Musinsa is accelerating the expansion of its domestic and overseas business on the back of rising global demand for its private-label brand (PB), Musinsa Standard.
Musinsa said on the 11th that last year's transaction amount for Musinsa Standard in its global store increased 162% from a year earlier. Foreign-customer sales at domestic Musinsa Standard stores exceeded 15 billion won.
Demand is rising especially among younger consumers. About 80% of Musinsa Standard's online and offline buyers last year were Millennials and Gen Z.
By domestic store, the share of foreign purchases was highest at Myeong-dong (55%), followed by Hannam (44%), Seongsu (42%), Hongdae (40%), and Gangnam (15%). By customer region, the shares were China (19%), Taiwan (18%), Japan (13%), and the United States (12%).
Musinsa Standard has already moved to target the local market in China, noting rising demand from Chinese customers at domestic stores. Since the end of last year, it has opened two stores in succession in Shanghai, China, strengthening local touchpoints.
Musinsa plans to build an offline network at major domestic and overseas hubs this year. It aims to add more than 20 new stores within the year to reach 60 locations, and in the mid to long term, expand its footprint into emerging markets such as Southeast Asia and the Middle East.
A Musinsa official said, "Musinsa Standard is strengthening its presence as a global fashion brand among Millennials and Gen Z, leveraging product quality that stays true to the basics," adding, "Having proven its global scalability as an anchor tenant (key store) in key commercial districts at home and abroad, this year we will more than double our offline stores, focusing on major Asian markets."