Moonil Han (above) has resigned as co-CEO of South Korea-based fashion retailer Musinsa — which owns niche marketplace SoldOut — for health reasons.

Han had been on leave since May and announced his departure on July 7 on his Instagram handle, reports EToday. He said he would continue to serve the company as an adviser for three years.

“I am leaving Musinsa as of the 30th of the last month [June]. Working as a representative and working at a startup is harder than I thought. I plan to prioritize my health, eat well, rest well and exercise regularly,” he wrote.

Han spearheaded the development and growth of Musinsa’s businesses for seven years, according to EDaily.

Musinsa’s founder Cho Man-ho and Park Jun-mo will continue as the company’s co-CEO.

Founded in 2001, Musinsa — which is a Korean acronym of a phrase meaning “inexhaustible shoe photos” —raised $158 million U.S. in a July 2023 funding round that valued it at $2.4 billion.

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