South Korean apparel retailer Musinsa can boost its expansion with fresh investments. The current Series C financing round will bring a total of 190 million US dollars (170 million euros) into the company’s coffers, the group announced on Tuesday.
The financing round is led by the US investment company KKR, which claims to be investing in a South Korean company for the first time. The financial company Wellington Management is also participating in the investment.
Musinsa was founded in 2001 and since then has developed from a pure sneaker online retailer into one of the most important suppliers of South Korean fashion. The e-commerce specialist now has products from a total of 8,000 domestic and international brands in its range and is active in 13 countries. This also made the retailer attractive to US investor KKR, who justified its financial involvement with Musinsa’s “leading position in the fast-growing K-fashion market”.
Musinsa’s Gross Merchandise Volume (GMV) exceeded 3 trillion South Korean won ($2.7 billion) last year. The company now intends to use the fresh funds to continue its growth.