female customers is steadily rising."
Expanding customer base... Strengthening cornerstone for IPO
It is analyzed that the reason why Musinsa is trying to expand its customer base is not irrelevant to IPO. Musinsa reportedly promised an IPO within five years by attracting 190 billion won in investment from Sequoia Capital in the U.S. in 2019.
In order to be listed, it is necessary to expand its weak customer base and increase its size. This is why Musinsa, the No. 1 company in the industry, is seeking to expand into a comprehensive fashion platform. Already in the industry, it is widely said that Musinsa will be listed when it achieves 3 trillion won in corporate value.
However, it is unlikely that Musinsa will challenge its listing in the near future as prominent e-commerce platform companies such as Curly and Oasis have also withdrawn their listing due to the recent frozen investor sentiment. An official from Musinsa said, "IPO conditions were not mandatory at the time of attracting investment, and the listing schedule was not planned."
Musinsa plans to accelerate its leap into a comprehensive fashion platform this year. Since early this year, 29CM's offline showroom, Lee Sung-soo, has collaborated with women's fashion brands to hold pop-up exhibitions and renewed and introduced a beauty center called "Musinsa Beauty" to expand services to expand female customers. In addition, Musinsa is focusing on expanding its customer base by introducing young parents in their 30s and 40s as new customers and developing golf, sports, and luxury sales services through the kids brand fashion editing shop "Musinsa Kids."
Source: Insight Korea
