Musinsa, a South Korean unicorn startup in the online fashion sector, saw a 54 per cent increase in yearly revenue in 2022 compared to the previous year, thanks to strong marketing that targeted both online and offline customers in their 20s and 30s.
As a modest online fashion community, Musinsa entered the South Korean fashion market in 2003. In 2009, a new business venture launched an online mall that quickly became popular with youthful shoppers looking for reasonably priced clothes. Customers were drawn in by Musinsa’s offer of generous shopping incentives in exchange for product reviews with images.
The multimillion-user online retailer of clothing became the eighth unicorn in South Korea in 2019—a firm that achieved a $1 billion value without being registered on the stock market. Targeting customers that visit the capital city’s fashion and entertainment districts, Musinsa also launched two offline stores, one in the western Seoul neighbourhood of Hongdae in 2021 and the other in the southern neighbourhood of Gangnam in 2022.
In 2022, the company’s consolidated revenues increased by 54% year over year to 708.3 billion won, according to Musinsa. The business determined that stronger marketing that targeted both online and offline clients was a contributing factor in the improved sales. Musinsa has subsidiaries, such as 29CM, an online fashion item shopping mall, which recently built a few offline stores throughout the nation, in addition to its two main offline stores.
