South Korea-based fashion retailer Musinsa has attracted significant KRW200 billion ($158 million U.S.) in Series C funding round, led by private equity fund Kohlberg Kravis Roberts and participated by asset management company Wellington Management.
The fund was raised at a corporate valuation of mid-KRW3 trillion, which is KRW1 trillion higher than what it was when Musinsa become the first unicorn among online fashion verticals after raising KRW130 billion in Series B financing from Sequoia Capital and IMM Investment in March 2021. Sequoia Capital also injected KRW100 billion in Series A — the first external investment for Musinsa — in November 2019, according to a company’s announcement (in Korean).
Founded in 2001, Musinsa owns sneaker resale business, SoldOut, among interests in more than 100 other businesses in South Korea.
The funding reflects the trust of investors on Musinsa as the top-tier fashion marketplace “amid the continuous growth of the online fashion market in Korea,” it said. The company intends to use the capital to expand in online and offline markets.
“Musinsa will continue to create new standards for success in the online and offline markets together with domestic and foreign fashion brands without being complacent in the service area that we are doing well in the future,” said Musinsa CEO Han Mun-il.