Musinsa will establish a new corporation with broadcaster and entrepreneur Noh Hong-cheol and will embark on a lifestyle brand business. Starting with the recently launched dental care products, they aim to expand their capabilities in the beauty and lifestyle sectors.
According to industry sources on the 1st, Musinsa founded a joint venture with broadcaster Noh Hong-cheol in April, called 'Fun Things That Noh Wants to Do Co., Ltd.' (hereinafter referred to as Noh Shen-sah). The humorous name combines Noh's philosophy of 'let's do what we want' with Musinsa. The initial capital is 300 million won, with Musinsa holding 51% equity.
According to the registry office, Noh Shen-sah was established for the purpose of manufacturing and selling beauty-related products such as cosmetics, beauty products, and quasi-pharmaceutical products (cosmetic). Choi Jae-young, an executive in charge of the Musinsa commerce business, was registered as the CEO, and Kwak Hong-cheol was registered as an internal director in charge of business planning. Noh is listed as an external managing director.
The company launched its first project, a lifestyle brand called 'No The Love,' recently. On the 22nd of last month, it released dental care products such as toothpaste and toothbrushes, which rose to the top of Musinsa's sales ranking within a day. A T-shirt engraved with the Chinese characters for 'execution power' sold out immediately upon release.
This collaboration is reported to be based on the connection with Musinsa founder Cho Man-ho. Related to this, Noh Hong-cheol noted in his YouTube channel last year while discussing plans to establish the corporation, 'I have a special bond with Chairman Cho Man-ho. I have known him since difficult times. I can create what I want to create.'
In fact, No The Love is based entirely on Noh's preferences, from the logo to the products. Reflecting his fondness for sweets, they launched toothpaste with flavors of bubble gum and caramel. Musinsa previously collaborated with Noh through its private brand Musinsa Standard in March. At that time, Musinsa Standard launched a blazer with a leopard print lining that Noh enjoys. It is currently sold out.
The reason Musinsa partnered with Noh this time is to strengthen its private brand competitiveness. Musinsa solidified its position as industry leader last year with a transaction volume of 4.5 trillion won and revenue of 1.0247 trillion won, a 25% increase from the previous year. However, as market competition intensifies, there is a need for continuous content discovery.
Noh, who has built a bright and positive image through entertainment broadcasts, is recently branding his personal identity to expand various businesses. In 2020, he attracted attention by opening 'Hongcheol Book Bread,' a space constructed from a remodeled home in the Hoomdong area of Yongsan, Seoul, consisting of a bookstore, cafe, and bakery, and later opened a second location in Gimhae. Last year, he opened an art space called 'Noh Hong-cheol Wonderland' in collaboration with Noroo Paint & Coatings during Milan Design Week, attracting 20,000 visitors.
Musinsa plans to collaborate with Noh across all areas, from establishing the brand concept to product development, design, and marketing. It is expected to create synergies especially in the beauty and lifestyle sectors. So far, Musinsa has shown its presence against Olive Young and Beauty Curly by unveiling its own beauty brands such as Odd Type and Weechi.
A Musinsa official said, 'Noh Hong-cheol is gaining attention by branding his positive energy as an individual' and added, 'Based on the know-how Musinsa has accumulated, various collaborative products will be introduced in the lifestyle sector.'